Royal Bank Of Canada reissued their buy rating on shares of Western Digital Corporation (NASDAQ:WDC) in a research report sent to investors on Tuesday. Royal Bank Of Canada currently has a $115.00 price target on the data storage provider’s stock.
Other analysts also recently issued reports about the company. Susquehanna Bancshares Inc reiterated a positive rating and set a $140.00 target price on shares of Western Digital Corporation in a research report on Wednesday, May 17th. Maxim Group reiterated a buy rating and set a $108.00 target price on shares of Western Digital Corporation in a research report on Wednesday, June 21st. UBS AG reiterated a neutral rating and set a $92.00 target price (up from $90.00) on shares of Western Digital Corporation in a research report on Wednesday, June 28th. Vetr upgraded Western Digital Corporation from a buy rating to a strong-buy rating and set a $100.00 target price for the company in a research report on Tuesday. Finally, Guggenheim reissued a buy rating and set a $125.00 price target on shares of Western Digital Corporation in a report on Wednesday, June 14th. Seven equities research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and two have assigned a strong buy rating to the company. The stock currently has an average rating of Buy and an average target price of $111.34.
Shares of Western Digital Corporation (NASDAQ:WDC) opened at 88.78 on Tuesday. The stock has a 50 day moving average price of $86.56 and a 200-day moving average price of $85.90. The firm has a market capitalization of $25.92 billion, a price-to-earnings ratio of 66.25 and a beta of 1.21. Western Digital Corporation has a 52 week low of $51.52 and a 52 week high of $95.77.
Western Digital Corporation (NASDAQ:WDC) last released its earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share for the quarter, beating analysts’ consensus estimates of $2.51 by $0.42. The firm had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.82 billion. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. The company’s revenue was up 38.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.79 EPS. On average, equities research analysts forecast that Western Digital Corporation will post $12.54 earnings per share for the current year.
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The company also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be issued a $0.50 dividend. The ex-dividend date is Thursday, September 28th. This represents a $2.00 annualized dividend and a yield of 2.25%. Western Digital Corporation’s payout ratio is currently 156.25%.
In other Western Digital Corporation news, EVP Srinivasan Sivaram sold 16,049 shares of the stock in a transaction that occurred on Wednesday, July 5th. The stock was sold at an average price of $85.06, for a total value of $1,365,127.94. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Mark P. Long sold 17,028 shares of the stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $93.84, for a total value of $1,597,907.52. Following the completion of the transaction, the chief financial officer now owns 53,551 shares in the company, valued at approximately $5,025,225.84. The disclosure for this sale can be found here. In the last quarter, insiders sold 133,445 shares of company stock worth $11,728,114. Corporate insiders own 0.46% of the company’s stock.
A number of large investors have recently made changes to their positions in the business. Intl Fcstone Inc. purchased a new stake in shares of Western Digital Corporation in the second quarter worth approximately $862,000. Lord Abbett & CO. LLC raised its stake in shares of Western Digital Corporation by 52.6% in the second quarter. Lord Abbett & CO. LLC now owns 464,600 shares of the data storage provider’s stock worth $41,164,000 after purchasing an additional 160,100 shares during the last quarter. Navellier & Associates Inc purchased a new stake in shares of Western Digital Corporation in the second quarter worth approximately $3,389,000. Toronto Dominion Bank raised its stake in shares of Western Digital Corporation by 26.9% in the second quarter. Toronto Dominion Bank now owns 98,623 shares of the data storage provider’s stock worth $8,737,000 after purchasing an additional 20,917 shares during the last quarter. Finally, Cookson Peirce & Co. Inc. raised its stake in shares of Western Digital Corporation by 0.6% in the second quarter. Cookson Peirce & Co. Inc. now owns 3,600 shares of the data storage provider’s stock worth $319,000 after purchasing an additional 20 shares during the last quarter. Institutional investors and hedge funds own 82.44% 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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