Western Digital Corp’s (WDC) “Outperform” Rating Reaffirmed at Royal Bank of Canada
WDC has been the subject of several other research reports. Cowen and Company raised their target price on shares of Western Digital Corp from $90.00 to $115.00 and gave the stock an outperform rating in a report on Friday, April 28th. Vetr cut shares of Western Digital Corp from a buy rating to a hold rating and set a $82.28 price objective for the company. in a report on Tuesday, March 28th. Susquehanna Bancshares Inc reaffirmed a positive rating and issued a $140.00 price objective on shares of Western Digital Corp in a report on Wednesday, May 17th. Bank of America Corp raised shares of Western Digital Corp from a neutral rating to a buy rating in a report on Friday, April 28th. Finally, Needham & Company LLC lifted their price objective on shares of Western Digital Corp from $100.00 to $138.00 and gave the company a strong-buy rating in a report on Friday, April 28th. Six research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the company. Western Digital Corp has a consensus rating of Buy and an average target price of $94.39.
Shares of Western Digital Corp (NASDAQ:WDC) traded up 0.83% on Friday, reaching $90.01. 2,939,704 shares of the company traded hands. Western Digital Corp has a 1-year low of $41.64 and a 1-year high of $91.00. The stock’s market capitalization is $26.21 billion. The company has a 50-day moving average of $86.94 and a 200-day moving average of $75.72.
Western Digital Corp (NASDAQ:WDC) last issued its earnings results on Thursday, April 27th. The data storage provider reported $2.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.85 by $0.22. Western Digital Corp had a negative net margin of 2.56% and a positive return on equity of 13.38%. The firm had revenue of $4.65 billion during the quarter, compared to analysts’ expectations of $4.57 billion. During the same quarter last year, the company posted $1.21 earnings per share. The firm’s revenue was up 64.7% compared to the same quarter last year. Analysts anticipate that Western Digital Corp will post $8.89 earnings per share for the current fiscal year.
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The company also recently announced a quarterly dividend, which will be paid on Monday, July 17th. Shareholders of record on Friday, June 30th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $2.00 annualized dividend and a yield of 2.22%. Western Digital Corp’s payout ratio is -133.33%.
In other Western Digital Corp news, EVP Manish H. Bhatia sold 34,734 shares of the business’s stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $75.18, for a total value of $2,611,302.12. Following the transaction, the executive vice president now directly owns 81,948 shares in the company, valued at approximately $6,160,850.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael D. Cordano sold 4,959 shares of the business’s stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $90.34, for a total transaction of $447,996.06. Following the completion of the transaction, the insider now owns 60,830 shares in the company, valued at $5,495,382.20. The disclosure for this sale can be found here. Insiders sold a total of 210,714 shares of company stock worth $17,991,280 over the last quarter. 0.46% of the stock is currently owned by company insiders.
Several institutional investors have recently modified their holdings of WDC. Iridian Asset Management LLC CT raised its position in shares of Western Digital Corp by 244.0% in the first quarter. Iridian Asset Management LLC CT now owns 5,541,511 shares of the data storage provider’s stock valued at $457,341,000 after buying an additional 3,930,465 shares in the last quarter. Norges Bank bought a new position in shares of Western Digital Corp during the fourth quarter valued at approximately $168,304,000. Viking Global Investors LP bought a new position in shares of Western Digital Corp during the fourth quarter valued at approximately $95,471,000. Vanguard Group Inc. raised its position in shares of Western Digital Corp by 4.5% in the first quarter. Vanguard Group Inc. now owns 28,741,455 shares of the data storage provider’s stock valued at $2,372,032,000 after buying an additional 1,250,528 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. raised its position in shares of Western Digital Corp by 926.9% in the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 1,185,315 shares of the data storage provider’s stock valued at $69,305,000 after buying an additional 1,069,889 shares in the last quarter. Hedge funds and other institutional investors own 88.22% of the company’s stock.
About Western Digital Corp
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage devices and solutions that address the needs of the information technology (IT) industry and the infrastructure that enables the proliferation of data in virtually every industry. The Company’s portfolio of offerings addresses three categories: Datacenter Devices and Solutions (capacity and performance enterprise hard disk drives (HDDs), enterprise solid state drives (SSDs), datacenter software and system solutions); Client Devices (mobile, desktop, gaming and digital video hard drives, client SSDs, embedded products and wafers), and Client Solutions (removable products, hard drive content solutions and flash content solutions).
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