Western Digital Corporation (WDC) Earns Buy Rating from Mizuho
Mizuho reaffirmed their buy rating on shares of Western Digital Corporation (NASDAQ:WDC) in a report released on Sunday. They currently have a $105.00 price objective on the data storage provider’s stock.
WDC has been the subject of several other research reports. Susquehanna Bancshares Inc reissued a positive rating on shares of Western Digital Corporation in a research report on Thursday, August 31st. Vetr raised shares of Western Digital Corporation from a buy rating to a strong-buy rating and set a $104.96 price target for the company in a research report on Wednesday, July 26th. Cowen and Company lifted their price target on shares of Western Digital Corporation from $115.00 to $117.00 and gave the company an outperform rating in a research report on Tuesday, June 27th. Zacks Investment Research downgraded shares of Western Digital Corporation from a strong-buy rating to a hold rating in a research report on Tuesday, July 4th. Finally, Wells Fargo & Company reissued a market perform rating on shares of Western Digital Corporation in a research report on Thursday, July 13th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company. Western Digital Corporation has an average rating of Buy and an average target price of $111.31.
Shares of Western Digital Corporation (WDC) opened at 86.01 on Friday. The stock has a 50 day moving average of $87.29 and a 200-day moving average of $87.41. Western Digital Corporation has a 12 month low of $52.10 and a 12 month high of $95.77. The company has a market cap of $25.36 billion, a price-to-earnings ratio of 64.19 and a beta of 1.24.
Western Digital Corporation (NASDAQ:WDC) last posted its quarterly earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.51 by $0.42. Western Digital Corporation had a net margin of 2.08% and a return on equity of 21.23%. The business had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.82 billion. During the same quarter last year, the firm posted $0.79 EPS. Western Digital Corporation’s revenue was up 38.5% compared to the same quarter last year. On average, analysts forecast that Western Digital Corporation will post $12.38 EPS for the current year.
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The company also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.33%. The ex-dividend date is Thursday, September 28th. Western Digital Corporation’s dividend payout ratio is presently 156.25%.
In other news, insider Michael D. Cordano sold 9,404 shares of Western Digital Corporation stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $88.71, for a total value of $834,228.84. Following the completion of the transaction, the insider now owns 75,385 shares in the company, valued at approximately $6,687,403.35. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Mark P. Long sold 17,028 shares of Western Digital Corporation stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $93.84, for a total value of $1,597,907.52. Following the completion of the transaction, the chief financial officer now owns 53,551 shares of the company’s stock, valued at approximately $5,025,225.84. The disclosure for this sale can be found here. Insiders have sold a total of 128,246 shares of company stock valued at $11,323,928 in the last 90 days. 0.31% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the company. American Beacon Advisors Inc. purchased a new position in shares of Western Digital Corporation in the 1st quarter worth approximately $111,000. Harbour Capital Advisors LLC purchased a new position in shares of Western Digital Corporation in the 1st quarter worth approximately $117,000. SRS Capital Advisors Inc. boosted its holdings in shares of Western Digital Corporation by 26.7% in the 1st quarter. SRS Capital Advisors Inc. now owns 1,453 shares of the data storage provider’s stock worth $119,000 after purchasing an additional 306 shares during the period. Quantbot Technologies LP purchased a new position in shares of Western Digital Corporation in the 2nd quarter worth approximately $135,000. Finally, Huntington National Bank boosted its holdings in shares of Western Digital Corporation by 7.7% in the 2nd quarter. Huntington National Bank now owns 1,965 shares of the data storage provider’s stock worth $174,000 after purchasing an additional 141 shares during the period. Hedge funds and other institutional investors own 82.36% 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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