Western Digital Corporation’s (WDC) Buy Rating Reiterated at Barclays PLC
Barclays PLC reiterated their buy rating on shares of Western Digital Corporation (NASDAQ:WDC) in a research report released on Tuesday. Barclays PLC currently has a $131.00 price target on the data storage provider’s stock.
A number of other equities analysts also recently issued reports on the company. UBS AG reaffirmed an add rating on shares of Western Digital Corporation in a research report on Wednesday, September 20th. Guggenheim reaffirmed a buy rating and set a $125.00 price target on shares of Western Digital Corporation in a research report on Wednesday, June 14th. Aegis initiated coverage on Western Digital Corporation in a research report on Tuesday, June 13th. They set a buy rating and a $130.00 price target on the stock. Vetr downgraded Western Digital Corporation from a strong-buy rating to a buy rating and set a $96.66 price target on the stock. in a research report on Tuesday, June 13th. Finally, Royal Bank Of Canada reaffirmed a buy rating on shares of Western Digital Corporation in a research report on Monday, June 12th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $111.15.
Western Digital Corporation (NASDAQ:WDC) opened at 83.85 on Tuesday. The company’s 50-day moving average price is $87.20 and its 200-day moving average price is $87.11. Western Digital Corporation has a 52-week low of $52.10 and a 52-week high of $95.77. The company has a market cap of $24.73 billion, a price-to-earnings ratio of 62.57 and a beta of 1.24.
Western Digital Corporation (NASDAQ:WDC) last posted its earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share for the quarter, topping analysts’ consensus estimates of $2.51 by $0.42. The company had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.82 billion. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. Western Digital Corporation’s revenue was up 38.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.79 earnings per share. Equities research analysts expect that Western Digital Corporation will post $12.38 EPS for the current fiscal year.
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The company also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be issued a dividend of $0.50 per share. The ex-dividend date is Thursday, September 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.38%. Western Digital Corporation’s dividend payout ratio is currently 156.25%.
In related news, EVP Jacqueline Demaria sold 14,358 shares of Western Digital Corporation stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $84.53, for a total value of $1,213,681.74. Following the completion of the sale, the executive vice president now owns 75,772 shares in the company, valued at approximately $6,405,007.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Srinivasan Sivaram sold 3,098 shares of Western Digital Corporation stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $85.00, for a total transaction of $263,330.00. Following the completion of the sale, the executive vice president now owns 74,741 shares of the company’s stock, valued at approximately $6,352,985. 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. Insiders own 0.31% of the company’s stock.
A number of institutional investors have recently bought and sold shares of WDC. American Beacon Advisors Inc. acquired a new stake in Western Digital Corporation in the 1st quarter valued at approximately $111,000. Harbour Capital Advisors LLC acquired a new stake in Western Digital Corporation in the 1st quarter valued at approximately $117,000. SRS Capital Advisors Inc. increased its holdings in 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 valued at $119,000 after purchasing an additional 306 shares during the last quarter. Ruggie Capital Group acquired a new stake in Western Digital Corporation in the 1st quarter valued at approximately $127,000. Finally, Quantbot Technologies LP acquired a new stake in Western Digital Corporation in the 2nd quarter valued at approximately $135,000. Hedge funds and other institutional investors own 82.34% 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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