Cowen and Company reaffirmed their outperform rating on shares of Western Digital Corporation (NASDAQ:WDC) in a report issued on Tuesday morning. Cowen and Company currently has a $117.00 price objective on the data storage provider’s stock.

Several other research analysts also recently issued reports on the stock. Loop Capital assumed coverage on shares of Western Digital Corporation in a report on Monday, July 24th. They set a buy rating and a $140.00 price objective on the stock. Summit Redstone restated a buy rating on shares of Western Digital Corporation in a report on Saturday, July 22nd. Mizuho restated a buy rating and set a $105.00 price objective on shares of Western Digital Corporation in a report on Monday, July 17th. BTIG Research restated a buy rating and set a $120.00 price objective on shares of Western Digital Corporation in a report on Friday, July 14th. Finally, Wells Fargo & Company restated a market perform rating on shares of Western Digital Corporation in a report on Thursday, July 13th. Eight equities research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and two have issued a strong buy rating to the stock. The company has a consensus rating of Buy and an average price target of $104.93.

Western Digital Corporation (WDC) traded down 7.54% during trading on Tuesday, reaching $84.97. The company had a trading volume of 11,204,406 shares. Western Digital Corporation has a 12-month low of $43.09 and a 12-month high of $95.77. The stock has a market cap of $24.81 billion, a P/E ratio of 63.41 and a beta of 1.25. The firm has a 50-day moving average price of $90.67 and a 200 day moving average price of $83.71.

Western Digital Corporation (NASDAQ:WDC) last posted its quarterly earnings data on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, topping 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 21.51%. The company had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.82 billion. During the same quarter in the previous year, the firm posted $0.79 EPS. The business’s revenue was up 38.5% compared to the same quarter last year. Equities research analysts predict that Western Digital Corporation will post $12.29 EPS for the current fiscal year.

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The company also recently announced a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.35%. The ex-dividend date of this dividend was Wednesday, June 28th. Western Digital Corporation’s payout ratio is presently 156.25%.

In other Western Digital Corporation news, EVP Manish H. Bhatia sold 7,208 shares of the company’s stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $84.99, for a total value of $612,607.92. Following the completion of the sale, the executive vice president now owns 66,922 shares of the company’s stock, valued at $5,687,700.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jacqueline Demaria sold 21,410 shares of the company’s stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $87.02, for a total transaction of $1,863,098.20. The disclosure for this sale can be found here. Insiders sold 227,305 shares of company stock valued at $20,209,585 in the last ninety days. Insiders own 0.46% of the company’s stock.

A number of large investors have recently modified their holdings of the stock. Barry Investment Advisors LLC increased its stake in shares of Western Digital Corporation by 0.4% in the second quarter. Barry Investment Advisors LLC now owns 6,331 shares of the data storage provider’s stock valued at $561,000 after buying an additional 26 shares in the last quarter. Supplemental Annuity Collective Trust of NJ bought a new stake in shares of Western Digital Corporation during the second quarter valued at about $886,000. Daiwa Securities Group Inc. increased its stake in shares of Western Digital Corporation by 76.5% in the second quarter. Daiwa Securities Group Inc. now owns 16,845 shares of the data storage provider’s stock valued at $1,492,000 after buying an additional 7,300 shares in the last quarter. Ironwood Investment Management LLC increased its stake in shares of Western Digital Corporation by 26.0% in the second quarter. Ironwood Investment Management LLC now owns 13,340 shares of the data storage provider’s stock valued at $1,182,000 after buying an additional 2,750 shares in the last quarter. Finally, Grove Bank & Trust increased its stake in shares of Western Digital Corporation by 33.3% in the second quarter. Grove Bank & Trust now owns 2,199 shares of the data storage provider’s stock valued at $195,000 after buying an additional 549 shares in the last quarter. 82.43% of the stock is owned by hedge funds and other institutional investors.

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).

Analyst Recommendations for Western Digital Corporation (NASDAQ:WDC)

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