Western Digital (WDC) Receives “Buy” Rating from Citigroup
Citigroup restated their buy rating on shares of Western Digital (NASDAQ:WDC) in a research report report published on Wednesday. The firm currently has a $115.00 price target on the data storage provider’s stock.
WDC has been the topic of a number of other reports. Morgan Stanley cut shares of Western Digital from an overweight rating to an equal weight rating and set a $120.00 price target on the stock. in a report on Monday, November 27th. Vetr cut shares of Western Digital from a buy rating to a hold rating and set a $95.09 price target on the stock. in a report on Tuesday, November 21st. KeyCorp restated a hold rating on shares of Western Digital in a report on Sunday, August 27th. Mizuho restated a buy rating and issued a $105.00 price target on shares of Western Digital in a report on Tuesday, September 5th. Finally, ValuEngine cut shares of Western Digital from a strong-buy rating to a buy rating in a report on Friday, September 1st. Nine equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and three have assigned a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $113.10.
Shares of Western Digital (NASDAQ WDC) traded down $0.78 during trading on Wednesday, reaching $82.85. 2,293,952 shares of the company’s stock traded hands, compared to its average volume of 4,160,861. The company has a current ratio of 2.64, a quick ratio of 2.13 and a debt-to-equity ratio of 1.07. Western Digital has a one year low of $66.74 and a one year high of $95.77. The company has a market cap of $24,186.47, a PE ratio of 8.21 and a beta of 1.10.
Western Digital declared that its board has initiated a share repurchase program on Thursday, November 9th that allows the company to buyback $2.10 billion in shares. This buyback authorization allows the data storage provider to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date of this dividend is Thursday, December 28th. Western Digital’s dividend payout ratio is presently 41.75%.
In other news, CFO Mark P. Long sold 4,467 shares of Western Digital stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $88.13, for a total transaction of $393,676.71. Following the completion of the transaction, the chief financial officer now directly owns 88,384 shares of the company’s stock, valued at approximately $7,789,281.92. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Michael D. Cordano sold 1,397 shares of Western Digital stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $88.13, for a total transaction of $123,117.61. Following the transaction, the insider now directly owns 70,556 shares of the company’s stock, valued at $6,218,100.28. The disclosure for this sale can be found here. Insiders have sold a total of 24,042 shares of company stock valued at $2,116,143 over the last three months. 0.31% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Western Digital by 4.2% during the 2nd quarter. Vanguard Group Inc. now owns 29,942,849 shares of the data storage provider’s stock worth $2,652,936,000 after purchasing an additional 1,201,394 shares during the last quarter. Capital World Investors acquired a new stake in Western Digital during the 2nd quarter worth $1,019,202,000. Iridian Asset Management LLC CT boosted its stake in Western Digital by 4.9% during the 3rd quarter. Iridian Asset Management LLC CT now owns 5,920,657 shares of the data storage provider’s stock worth $511,545,000 after purchasing an additional 278,951 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in Western Digital by 10.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 4,443,866 shares of the data storage provider’s stock worth $393,778,000 after purchasing an additional 405,293 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Western Digital by 22.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 3,281,695 shares of the data storage provider’s stock worth $283,538,000 after purchasing an additional 598,563 shares during the last quarter. 83.99% of the stock is currently owned by hedge funds and other institutional investors.
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Western Digital 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).
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