Western Digital Corp. (WDC) Rating Increased to Buy at Vetr Inc.
Western Digital Corp. (NASDAQ:WDC) was upgraded by equities research analysts at Vetr from a “hold” rating to a “buy” rating in a research report issued on Monday. The brokerage currently has a $63.25 price target on the data storage provider’s stock. Vetr‘s price target would suggest a potential upside of 7.46% from the company’s current price.
Several other research firms also recently issued reports on WDC. Royal Bank Of Canada lifted their price target on Western Digital Corp. from $60.00 to $65.00 and gave the stock an “outperform” rating in a research note on Monday. Mizuho reissued a “buy” rating and issued a $60.00 target price on shares of Western Digital Corp. in a research note on Monday. RBC Capital Markets reissued an “outperform” rating and issued a $65.00 target price (up previously from $60.00) on shares of Western Digital Corp. in a research note on Monday. Barclays PLC reissued a “top pick” rating and issued a $71.00 target price (up previously from $61.00) on shares of Western Digital Corp. in a research note on Thursday. Finally, Susquehanna reissued a “positive” rating and issued a $80.00 target price on shares of Western Digital Corp. in a research note on Wednesday, July 27th. Two equities research 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 stock. Western Digital Corp. has an average rating of “Buy” and a consensus target price of $64.32.
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 (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.08. The business earned $3.50 billion during the quarter, compared to the consensus estimate of $3.44 billion. Western Digital Corp. had a return on equity of 12.42% and a net margin of 1.98%. The business’s revenue was up 9.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.51 EPS.
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 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 dividend yield of 3.40%. Western Digital Corp.’s dividend payout ratio (DPR) is 158.73%.
In related news, insider Michael D. Cordano sold 7,185 shares of the stock in a transaction on Wednesday, September 21st. The stock was sold at an average price of $54.50, for a total value of $391,582.50. Following the completion of the transaction, the insider now owns 82,988 shares in the company, valued at approximately $4,522,846. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 value of $159,414.97. Following the completion of the transaction, the executive vice president now owns 51,843 shares of the company’s stock, valued at approximately $3,039,555.09. The disclosure for this sale can be found here. 0.46% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Edmond DE Rothschild Holding S.A. raised its position 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 raised its position 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 raised its position 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. raised its position 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 bought a new position in Western Digital Corp. during the second quarter worth $108,000. Institutional investors and hedge funds 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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