Western Digital Corporation (WDC) Given “Outperform” Rating at Cowen and Company
Several other analysts also recently commented on WDC. UBS AG reaffirmed a neutral rating and set a $92.00 price objective (up previously from $90.00) on shares of Western Digital Corporation in a research note on Wednesday, June 28th. Jefferies Group LLC reaffirmed a hold rating and set a $90.00 price objective on shares of Western Digital Corporation in a research note on Friday, August 18th. BidaskClub raised Western Digital Corporation from a hold rating to a buy rating in a research note on Friday. Vetr downgraded Western Digital Corporation from a strong-buy rating to a buy rating and set a $95.94 price objective on the stock. in a research note on Tuesday, August 22nd. Finally, Citigroup Inc. set a $110.00 price objective on Western Digital Corporation and gave the stock a buy rating in a research note on Monday, August 21st. Seven investment analysts have rated the stock with a hold rating, thirty have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $104.51.
Western Digital Corporation (NASDAQ WDC) traded up 0.89% during mid-day trading on Friday, hitting $90.25. The company had a trading volume of 3,264,270 shares. The company’s 50 day moving average price is $87.79 and its 200-day moving average price is $84.86. The company has a market cap of $26.35 billion, a PE ratio of 67.35 and a beta of 1.22. Western Digital Corporation has a one year low of $45.70 and a one year high of $95.77.
Western Digital Corporation (NASDAQ:WDC) last posted its quarterly earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.51 by $0.42. The company had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.82 billion. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. The firm’s quarterly revenue was up 38.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.79 EPS. Equities research analysts anticipate that Western Digital Corporation will post $12.54 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be given a $0.50 dividend. The ex-dividend date is Thursday, September 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.22%. Western Digital Corporation’s payout ratio is 156.25%.
In other news, EVP Srinivasan Sivaram sold 16,049 shares of Western Digital Corporation stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $85.06, for a total value of $1,365,127.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mark P. Long sold 28,585 shares of Western Digital Corporation stock in a transaction that occurred on Thursday, July 20th. The shares were sold at an average price of $94.24, for a total transaction of $2,693,850.40. Following the completion of the sale, the insider now owns 53,551 shares of the company’s stock, valued at $5,046,646.24. The disclosure for this sale can be found here. Over the last quarter, insiders sold 145,291 shares of company stock valued at $12,738,849. 0.46% of the stock is owned by company insiders.
Large investors have recently added to or reduced their stakes in the stock. Capital World Investors purchased a new position in shares of Western Digital Corporation during the second quarter valued at approximately $1,019,202,000. Iridian Asset Management LLC CT increased 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 valued at $457,341,000 after buying an additional 3,930,465 shares in the last quarter. Vanguard Group Inc. increased 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 valued at $2,372,032,000 after buying an additional 1,250,528 shares in the last quarter. Janus Henderson Group PLC increased its position 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 in the last quarter. Finally, Alliancebernstein L.P. increased its position 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 in the last quarter. Institutional investors own 81.91% of the company’s stock.
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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