Western Digital Corp. (WDC) Receives Outperform Rating from RBC Capital Markets
RBC Capital Markets reissued their outperform rating on shares of Western Digital Corp. (NASDAQ:WDC) in a research report report published on Monday. The firm currently has a $65.00 price target on the data storage provider’s stock, up from their prior price target of $60.00.
WDC has been the topic of several other reports. 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. Mizuho raised Western Digital Corp. from a neutral rating to a buy rating and lifted their target price for the stock from $48.02 to $53.00 in a report on Tuesday, June 7th. Maxim Group raised Western Digital Corp. from a neutral rating to a buy rating in a report on Tuesday, June 7th. Argus reaffirmed a buy rating on shares of Western Digital Corp. in a report on Wednesday, June 8th. Finally, Vetr raised Western Digital Corp. from a hold rating to a buy rating and set a $49.62 target price on the stock in a report on Monday, June 13th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-three have issued a buy rating and two have given a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $64.32.
Shares of Western Digital Corp. (NASDAQ:WDC) opened at 59.20 on Monday. Western Digital Corp. has a one year low of $34.99 and a one year high of $86.39. The company’s 50-day moving average price is $51.19 and its 200 day moving average price is $46.91. The stock has a market capitalization of $16.83 billion, a PE ratio of 59.20 and a beta of 1.27.
Western Digital Corp. (NASDAQ:WDC) last posted its quarterly earnings results on Thursday, July 28th. The data storage provider reported $0.79 EPS for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.08. The business had revenue of $3.50 billion for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 9.5% on a year-over-year basis. During the same period last year, the firm earned $1.51 earnings per share. 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. Shareholders of record on Friday, September 30th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.40%. The ex-dividend date of this dividend is Wednesday, September 28th. Western Digital Corp.’s payout ratio is 158.73%.
In other news, insider Michael D. Cordano sold 7,185 shares of the stock in a transaction dated Wednesday, September 21st. The shares were sold at an average price of $54.50, for a total transaction of $391,582.50. Following the sale, the insider now directly owns 82,988 shares of the company’s stock, valued at approximately $4,522,846. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Michael Charles Ray sold 2,719 shares of the stock in a transaction dated Tuesday, September 27th. The stock was 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 in the company, valued at $3,039,555.09. The disclosure for this sale can be found here. 0.46% of the stock is currently owned by company insiders.
Several large investors have recently bought and sold shares of WDC. Commonwealth Equity Services Inc increased its position in Western Digital Corp. by 94.8% in the first quarter. Commonwealth Equity Services Inc now owns 12,860 shares of the data storage provider’s stock valued at $607,000 after buying an additional 6,258 shares during the period. Aperio Group LLC increased its position in Western Digital Corp. by 50.0% in the first quarter. Aperio Group LLC now owns 76,802 shares of the data storage provider’s stock valued at $3,628,000 after buying an additional 25,590 shares during the period. Virginia Retirement System bought a new position in Western Digital Corp. during the first quarter valued at $2,573,000. IFP Advisors Inc increased its position in Western Digital Corp. by 5.7% in the first quarter. IFP Advisors Inc now owns 4,281 shares of the data storage provider’s stock valued at $202,000 after buying an additional 230 shares during the period. Finally, CIBC World Markets Inc. increased its position in Western Digital Corp. by 7.3% in the first quarter. CIBC World Markets Inc. now owns 31,892 shares of the data storage provider’s stock valued at $1,507,000 after buying an additional 2,159 shares during the period. 86.77% of the stock is currently owned by institutional investors and hedge funds.
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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