ValuEngine upgraded shares of Western Digital Corporation (NASDAQ:WDC) from a buy rating to a strong-buy rating in a report issued on Monday.

Other analysts have also recently issued research reports about the stock. Maxim Group restated a buy rating and set a $108.00 target price on shares of Western Digital Corporation in a report on Wednesday, June 21st. UBS AG reaffirmed a neutral rating and issued a $92.00 target price (up from $90.00) on shares of Western Digital Corporation in a research report on Wednesday, June 28th. Robert W. Baird lowered shares of Western Digital Corporation from an outperform rating to a neutral rating and decreased their price target for the stock from $120.00 to $93.00 in a research note on Monday. Royal Bank Of Canada reiterated a buy rating on shares of Western Digital Corporation in a research note on Monday, June 12th. Finally, Guggenheim reissued a buy rating and set a $125.00 price target on shares of Western Digital Corporation in a research report on Wednesday, June 14th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $111.44.

Shares of Western Digital Corporation (NASDAQ:WDC) opened at 83.39 on Monday. The company has a market cap of $24.59 billion, a price-to-earnings ratio of 62.23 and a beta of 1.24. The firm’s 50-day moving average is $87.20 and its 200-day moving average is $87.06. Western Digital Corporation has a 52 week low of $52.10 and a 52 week high of $95.77. Western Digital Corporation also saw some unusual options trading on Monday. Stock traders acquired 6,330 call options on the stock. This represents an increase of 292% compared to the typical daily volume of 1,613 call options.

Western Digital Corporation (NASDAQ:WDC) last issued its quarterly earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.51 by $0.42. The company had revenue of $4.84 billion for the quarter, compared to analysts’ expectations of $4.82 billion. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. The firm’s revenue for the quarter was up 38.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.79 earnings per share. Equities research analysts predict that Western Digital Corporation will post $12.38 earnings per share for the current year.

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The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.40%. The ex-dividend date of this dividend is Thursday, September 28th. Western Digital Corporation’s dividend payout ratio (DPR) 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 shares were sold at an average price of $88.71, for a total transaction of $834,228.84. Following the sale, the insider now owns 75,385 shares in the company, valued at $6,687,403.35. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO Michael D. Cordano sold 4,954 shares of Western Digital Corporation stock in a transaction that occurred on Thursday, July 20th. The shares were sold at an average price of $94.98, for a total transaction of $470,530.92. Following the sale, the chief operating officer now owns 66,092 shares in the company, valued at approximately $6,277,418.16. The disclosure for this sale can be found here. Over the last three months, insiders sold 144,295 shares of company stock worth $12,689,056. 0.31% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in Western Digital Corporation by 4.2% in the 2nd quarter. Vanguard Group Inc. now owns 29,942,849 shares of the data storage provider’s stock valued at $2,652,936,000 after acquiring an additional 1,201,394 shares during the last quarter. Capital World Investors bought a new position in shares of Western Digital Corporation during the 2nd quarter valued at about $1,019,202,000. Iridian Asset Management LLC CT boosted its holdings in shares of Western Digital Corporation by 1.8% during the 2nd quarter. Iridian Asset Management LLC CT now owns 5,641,706 shares of the data storage provider’s stock valued at $499,855,000 after purchasing an additional 100,195 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of Western Digital Corporation by 10.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 4,443,866 shares of the data storage provider’s stock valued at $393,778,000 after purchasing an additional 405,293 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Western Digital Corporation by 0.5% during the 2nd quarter. Northern Trust Corp now owns 3,191,625 shares of the data storage provider’s stock valued at $282,778,000 after purchasing an additional 16,436 shares during the last quarter. 82.34% of the stock is owned by institutional investors.

Western Digital Corporation 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).

Analyst Recommendations for Western Digital Corporation (NASDAQ:WDC)

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