Western Digital Corporation (WDC) Upgraded at BidaskClub
BidaskClub upgraded shares of Western Digital Corporation (NASDAQ:WDC) from a sell rating to a hold rating in a research note released on Friday morning.
WDC has been the topic of several other reports. Mizuho reaffirmed a buy rating on shares of Western Digital Corporation in a research note on Friday, May 19th. Deutsche Bank AG reaffirmed a buy rating and issued a $105.00 price objective (up from $88.00) on shares of Western Digital Corporation in a research note on Saturday, April 29th. Stifel Nicolaus reaffirmed a buy rating and issued a $120.00 price objective (up from $105.00) on shares of Western Digital Corporation in a research note on Saturday, April 29th. Wells Fargo & Company reaffirmed a market perform rating and issued a $95.00 price objective on shares of Western Digital Corporation in a research note on Monday, May 15th. Finally, Vetr raised Western Digital Corporation from a buy rating to a strong-buy rating and set a $104.96 price objective on the stock in a research note on Wednesday, July 26th. Eight research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of Buy and an average price target of $104.66.
Western Digital Corporation (NASDAQ:WDC) opened at 83.20 on Friday. The stock’s 50 day moving average is $87.67 and its 200 day moving average is $84.55. Western Digital Corporation has a 12 month low of $45.25 and a 12 month high of $95.77. The firm has a market cap of $24.29 billion, a PE ratio of 62.09 and a beta of 1.22.
Western Digital Corporation (NASDAQ:WDC) last released its quarterly earnings data on Thursday, July 27th. The data storage provider reported $2.93 earnings per share for the quarter, beating the consensus estimate of $2.51 by $0.42. The business had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.82 billion. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. The company’s revenue was up 38.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.79 EPS. On average, equities analysts forecast that Western Digital Corporation will post $12.54 earnings per share for the current year.
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The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be given a dividend of $0.50 per share. The ex-dividend date is Thursday, September 28th. This represents a $2.00 dividend on an annualized basis and a yield of 2.40%. Western Digital Corporation’s dividend payout ratio (DPR) is presently 156.25%.
In other Western Digital Corporation news, EVP Michael Charles Ray sold 524 shares of the business’s stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $92.30, for a total transaction of $48,365.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Srinivasan Sivaram sold 3,098 shares of the business’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $85.00, for a total value of $263,330.00. Following the transaction, the executive vice president now owns 74,741 shares of the company’s stock, valued at approximately $6,352,985. The disclosure for this sale can be found here. Insiders have sold a total of 123,644 shares of company stock valued at $10,946,300 in the last quarter. 0.46% of the stock is currently owned by insiders.
Hedge funds have recently made changes to their positions in the stock. Capital World Investors purchased a new stake in shares of Western Digital Corporation during the second quarter valued at $1,019,202,000. Iridian Asset Management LLC CT raised its stake 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 valued at $457,341,000 after buying an additional 3,930,465 shares during the period. Vanguard Group Inc. raised its stake 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 valued at $2,372,032,000 after buying an additional 1,250,528 shares during the period. Janus Henderson Group PLC raised its stake in shares of Western Digital Corporation by 140.4% in the second quarter. Janus Henderson Group PLC now owns 1,994,833 shares of the data storage provider’s stock valued at $176,746,000 after buying an additional 1,164,954 shares during the period. Finally, Alliancebernstein L.P. raised its stake in shares of Western Digital Corporation by 179.3% in the first quarter. Alliancebernstein L.P. now owns 1,619,954 shares of the data storage provider’s stock valued at $133,695,000 after buying an additional 1,040,028 shares during the period. Institutional investors and hedge funds own 81.91% of the company’s stock.
About Western Digital Corporation
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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