Evercore ISI Reiterates “Buy” Rating for Western Digital (WDC)
Evercore ISI reiterated their buy rating on shares of Western Digital (NASDAQ:WDC) in a research report report published on Wednesday morning. They currently have a $130.00 target price on the data storage provider’s stock.
WDC has been the topic of a number of other reports. Susquehanna Bancshares reiterated a positive rating on shares of Western Digital in a research note on Thursday, August 31st. Zacks Investment Research raised shares of Western Digital from a sell rating to a hold rating in a research report on Tuesday, October 24th. Citigroup boosted their price target on shares of Western Digital from $110.00 to $115.00 and gave the company a buy rating in a research report on Friday, October 27th. Mizuho reissued a buy rating and issued a $105.00 price target on shares of Western Digital in a research report on Sunday, October 8th. Finally, Maxim Group reissued a buy rating and issued a $108.00 price target on shares of Western Digital in a research report on Wednesday, August 30th. Nine analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and three have issued a strong buy rating to the company. Western Digital has a consensus rating of Buy and a consensus target price of $113.10.
Western Digital (NASDAQ WDC) opened at $81.62 on Wednesday. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.64 and a quick ratio of 2.13. The firm has a market cap of $24,443.80, a PE ratio of 8.30, a price-to-earnings-growth ratio of 0.22 and a beta of 1.10. Western Digital has a 52 week low of $66.91 and a 52 week high of $95.77.
Western Digital declared that its board has approved a share buyback program on Thursday, November 9th that authorizes the company to repurchase $2.10 billion in shares. This repurchase authorization authorizes the data storage provider to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th will be paid a $0.50 dividend. The ex-dividend date is Thursday, December 28th. This represents a $2.00 dividend on an annualized basis and a yield of 2.45%. Western Digital’s dividend payout ratio is presently 41.75%.
In other news, Director Kathleen A. Cote sold 2,000 shares of the company’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $90.63, for a total value of $181,260.00. Following the completion of the sale, the director now owns 16,421 shares of the company’s stock, valued at approximately $1,488,235.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael D. Cordano sold 1,397 shares of the company’s stock in a transaction on Monday, November 13th. The shares were sold at an average price of $88.13, for a total transaction of $123,117.61. Following the completion of the sale, the insider now directly owns 70,556 shares of the company’s stock, valued at approximately $6,218,100.28. The disclosure for this sale can be found here. In the last three months, insiders sold 24,042 shares of company stock valued at $2,116,143. Corporate insiders own 0.31% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Swiss National Bank boosted its stake in shares of Western Digital by 2.1% in the 3rd quarter. Swiss National Bank now owns 1,073,763 shares of the data storage provider’s stock valued at $92,773,000 after purchasing an additional 21,900 shares in the last quarter. Buckingham Capital Management Inc. purchased a new stake in shares of Western Digital in the 2nd quarter valued at $1,754,000. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in shares of Western Digital by 18.3% in the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 67,329 shares of the data storage provider’s stock valued at $5,965,000 after purchasing an additional 10,428 shares in the last quarter. Capital Analysts LLC purchased a new stake in shares of Western Digital in the 2nd quarter valued at $2,777,000. Finally, Calamos Advisors LLC boosted its stake in shares of Western Digital by 2.7% in the 2nd quarter. Calamos Advisors LLC now owns 45,377 shares of the data storage provider’s stock valued at $4,020,000 after purchasing an additional 1,201 shares in the last quarter. 83.99% of the stock is owned by institutional investors.
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Western Digital Company Profile
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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