Mizuho Reaffirms “Buy” Rating for Western Digital Corp. (WDC)
Western Digital Corp. (NASDAQ:WDC)‘s stock had its “buy” rating restated by equities researchers at Mizuho in a report released on Monday. They presently have a $60.00 price target on the data storage provider’s stock. Mizuho’s price target indicates a potential upside of 2.62% from the company’s previous close.
Several other research analysts also recently commented on WDC. Royal Bank Of Canada lifted their price objective on Western Digital Corp. from $60.00 to $65.00 and gave the stock an “outperform” rating in a report on Monday. Barclays PLC reiterated a “top pick” rating and issued a $71.00 price objective (up previously from $61.00) on shares of Western Digital Corp. in a report on Thursday. Longbow Research upgraded Western Digital Corp. from a “neutral” rating to a “buy” rating and set a $70.00 price objective on the stock in a report on Tuesday, September 13th. Argus reiterated a “buy” rating and issued a $60.00 price objective on shares of Western Digital Corp. in a report on Saturday, September 10th. Finally, Morgan Stanley reiterated a “hold” rating and issued a $53.00 price objective on shares of Western Digital Corp. in a report on Thursday, September 8th. Three equities research 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 issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $63.76.
Shares of Western Digital Corp. (NASDAQ:WDC) traded up 1.2145% during midday trading on Monday, hitting $59.1801. The company had a trading volume of 3,245,245 shares. The company has a market capitalization of $16.82 billion, a P/E ratio of 59.1801 and a beta of 1.27. Western Digital Corp. has a 52 week low of $34.99 and a 52 week high of $86.39. The firm’s 50 day moving average is $50.78 and its 200 day moving average is $46.80.
Western Digital Corp. (NASDAQ:WDC) last released its quarterly earnings results on Thursday, July 28th. The data storage provider reported $0.79 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.08. Western Digital Corp. had a return on equity of 12.42% and a net margin of 1.98%. The business had revenue of $3.50 billion for the quarter, compared to the consensus estimate of $3.44 billion. During the same quarter last year, the business posted $1.51 earnings per share. The company’s revenue for the quarter was up 9.5% on a year-over-year basis. Equities research analysts anticipate that Western Digital Corp. will post $4.57 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date is Wednesday, September 28th. Western Digital Corp.’s payout ratio is 158.73%.
In related news, EVP Michael Charles Ray sold 2,719 shares of the stock in a transaction dated Tuesday, September 27th. The shares were sold at an average price of $58.63, for a total value of $159,414.97. Following the sale, the executive vice president now directly owns 51,843 shares of the company’s stock, valued at approximately $3,039,555.09. The transaction 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 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 $4,522,846. The disclosure for this sale can be found here. 0.46% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of WDC. Macquarie Group Ltd. raised its stake in Western Digital Corp. by 3.0% in the second quarter. Macquarie Group Ltd. now owns 394,605 shares of the data storage provider’s stock worth $18,649,000 after buying an additional 11,650 shares during the period. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in Western Digital Corp. during the second quarter worth $537,000. Kentucky Retirement Systems purchased a new stake in Western Digital Corp. during the second quarter worth $1,131,000. Mason Street Advisors LLC purchased a new stake in Western Digital Corp. during the second quarter worth $1,792,000. Finally, Northwestern Mutual Wealth Management Co. raised its stake in Western Digital Corp. by 37.6% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 11,037 shares of the data storage provider’s stock worth $522,000 after buying an additional 3,014 shares during the period. 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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