Western Digital Corp. (WDC) Price Target Raised to $65.00 at Royal Bank Of Canada
Western Digital Corp. (NASDAQ:WDC) had its price objective increased by Royal Bank Of Canada from $60.00 to $65.00 in a research note issued to investors on Monday morning. The firm currently has an outperform rating on the data storage provider’s stock.
Other research analysts have also issued research reports about the stock. Citigroup Inc. restated a buy rating and set a $65.00 price target (up previously from $55.00) on shares of Western Digital Corp. in a research note on Tuesday, July 19th. Vetr lowered shares of Western Digital Corp. from a buy rating to a hold rating and set a $50.42 target price on the stock. in a research note on Tuesday, June 21st. Barclays PLC raised their target price on shares of Western Digital Corp. from $60.00 to $61.00 and gave the company an overweight rating in a research note on Tuesday, August 16th. Stifel Nicolaus reiterated a buy rating and issued a $75.00 target price on shares of Western Digital Corp. in a research note on Sunday, July 31st. Finally, Argus reiterated a buy rating and issued a $60.00 target price on shares of Western Digital Corp. in a research note on Saturday, September 10th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-three have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently 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 midday trading on Monday, hitting $59.015. 1,384,518 shares of the stock were exchanged. Western Digital Corp. has a 12-month low of $34.99 and a 12-month high of $86.39. The stock’s 50 day moving average is $51.19 and its 200 day moving average is $46.91. The firm has a market cap of $16.78 billion, a P/E ratio of 59.015 and a beta of 1.27.
Western Digital Corp. (NASDAQ:WDC) last released its earnings results on Thursday, July 28th. The data storage provider reported $0.79 earnings per share (EPS) for the quarter, topping 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 company earned $3.50 billion during the quarter, compared to the consensus estimate of $3.44 billion. During the same quarter in the prior year, the firm earned $1.51 EPS. The company’s revenue was up 9.5% compared to the same quarter last year. On average, equities research analysts forecast that Western Digital Corp. will post $4.57 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date is Wednesday, September 28th. Western Digital Corp.’s dividend payout ratio is presently 158.73%.
In other news, EVP Michael Charles Ray sold 2,719 shares of the business’s stock in a transaction on 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 owns 51,843 shares of the company’s stock, valued at $3,039,555.09. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Michael D. Cordano sold 7,185 shares of the business’s stock in a transaction 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 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. 0.46% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in WDC. American International Group Inc. increased its position in shares of Western Digital Corp. by 8,124.5% in the second quarter. American International Group Inc. now owns 9,620,001 shares of the data storage provider’s stock worth $454,641,000 after buying an additional 9,503,034 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Western Digital Corp. by 24.7% in the second quarter. Vanguard Group Inc. now owns 24,858,936 shares of the data storage provider’s stock worth $1,174,834,000 after buying an additional 4,925,997 shares during the last quarter. Neuberger Berman Group LLC increased its position in shares of Western Digital Corp. by 103.1% in the second quarter. Neuberger Berman Group LLC now owns 3,393,531 shares of the data storage provider’s stock worth $160,379,000 after buying an additional 1,722,928 shares during the last quarter. DNB Asset Management AS increased its position in shares of Western Digital Corp. by 168.9% in the second quarter. DNB Asset Management AS now owns 2,357,775 shares of the data storage provider’s stock worth $111,428,000 after buying an additional 1,480,995 shares during the last quarter. Finally, Appaloosa LP purchased a new position in shares of Western Digital Corp. during the second quarter worth $68,527,000. 86.77% 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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