Western Digital Corp. (WDC) Stock Rating Reaffirmed by RBC Capital Markets
Western Digital Corp. (NASDAQ:WDC)‘s stock had its “outperform” rating reiterated by research analysts at RBC Capital Markets in a report released on Tuesday. They presently have a $72.00 target price on the data storage provider’s stock. RBC Capital Markets’ price target would suggest a potential upside of 13.10% from the stock’s current price.
WDC has been the topic of several other research reports. Longbow Research raised Western Digital Corp. from a “neutral” rating to a “buy” rating and set a $70.00 target price on the stock in a research note on Tuesday, September 13th. Susquehanna reissued a “buy” rating and set a $80.00 target price on shares of Western Digital Corp. in a research note on Friday, October 7th. Vetr raised Western Digital Corp. from a “buy” rating to a “strong-buy” rating and set a $73.29 target price on the stock in a research note on Tuesday, November 22nd. Zacks Investment Research raised Western Digital Corp. from a “hold” rating to a “buy” rating and set a $60.00 price objective on the stock in a research note on Wednesday, October 19th. Finally, Maxim Group lifted their price objective on Western Digital Corp. from $85.00 to $88.00 and gave the stock a “buy” rating in a research note on Wednesday, October 12th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $68.25.
Shares of Western Digital Corp. (NASDAQ:WDC) opened at 63.66 on Tuesday. The stock’s 50 day moving average price is $57.36 and its 200-day moving average price is $50.86. Western Digital Corp. has a 1-year low of $34.99 and a 1-year high of $64.73. The stock’s market cap is $18.17 billion.
Western Digital Corp. (NASDAQ:WDC) last issued its earnings results on Wednesday, October 26th. The data storage provider reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.13. The company 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 firm’s quarterly revenue was up 40.3% on a year-over-year basis. During the same quarter last year, the company earned $1.56 EPS. On average, equities research analysts forecast that Western Digital Corp. will post $6.62 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 17th. Stockholders of record on Friday, December 30th will be given a $0.50 dividend. The ex-dividend date of this dividend is Wednesday, December 28th. This represents a $2.00 annualized dividend and a dividend yield of 3.14%. Western Digital Corp.’s dividend payout ratio (DPR) is presently -162.60%.
In other news, insider Michael D. Cordano sold 889 shares of the firm’s stock in a transaction that occurred on Monday, November 7th. The stock was sold at an average price of $56.41, for a total value of $50,148.49. Following the transaction, the insider now owns 55,772 shares in the company, valued at $3,146,098.52. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Michael Charles Ray sold 5,589 shares of the firm’s stock in a transaction that occurred on Monday, November 28th. The shares were sold at an average price of $63.11, for a total value of $352,721.79. Following the completion of the transaction, the executive vice president now owns 46,994 shares in the company, valued at approximately $2,965,791.34. The disclosure for this sale can be found here. 0.46% of the stock is owned by insiders.
Large investors have recently bought and sold shares of the stock. Checchi Capital Advisers LLC boosted its stake 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 valued at $104,000 after buying an additional 107 shares in the last quarter. Amica Retiree Medical Trust boosted its stake 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 valued at $104,000 after buying an additional 494 shares in the last quarter. Cornerstone Advisors Inc. boosted its stake 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 valued at $106,000 after buying an additional 121 shares in the last quarter. Americafirst Capital Management LLC bought a new stake in Western Digital Corp. during the second quarter valued at approximately $108,000. Finally, Sumitomo Life Insurance Co. bought a new stake in Western Digital Corp. during the second quarter valued at approximately $116,000. 86.44% of the stock is owned by hedge funds and other institutional investors.
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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