Western Digital Corp. (NASDAQ:WDC) had its price objective raised by Royal Bank Of Canada from $60.00 to $65.00 in a research note issued to investors on Monday. They currently have an outperform rating on the data storage provider’s stock.
WDC has been the subject of several other research reports. BMO Capital Markets reaffirmed a market perform rating on shares of Western Digital Corp. in a research report on Wednesday, June 22nd. Susquehanna reaffirmed a positive rating and set a $80.00 price objective on shares of Western Digital Corp. in a research report on Saturday, August 13th. Mizuho reaffirmed a buy rating and set a $60.00 price objective on shares of Western Digital Corp. in a research report on Friday, September 23rd. Needham & Company LLC reaffirmed a strong-buy rating and set a $67.00 price objective on shares of Western Digital Corp. in a research report on Friday, July 29th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Western Digital Corp. in a research report on Wednesday, June 15th. They set a neutral rating for the company. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-three have assigned a buy rating and two have issued a strong buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $64.32.
Shares of Western Digital Corp. (NASDAQ:WDC) traded up 0.263% during trading on Monday, reaching $59.015. 1,384,518 shares of the company were exchanged. The company has a market capitalization of $16.78 billion, a PE ratio of 59.015 and a beta of 1.27. Western Digital Corp. has a one year low of $34.99 and a one year high of $86.39. The firm’s 50 day moving average price is $51.19 and its 200 day moving average price is $46.91.
Western Digital Corp. (NASDAQ:WDC) last announced its quarterly earnings data on Thursday, July 28th. The data storage provider reported $0.79 EPS for the quarter, topping the consensus estimate of $0.71 by $0.08. The company earned $3.50 billion during 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% on a year-over-year basis. During the same quarter last year, the firm posted $1.51 EPS. Equities research analysts forecast that Western Digital Corp. will post $4.57 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be given a $0.50 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $2.00 dividend on an annualized basis and a yield of 3.40%. Western Digital Corp.’s payout ratio is 158.73%.
In other Western Digital Corp. news, EVP Michael Charles Ray sold 2,719 shares of the business’s stock in a transaction that occurred on Tuesday, September 27th. The stock was sold at an average price of $58.63, for a total value of $159,414.97. Following the completion of the sale, the executive vice president now owns 51,843 shares in the company, valued at $3,039,555.09. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael D. Cordano sold 7,185 shares of the business’s stock in a transaction that occurred on Wednesday, September 21st. The shares were sold at an average price of $54.50, for a total value of $391,582.50. Following the completion of the sale, the insider now owns 82,988 shares of the company’s stock, valued at approximately $4,522,846. The disclosure for this sale can be found here. 0.46% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. Commonwealth Equity Services Inc boosted its position in Western Digital Corp. by 94.8% in the first quarter. Commonwealth Equity Services Inc now owns 12,860 shares of the data storage provider’s stock valued at $607,000 after buying an additional 6,258 shares during the period. Aperio Group LLC boosted its position in Western Digital Corp. by 50.0% in the first quarter. Aperio Group LLC now owns 76,802 shares of the data storage provider’s stock valued at $3,628,000 after buying an additional 25,590 shares during the period. Virginia Retirement System acquired a new position in Western Digital Corp. during the first quarter valued at about $2,573,000. IFP Advisors Inc boosted its position in Western Digital Corp. by 5.7% in the first quarter. IFP Advisors Inc now owns 4,281 shares of the data storage provider’s stock valued at $202,000 after buying an additional 230 shares during the period. Finally, CIBC World Markets Inc. boosted its position in Western Digital Corp. by 7.3% in the first quarter. CIBC World Markets Inc. now owns 31,892 shares of the data storage provider’s stock valued at $1,507,000 after buying an additional 2,159 shares during the period. Hedge funds and other institutional investors own 86.77% of the company’s stock.
Western Digital Corp. Company Profile
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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