Mizuho reissued their buy rating on shares of Western Digital Corp. (NASDAQ:WDC) in a research report report published on Friday. The firm currently has a $60.00 price target on the data storage provider’s stock.
A number of other research analysts also recently issued reports on the stock. Stifel Nicolaus reissued a buy rating and set a $75.00 price objective on shares of Western Digital Corp. in a research report on Sunday, July 31st. Goldman Sachs Group Inc. cut shares of Western Digital Corp. from a neutral rating to a sell rating and dropped their target price for the company from $47.00 to $38.00 in a report on Wednesday, August 3rd. Vetr cut shares of Western Digital Corp. from a strong-buy rating to a buy rating and set a $51.50 target price on the stock. in a report on Monday, August 22nd. BMO Capital Markets restated a market perform rating on shares of Western Digital Corp. in a report on Wednesday, June 22nd. Finally, Argus restated a buy rating and set a $60.00 target price on shares of Western Digital Corp. in a report on Tuesday, August 2nd. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of Buy and an average price target of $62.06.
Shares of Western Digital Corp. (NASDAQ:WDC) opened at 58.01 on Friday. The stock has a 50 day moving average of $49.93 and a 200 day moving average of $46.65. Western Digital Corp. has a one year low of $34.99 and a one year high of $86.39. The stock has a market cap of $16.49 billion, a P/E ratio of 58.01 and a beta of 1.37.
Western Digital Corp. (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, July 28th. The data storage provider reported $0.79 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.08. The business had revenue of $3.50 billion for the quarter, compared to the consensus estimate of $3.44 billion. Western Digital Corp. had a net margin of 1.98% and a return on equity of 12.42%. The company’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.51 EPS. On average, analysts forecast that Western Digital Corp. will post $4.56 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.45%. Western Digital Corp.’s dividend payout ratio is currently 158.73%.
In other news, insider Michael D. Cordano sold 7,185 shares of the stock in a transaction that occurred on Wednesday, September 21st. The stock was sold at an average price of $54.50, for a total transaction of $391,582.50. Following the completion of the transaction, the insider now directly owns 82,988 shares in the company, valued at approximately $4,522,846. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.46% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of WDC. Edmond DE Rothschild Holding S.A. increased its stake in shares of Western Digital Corp. by 84.7% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 2,180 shares of the data storage provider’s stock worth $103,000 after buying an additional 1,000 shares in the last quarter. Checchi Capital Advisers LLC increased its stake in shares of Western Digital Corp. by 5.1% in the second quarter. Checchi Capital Advisers LLC now owns 2,197 shares of the data storage provider’s stock worth $104,000 after buying an additional 107 shares in the last quarter. Amica Retiree Medical Trust increased its stake in shares of Western Digital Corp. by 28.9% in the second quarter. Amica Retiree Medical Trust now owns 2,203 shares of the data storage provider’s stock worth $104,000 after buying an additional 494 shares in the last quarter. Cornerstone Advisors Inc. increased its stake in shares of Western Digital Corp. by 5.7% in the second quarter. Cornerstone Advisors Inc. now owns 2,245 shares of the data storage provider’s stock worth $106,000 after buying an additional 121 shares in the last quarter. Finally, Americafirst Capital Management LLC bought a new stake in shares of Western Digital Corp. during the second quarter worth about $108,000. Hedge funds and other institutional investors own 86.98% of the company’s stock.
About Western Digital Corp.
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage solutions that enable consumers, businesses, governments and other organizations to create, manage, experience and preserve digital content. The Company’s product portfolio includes hard disk drives (HDDs), solid-state drives, direct attached storage solutions, personal cloud network attached storage solutions, and public and private cloud data center storage solutions.
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