BidaskClub upgraded shares of Western Digital (NASDAQ:WDC) from a buy rating to a strong-buy rating in a research note released on Saturday.
Other research analysts also recently issued research reports about the company. UBS Group dropped their price objective on Western Digital to $88.00 and set a neutral rating on the stock in a report on Wednesday, December 13th. Vetr downgraded Western Digital from a strong-buy rating to a buy rating and set a $97.62 price objective on the stock. in a report on Monday, November 13th. BMO Capital Markets downgraded Western Digital from an outperform rating to a market perform rating and dropped their price objective for the company from $120.00 to $90.00 in a report on Thursday, January 4th. Benchmark reiterated a buy rating and issued a $130.00 price objective on shares of Western Digital in a report on Tuesday, December 26th. Finally, Mizuho reiterated a buy rating and issued a $110.00 price objective (up previously from $105.00) on shares of Western Digital in a report on Friday, February 2nd. Twelve equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and three have issued a strong buy rating to the company. Western Digital currently has an average rating of Buy and an average target price of $111.62.
Shares of Western Digital (NASDAQ:WDC) opened at $102.91 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.55 and a quick ratio of 2.03. The stock has a market capitalization of $30,620.00, a PE ratio of 15.78, a price-to-earnings-growth ratio of 0.41 and a beta of 1.11. Western Digital has a 12-month low of $71.38 and a 12-month high of $106.30.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Friday, March 30th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, March 29th. This represents a $2.00 dividend on an annualized basis and a yield of 1.94%. Western Digital’s payout ratio is 30.67%.
In other news, insider Michael D. Cordano sold 1,401 shares of the firm’s stock in a transaction that occurred on Tuesday, December 19th. The stock was sold at an average price of $85.00, for a total value of $119,085.00. Following the completion of the sale, the insider now directly owns 70,560 shares of the company’s stock, valued at approximately $5,997,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Stephen D. Milligan sold 90,755 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $88.12, for a total value of $7,997,330.60. The disclosure for this sale can be found here. Insiders have sold a total of 261,105 shares of company stock valued at $23,899,380 over the last ninety days. 0.31% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Cerebellum GP LLC acquired a new position in Western Digital during the fourth quarter worth $121,000. Acadian Asset Management LLC acquired a new position in Western Digital during the fourth quarter worth $132,000. Focused Wealth Management Inc acquired a new position in Western Digital during the fourth quarter worth $143,000. SeaCrest Wealth Management LLC acquired a new position in Western Digital during the fourth quarter worth $149,000. Finally, Icon Wealth Partners LLC acquired a new position in Western Digital during the fourth quarter worth $171,000. 84.97% of the stock is owned by institutional investors and hedge funds.
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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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