BMO Capital Markets Analysts Give Western Digital Corporation (WDC) a $120.00 Price Target
BMO Capital Markets set a $120.00 price objective on Western Digital Corporation (NASDAQ:WDC) in a research note issued to investors on Friday morning. The brokerage currently has a buy rating on the data storage provider’s stock.
Several other equities analysts have also recently issued reports on WDC. UBS AG restated a neutral rating and set a $92.00 price objective (up from $90.00) on shares of Western Digital Corporation in a research note on Wednesday, June 28th. Vetr upgraded Western Digital Corporation from a buy rating to a strong-buy rating and set a $104.96 price objective on the stock in a research note on Wednesday, July 26th. Cowen and Company restated an outperform rating and set a $117.00 price objective on shares of Western Digital Corporation in a research note on Tuesday, July 25th. BidaskClub cut Western Digital Corporation from a buy rating to a hold rating in a research note on Friday. Finally, Summit Redstone restated a buy rating on shares of Western Digital Corporation in a research note on Saturday, July 22nd. Eight equities research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and two have assigned a strong buy rating to the stock. Western Digital Corporation currently has a consensus rating of Buy and a consensus price target of $104.93.
Western Digital Corporation (NASDAQ WDC) opened at 85.12 on Friday. Western Digital Corporation has a one year low of $43.09 and a one year high of $95.77. The firm has a market capitalization of $24.86 billion, a PE ratio of 63.52 and a beta of 1.25. The stock has a 50 day moving average of $90.64 and a 200-day moving average of $84.00.
Western Digital Corporation (NASDAQ:WDC) last announced its quarterly earnings data on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.51 by $0.42. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. The firm had revenue of $4.84 billion for the quarter, compared to analysts’ expectations of $4.82 billion. During the same period last year, the business posted $0.79 earnings per share. The firm’s revenue for the quarter was up 38.5% on a year-over-year basis. On average, equities analysts predict that Western Digital Corporation will post $12.29 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were given a dividend of $0.50 per share. The ex-dividend date was Wednesday, June 28th. This represents a $2.00 dividend on an annualized basis and a yield of 2.35%. Western Digital Corporation’s payout ratio is presently 156.25%.
In other Western Digital Corporation news, EVP Michael Charles Ray sold 524 shares of the firm’s stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $92.30, for a total transaction of $48,365.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Michael D. Cordano sold 4,954 shares of the firm’s stock in a transaction dated Thursday, July 20th. The stock was sold at an average price of $94.98, for a total value of $470,530.92. Following the sale, the chief operating officer now owns 66,092 shares of the company’s stock, valued at $6,277,418.16. The disclosure for this sale can be found here. Insiders have sold a total of 148,049 shares of company stock valued at $13,312,728 over the last 90 days. Corporate insiders own 0.46% of the company’s stock.
A number of large investors have recently made changes to their positions in WDC. American Beacon Advisors Inc. acquired a new stake in shares of Western Digital Corporation during the first quarter worth approximately $111,000. Acrospire Investment Management LLC acquired a new stake in shares of Western Digital Corporation during the first quarter worth approximately $112,000. Reilly Financial Advisors LLC raised its stake in shares of Western Digital Corporation by 49.8% in the first quarter. Reilly Financial Advisors LLC now owns 1,383 shares of the data storage provider’s stock worth $114,000 after buying an additional 460 shares during the last quarter. Harbour Capital Advisors LLC acquired a new stake in shares of Western Digital Corporation during the first quarter worth approximately $117,000. Finally, SRS Capital Advisors Inc. raised its stake in shares of Western Digital Corporation by 26.7% in the first quarter. SRS Capital Advisors Inc. now owns 1,453 shares of the data storage provider’s stock worth $119,000 after buying an additional 306 shares during the last quarter. Hedge funds and other institutional investors own 82.57% of the company’s stock.
About Western Digital Corporation
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage devices and solutions that address the needs of the information technology (IT) industry and the infrastructure that enables the proliferation of data in virtually every industry. The Company’s portfolio of offerings addresses three categories: Datacenter Devices and Solutions (capacity and performance enterprise hard disk drives (HDDs), enterprise solid state drives (SSDs), datacenter software and system solutions); Client Devices (mobile, desktop, gaming and digital video hard drives, client SSDs, embedded products and wafers), and Client Solutions (removable products, hard drive content solutions and flash content solutions).
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