Western Digital Corporation (WDC) Receives Buy Rating from Stifel Nicolaus
Western Digital Corporation (NASDAQ:WDC)‘s stock had its “buy” rating reissued by investment analysts at Stifel Nicolaus in a report issued on Wednesday, May 24th.
WDC has been the topic of a number of other research reports. Cowen and Company boosted their price objective on shares of Western Digital Corporation from $90.00 to $115.00 and gave the company an “outperform” rating in a research report on Friday, April 28th. Vetr cut shares of Western Digital Corporation from a “buy” rating to a “hold” rating and set a $82.28 price objective on the stock. in a research report on Tuesday, March 28th. Susquehanna Bancshares Inc restated a “positive” rating and issued a $140.00 price target on shares of Western Digital Corporation in a report on Wednesday, May 17th. Bank of America Corporation upgraded shares of Western Digital Corporation from a “neutral” rating to a “buy” rating in a report on Friday, April 28th. Finally, Morgan Stanley upped their price target on shares of Western Digital Corporation from $68.00 to $81.00 and gave the stock an “equal weight” rating in a report on Thursday, January 26th. Six equities research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $99.26.
Western Digital Corporation (WDC) traded down 0.22% during midday trading on Wednesday, hitting $87.12. 4,295,000 shares of the stock were exchanged. The firm’s market capitalization is $25.37 billion. The firm’s 50-day moving average price is $88.90 and its 200 day moving average price is $78.85. Western Digital Corporation has a 1-year low of $41.64 and a 1-year high of $92.50.
Western Digital Corporation (NASDAQ:WDC) last posted its quarterly earnings data on Thursday, April 27th. The data storage provider reported $2.07 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.85 by $0.22. Western Digital Corporation had a negative net margin of 1.32% and a positive return on equity of 16.01%. The business had revenue of $4.65 billion for the quarter, compared to analysts’ expectations of $4.57 billion. During the same quarter in the previous year, the business posted $1.21 earnings per share. The business’s revenue was up 64.7% compared to the same quarter last year. Analysts expect that Western Digital Corporation will post $8.89 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 17th. Investors of record on Friday, June 30th will be paid a $0.50 dividend. The ex-dividend date is Wednesday, June 28th. This represents a $2.00 dividend on an annualized basis and a yield of 2.30%. Western Digital Corporation’s dividend payout ratio is currently -202.02%.
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In related news, EVP Srinivasan Sivaram sold 40,182 shares of Western Digital Corporation stock in a transaction on Thursday, May 4th. The shares were sold at an average price of $89.18, for a total value of $3,583,430.76. Following the sale, the executive vice president now owns 102,202 shares of the company’s stock, valued at approximately $9,114,374.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael D. Cordano sold 11,322 shares of Western Digital Corporation stock in a transaction on Monday, June 12th. The shares were sold at an average price of $85.00, for a total transaction of $962,370.00. The disclosure for this sale can be found here. Insiders sold a total of 187,826 shares of company stock worth $16,390,713 in the last three months. 0.46% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Iridian Asset Management LLC CT raised its position in shares of Western Digital Corporation 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 worth $457,341,000 after buying an additional 3,930,465 shares during the last quarter. Norges Bank purchased a new position in shares of Western Digital Corporation during the fourth quarter worth $168,304,000. Viking Global Investors LP purchased a new position in shares of Western Digital Corporation during the fourth quarter worth $95,471,000. Vanguard Group Inc. raised its position in shares of Western Digital Corporation by 4.5% in the first quarter. Vanguard Group Inc. now owns 28,741,455 shares of the data storage provider’s stock worth $2,372,032,000 after buying an additional 1,250,528 shares during the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. raised its position in shares of Western Digital Corporation 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 worth $69,305,000 after buying an additional 1,069,889 shares during the last quarter. 83.08% of the stock is currently owned by hedge funds and other institutional investors.
Western Digital Corporation Company Profile
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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