Western Digital Corp. (NASDAQ:WDC)‘s stock had its “outperform” rating reaffirmed by research analysts at RBC Capital Markets in a research note issued on Monday. They currently have a $65.00 price objective on the data storage provider’s stock, up from their previous price objective of $60.00. RBC Capital Markets’ price objective would indicate a potential upside of 10.75% from the stock’s previous close.
A number of other equities research analysts have also weighed in on the stock. Longbow Research raised shares of Western Digital Corp. from a “neutral” rating to a “buy” rating and set a $70.00 target price on the stock in a research note on Tuesday, September 13th. Vetr lowered 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 research note on Monday, August 29th. Mizuho cut their target price on shares of Western Digital Corp. from $56.00 to $54.00 and set a “buy” rating on the stock in a research note on Thursday, August 25th. Argus reaffirmed a “buy” rating and set a $60.00 target price on shares of Western Digital Corp. in a research note on Saturday, September 10th. Finally, Citigroup Inc. set a $65.00 target price on shares of Western Digital Corp. and gave the company a “buy” rating in a research note on Wednesday, September 7th. Two 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 given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $64.32.
Shares of Western Digital Corp. (NASDAQ:WDC) opened at 58.69 on Monday. Western Digital Corp. has a 12-month low of $34.99 and a 12-month high of $86.39. The company has a 50 day moving average of $51.56 and a 200-day moving average of $46.98. The firm has a market cap of $16.68 billion, a price-to-earnings ratio of 58.69 and a beta of 1.27.
Western Digital Corp. (NASDAQ:WDC) last released its quarterly earnings data on Thursday, July 28th. The data storage provider reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.08. Western Digital Corp. had a net margin of 1.98% and a return on equity of 12.42%. The firm had revenue of $3.50 billion for the quarter, compared to analysts’ expectations of $3.44 billion. During the same quarter in the previous year, the company earned $1.51 earnings per share. The company’s revenue for the quarter was up 9.5% compared to the same quarter last year. Analysts predict that Western Digital Corp. will post $4.57 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.41%. The ex-dividend date of this dividend is Wednesday, September 28th. Western Digital Corp.’s dividend payout ratio is presently 158.73%.
In related news, insider Michael D. Cordano sold 7,185 shares of the firm’s stock in a transaction dated Wednesday, September 21st. The shares were sold at an average price of $54.50, for a total value of $391,582.50. Following the transaction, the insider now owns 82,988 shares of the company’s stock, valued at approximately $4,522,846. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Michael D. Cordano sold 18,250 shares of the firm’s stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $59.15, for a total transaction of $1,079,487.50. Following the completion of the transaction, the insider now directly owns 58,153 shares in the company, valued at approximately $3,439,749.95. The disclosure for this sale can be found here. 0.46% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Contrarius Investment Management Ltd increased its position in Western Digital Corp. by 126.9% in the first quarter. Contrarius Investment Management Ltd now owns 859,219 shares of the data storage provider’s stock valued at $40,590,000 after buying an additional 480,532 shares in the last quarter. NN Investment Partners Holdings N.V. acquired a new position in Western Digital Corp. during the first quarter worth approximately $951,000. Sentry Investment Management LLC increased its position in Western Digital Corp. by 37.9% in the first quarter. Sentry Investment Management LLC now owns 17,503 shares of the data storage provider’s stock worth $827,000 after buying an additional 4,808 shares during the period. Algert Global LLC increased its position in Western Digital Corp. by 80.5% in the first quarter. Algert Global LLC now owns 13,121 shares of the data storage provider’s stock worth $620,000 after buying an additional 5,851 shares during the period. Finally, Rehmann Capital Advisory Group acquired a new position in Western Digital Corp. during the first quarter worth approximately $201,000. 86.77% of the stock is currently owned by institutional investors.
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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