Vetr cut shares of Western Digital Corporation (NASDAQ:WDC) from a strong-buy rating to a buy rating in a research report report published on Tuesday morning. They currently have $93.86 price objective on the data storage provider’s stock.
WDC has been the subject of several other research reports. UBS AG reiterated a neutral rating and set a $92.00 target price (up previously from $90.00) on shares of Western Digital Corporation in a research report on Wednesday, June 28th. Barclays PLC reiterated a buy rating and set a $131.00 target price on shares of Western Digital Corporation in a research report on Tuesday, October 3rd. BidaskClub cut Western Digital Corporation from a buy rating to a hold rating in a research report on Tuesday, October 3rd. Jefferies Group LLC reiterated a hold rating and set a $90.00 target price on shares of Western Digital Corporation in a research report on Friday, August 18th. Finally, J P Morgan Chase & Co reiterated an overweight rating on shares of Western Digital Corporation in a research report on Tuesday, August 1st. One research analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the stock. Western Digital Corporation currently has a consensus rating of Buy and a consensus price target of $111.35.
Western Digital Corporation (NASDAQ WDC) opened at 85.76 on Tuesday. The stock has a market cap of $25.29 billion, a price-to-earnings ratio of 64.00 and a beta of 1.24. The firm’s 50-day moving average price is $87.18 and its 200-day moving average price is $87.39. Western Digital Corporation has a 12-month low of $52.10 and a 12-month high of $95.77.
Western Digital Corporation (NASDAQ:WDC) last posted its quarterly earnings data on Thursday, July 27th. The data storage provider reported $2.93 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 last year, the company earned $0.79 earnings per share. The business’s revenue for the quarter was up 38.5% compared to the same quarter last year. On average, equities analysts predict that Western Digital Corporation will post $12.40 EPS for the current fiscal year.
The company also recently announced 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. This represents a $2.00 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date is Thursday, September 28th. Western Digital Corporation’s dividend payout ratio (DPR) is presently 156.25%.
In other Western Digital Corporation news, insider Mark P. Long sold 28,585 shares of Western Digital Corporation stock in a transaction on Thursday, July 20th. The stock was sold at an average price of $94.24, for a total transaction of $2,693,850.40. Following the completion of the sale, the insider now directly owns 53,551 shares of the company’s stock, valued at approximately $5,046,646.24. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Mark P. Long sold 19,777 shares of Western Digital Corporation stock in a transaction on Friday, August 4th. The shares were sold at an average price of $84.50, for a total value of $1,671,156.50. Following the sale, the insider now directly owns 90,683 shares of the company’s stock, valued at $7,662,713.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 128,246 shares of company stock valued at $11,323,928. 0.31% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Centre Asset Management LLC bought a new stake in Western Digital Corporation during the 3rd quarter valued at $6,677,000. Intl Fcstone Inc. bought a new stake in Western Digital Corporation during the 2nd quarter valued at $862,000. Lord Abbett & CO. LLC raised its position in Western Digital Corporation by 52.6% during the 2nd quarter. Lord Abbett & CO. LLC now owns 464,600 shares of the data storage provider’s stock valued at $41,164,000 after purchasing an additional 160,100 shares in the last quarter. Navellier & Associates Inc bought a new stake in Western Digital Corporation during the 2nd quarter valued at $3,389,000. Finally, Toronto Dominion Bank raised its position in Western Digital Corporation by 26.9% during the 2nd quarter. Toronto Dominion Bank now owns 98,623 shares of the data storage provider’s stock valued at $8,737,000 after purchasing an additional 20,917 shares in the last quarter. 82.36% of the stock is owned by institutional investors and hedge funds.
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).
To view Vetr’s full report, visit Vetr’s official website.
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