Western Digital Corp (WDC) Receives $110.23 Consensus Target Price from Analysts
Western Digital Corp (NASDAQ:WDC) has been assigned an average rating of “Buy” from the thirty-eight brokerages that are presently covering the stock, Marketbeat.com reports. Twelve equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have assigned a strong buy rating to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $110.60.
WDC has been the subject of a number of research reports. Vetr cut shares of Western Digital from a “strong-buy” rating to a “buy” rating and set a $97.62 target price for the company. in a research note on Monday, November 13th. Wells Fargo & Co initiated coverage on shares of Western Digital in a research note on Tuesday, November 14th. They set an “outperform” rating and a $115.00 target price for the company. Morgan Stanley cut shares of Western Digital from an “overweight” rating to an “equal weight” rating and set a $120.00 target price for the company. in a research note on Monday, November 27th. BidaskClub cut shares of Western Digital from a “hold” rating to a “sell” rating in a research note on Thursday, December 7th. Finally, UBS Group cut their target price on shares of Western Digital to $88.00 and set a “neutral” rating for the company in a research note on Wednesday, December 13th.
In other Western Digital news, insider Michael D. Cordano sold 1,401 shares of the stock in a transaction that occurred on Tuesday, December 19th. The shares were sold at an average price of $85.00, for a total transaction of $119,085.00. Following the sale, the insider now directly owns 70,560 shares in the company, valued at approximately $5,997,600. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Stephen D. Milligan sold 90,755 shares of the stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $88.12, for a total transaction of $7,997,330.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 164,602 shares of company stock worth $14,334,141. Company insiders own 0.31% of the company’s stock.
Shares of Western Digital (NASDAQ WDC) traded up $1.70 during trading on Wednesday, hitting $89.95. 3,410,000 shares of the company’s stock were exchanged, compared to its average volume of 4,150,000. The firm has a market capitalization of $26,770.00, a P/E ratio of 13.80, a P/E/G ratio of 0.37 and a beta of 1.11. Western Digital has a 1-year low of $71.38 and a 1-year high of $95.77. The company has a debt-to-equity ratio of 1.04, a quick ratio of 2.03 and a current ratio of 2.55.
Western Digital (NASDAQ:WDC) last released its earnings results on Thursday, January 25th. The data storage provider reported $3.95 EPS for the quarter, topping analysts’ consensus estimates of $3.51 by $0.44. The business had revenue of $5.34 billion during the quarter, compared to analysts’ expectations of $5.31 billion. Western Digital had a net margin of 1.93% and a return on equity of 30.78%. The company’s quarterly revenue was up 9.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.30 earnings per share. sell-side analysts expect that Western Digital will post 12.59 earnings per share for the current fiscal year.
Western Digital declared that its Board of Directors has approved a stock repurchase program on Thursday, November 9th that authorizes the company to repurchase $2.10 billion in outstanding shares. This repurchase authorization authorizes the data storage provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Friday, March 30th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Thursday, March 29th. This represents a $2.00 annualized dividend and a dividend yield of 2.22%. Western Digital’s dividend payout ratio is currently 30.67%.
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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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