Vetr upgraded shares of Western Digital Corp. (NASDAQ:WDC) from a buy rating to a strong-buy rating in a research note published on Tuesday morning. Vetr currently has $73.29 price objective on the data storage provider’s stock.

WDC has been the subject of a number of other research reports. Longbow Research upgraded Western Digital Corp. from a neutral rating to a buy rating and set a $70.00 price objective for the company in a report on Tuesday, September 13th. Susquehanna restated a buy rating and set a $80.00 price objective on shares of Western Digital Corp. in a report on Friday, October 7th. Zacks Investment Research upgraded Western Digital Corp. from a hold rating to a buy rating and set a $60.00 price objective for the company in a report on Wednesday, October 19th. Maxim Group boosted their price objective on Western Digital Corp. from $85.00 to $88.00 and gave the company a buy rating in a report on Wednesday, October 12th. Finally, Mizuho dropped their price objective on Western Digital Corp. from $56.00 to $54.00 and set a buy rating for the company in a report on Thursday, August 25th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company. The stock has an average rating of Buy and a consensus price target of $68.03.

Analyst Recommendations for Western Digital Corp. (NASDAQ:WDC)

Western Digital Corp. (NASDAQ:WDC) opened at 61.19 on Tuesday. The firm’s market cap is $17.47 billion. Western Digital Corp. has a 1-year low of $34.99 and a 1-year high of $64.73. The company’s 50 day moving average is $57.15 and its 200-day moving average is $50.23.

Western Digital Corp. (NASDAQ:WDC) last released its earnings results on Wednesday, October 26th. The data storage provider reported $1.18 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.05 by $0.13. The firm had revenue of $4.71 billion for the quarter, compared to the consensus estimate of $4.51 billion. Western Digital Corp. had a positive return on equity of 11.74% and a negative net margin of 2.73%. The company’s revenue for the quarter was up 40.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.56 EPS. On average, analysts predict that Western Digital Corp. will post $6.62 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 17th. Shareholders of record on Friday, December 30th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date is Wednesday, December 28th. Western Digital Corp.’s dividend payout ratio is presently -162.60%.

In other news, insider Michael D. Cordano sold 18,250 shares of the company’s stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $59.15, for a total transaction of $1,079,487.50. Following the completion of the sale, the insider now directly owns 58,153 shares in the company, valued at approximately $3,439,749.95. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michael D. Cordano sold 7,185 shares of the company’s 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 sale, the insider now owns 82,988 shares of the company’s stock, valued at $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. MUFG Americas Holdings Corp increased its stake in Western Digital Corp. by 0.9% in the second quarter. MUFG Americas Holdings Corp now owns 2,468 shares of the data storage provider’s stock worth $117,000 after buying an additional 21 shares during the last quarter. Altfest L J & Co. Inc. increased its stake in Western Digital Corp. by 0.8% in the third quarter. Altfest L J & Co. Inc. now owns 5,486 shares of the data storage provider’s stock worth $321,000 after buying an additional 42 shares during the last quarter. Texas Yale Capital Corp. increased its stake in Western Digital Corp. by 0.9% in the second quarter. Texas Yale Capital Corp. now owns 7,637 shares of the data storage provider’s stock worth $361,000 after buying an additional 69 shares during the last quarter. Rothschild Investment Corp IL increased its stake in Western Digital Corp. by 0.6% in the third quarter. Rothschild Investment Corp IL now owns 11,493 shares of the data storage provider’s stock worth $672,000 after buying an additional 71 shares during the last quarter. Finally, Boothbay Fund Management LLC increased its stake in Western Digital Corp. by 1.2% in the first quarter. Boothbay Fund Management LLC now owns 5,998 shares of the data storage provider’s stock worth $283,000 after buying an additional 72 shares during the last quarter. Institutional investors and hedge funds own 87.20% of the company’s stock.

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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.

5 Day Chart for NASDAQ:WDC

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