Western Digital Corporation’s (WDC) Outperform Rating Reiterated at Cowen and Company
A number of other research analysts also recently weighed in on the company. BidaskClub raised Western Digital Corporation from a hold rating to a buy rating in a research note on Friday. Vetr downgraded Western Digital Corporation from a strong-buy rating to a buy rating and set a $95.94 price target on the stock. in a research note on Tuesday, August 22nd. Citigroup Inc. set a $110.00 price target on Western Digital Corporation and gave the company a buy rating in a research note on Monday, August 21st. Jefferies Group LLC reissued a hold rating and issued a $90.00 price target on shares of Western Digital Corporation in a research note on Friday, August 18th. Finally, Stifel Nicolaus reissued a buy rating and issued a $120.00 price target on shares of Western Digital Corporation in a research note on Monday, August 7th. Eight analysts have rated the stock with a hold rating, thirty have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $104.51.
Western Digital Corporation (NASDAQ:WDC) opened at 90.56 on Friday. Western Digital Corporation has a one year low of $45.70 and a one year high of $95.77. The firm has a market cap of $26.44 billion, a price-to-earnings ratio of 67.58 and a beta of 1.22. The company’s 50-day moving average price is $87.79 and its 200-day moving average price is $84.86.
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 return on equity of 21.23% and a net margin of 2.08%. The firm had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.82 billion. During the same quarter in the prior year, the business earned $0.79 EPS. The business’s revenue for the quarter was up 38.5% compared to the same quarter last year. On average, analysts anticipate that Western Digital Corporation will post $12.54 EPS for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be given a dividend of $0.50 per share. The ex-dividend date is Thursday, September 28th. This represents a $2.00 annualized dividend and a yield of 2.21%. Western Digital Corporation’s dividend payout ratio (DPR) is presently 156.25%.
In other news, EVP Michael Charles Ray sold 524 shares of the firm’s stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $92.30, for a total transaction of $48,365.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Michael D. Cordano sold 11,322 shares of the firm’s stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $85.00, for a total transaction of $962,370.00. The disclosure for this sale can be found here. Insiders have sold 145,291 shares of company stock valued at $12,738,849 over the last 90 days. Company insiders own 0.46% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Capital World Investors acquired a new position in shares of Western Digital Corporation during the second quarter valued at approximately $1,019,202,000. Iridian Asset Management LLC CT boosted its position in shares of Western Digital Corporation by 244.0% in the first quarter. Iridian Asset Management LLC CT now owns 5,541,511 shares of the data storage provider’s stock valued at $457,341,000 after buying an additional 3,930,465 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Western Digital Corporation by 4.5% in the first quarter. Vanguard Group Inc. now owns 28,741,455 shares of the data storage provider’s stock valued at $2,372,032,000 after buying an additional 1,250,528 shares in the last quarter. Janus Henderson Group PLC boosted its position in shares of Western Digital Corporation by 140.4% in the second quarter. Janus Henderson Group PLC now owns 1,994,833 shares of the data storage provider’s stock valued at $176,746,000 after buying an additional 1,164,954 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its position in shares of Western Digital Corporation by 179.3% in the first quarter. Alliancebernstein L.P. now owns 1,619,954 shares of the data storage provider’s stock valued at $133,695,000 after buying an additional 1,040,028 shares in the last quarter. 83.44% of the stock is currently owned by 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).
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