Barclays PLC Reiterates “Top Pick” Rating for Western Digital Corp. (WDC)
Western Digital Corp. (NASDAQ:WDC)‘s stock had its “top pick” rating restated by equities research analysts at Barclays PLC in a research report issued on Thursday. They currently have a $71.00 price target on the data storage provider’s stock, up from their prior price target of $61.00. Barclays PLC’s price target suggests a potential upside of 21.43% from the stock’s current price.
A number of other research analysts have also commented on WDC. Stifel Nicolaus restated a “buy” rating and issued a $75.00 price objective on shares of Western Digital Corp. in a research note on Wednesday, June 1st. Jefferies Group lifted their target price on shares of Western Digital Corp. from $54.00 to $57.00 and gave the company a “buy” rating in a report on Thursday, June 2nd. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Western Digital Corp. in a report on Thursday, June 2nd. Goldman Sachs Group Inc. reaffirmed a “neutral” rating and issued a $55.00 target price on shares of Western Digital Corp. in a report on Monday, June 6th. Finally, Mizuho raised shares of Western Digital Corp. from a “neutral” rating to a “buy” rating and lifted their target price for the company from $48.02 to $53.00 in a report on Tuesday, June 7th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-two have assigned a buy rating and two have assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $63.46.
Shares of Western Digital Corp. (NASDAQ:WDC) opened at 58.47 on Thursday. The firm has a 50-day moving average of $50.78 and a 200-day moving average of $46.80. Western Digital Corp. has a 12-month low of $34.99 and a 12-month high of $86.39. The firm has a market cap of $16.62 billion, a P/E ratio of 58.47 and a beta of 1.37.
Western Digital Corp. (NASDAQ:WDC) last posted its quarterly earnings data on Thursday, July 28th. The data storage provider reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.08. The company had revenue of $3.50 billion for the quarter, compared to analyst estimates of $3.44 billion. Western Digital Corp. had a net margin of 1.98% and a return on equity of 12.42%. Western Digital Corp.’s quarterly revenue was up 9.5% on a year-over-year basis. During the same period in the previous year, the business posted $1.51 earnings per share. On average, equities analysts forecast that Western Digital Corp. will post $4.57 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be issued 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 3.42%. Western Digital Corp.’s dividend payout ratio (DPR) is 158.73%.
In other Western Digital Corp. news, EVP Michael Charles Ray sold 2,719 shares of the stock in a transaction on Tuesday, September 27th. The shares were sold at an average price of $58.63, for a total transaction of $159,414.97. Following the sale, the executive vice president now directly owns 51,843 shares of the company’s stock, valued at $3,039,555.09. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael D. Cordano sold 7,185 shares of the stock in a transaction dated 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 sale, the insider now directly owns 82,988 shares in the company, valued at approximately $4,522,846. The disclosure for this sale can be found here. Company insiders own 0.46% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Edmond DE Rothschild Holding S.A. boosted its stake in 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 during the period. Checchi Capital Advisers LLC boosted its stake in 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 during the period. Amica Retiree Medical Trust boosted its stake in 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 during the period. Cornerstone Advisors Inc. boosted its stake in 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 during the period. Finally, Americafirst Capital Management LLC purchased a new stake in Western Digital Corp. during the second quarter worth $108,000. 86.98% of the stock is currently owned by institutional investors and hedge funds.
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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