Western Digital Corporation (WDC) Upgraded to “Strong-Buy” at Vetr Inc.
Vetr upgraded shares of Western Digital Corporation (NASDAQ:WDC) from a buy rating to a strong-buy rating in a research report released on Monday morning. The brokerage currently has $98.49 price objective on the data storage provider’s stock.
Other equities research analysts have also recently issued research reports about the stock. UBS AG reiterated a neutral rating and set a $92.00 target price (up previously from $90.00) on shares of Western Digital Corporation in a research report on Wednesday, June 28th. Maxim Group reiterated a buy rating and set a $108.00 target price on shares of Western Digital Corporation in a research report on Wednesday, June 21st. Susquehanna Bancshares Inc reiterated a positive rating on shares of Western Digital Corporation in a research report on Friday, June 30th. FBN Securities increased their target price on shares of Western Digital Corporation from $105.00 to $115.00 and gave the stock an outperform rating in a research report on Friday, June 30th. Finally, Royal Bank Of Canada reiterated an outperform rating on shares of Western Digital Corporation in a research report on Thursday, July 13th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-four have given a buy rating and three have issued a strong buy rating to the company’s stock. Western Digital Corporation has an average rating of Buy and an average target price of $111.50.
Shares of Western Digital Corporation (WDC) opened at 86.83 on Monday. The company’s 50 day moving average is $87.05 and its 200-day moving average is $87.55. Western Digital Corporation has a 12 month low of $52.10 and a 12 month high of $95.77. The company has a market cap of $25.60 billion, a P/E ratio of 64.80 and a beta of 1.24.
Western Digital Corporation (NASDAQ:WDC) last announced its earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.51 by $0.42. The business had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.82 billion. Western Digital Corporation had a net margin of 2.08% and a return on equity of 21.23%. The firm’s revenue for the quarter was up 38.5% on a year-over-year basis. During the same quarter last year, the company posted $0.79 EPS. Analysts expect that Western Digital Corporation will post $12.40 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 16th. Investors of record on Friday, September 29th were issued a dividend of $0.50 per share. The ex-dividend date was Thursday, September 28th. This represents a $2.00 dividend on an annualized basis and a yield of 2.30%. Western Digital Corporation’s payout ratio is 156.25%.
In other Western Digital Corporation news, CFO Mark P. Long sold 1,517 shares of Western Digital Corporation stock in a transaction on Monday, August 14th. The shares were sold at an average price of $80.97, for a total transaction of $122,831.49. Following the completion of the transaction, the chief financial officer now directly owns 88,207 shares of the company’s stock, valued at $7,142,120.79. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Mark P. Long sold 28,585 shares of Western Digital Corporation stock in a transaction on Thursday, July 20th. The stock was sold at an average price of $94.24, for a total transaction of $2,693,850.40. Following the transaction, the insider now directly 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 90 days, insiders have sold 128,246 shares of company stock worth $11,323,928. 0.31% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. American Beacon Advisors Inc. bought a new stake in shares of Western Digital Corporation in the first quarter valued at about $111,000. Harbour Capital Advisors LLC bought a new stake in shares of Western Digital Corporation in the first quarter valued at about $117,000. SRS Capital Advisors Inc. boosted its position in shares of Western Digital Corporation by 26.7% in the first quarter. SRS Capital Advisors Inc. now owns 1,453 shares of the data storage provider’s stock valued at $119,000 after acquiring an additional 306 shares during the period. Quantbot Technologies LP bought a new stake in shares of Western Digital Corporation in the second quarter valued at about $135,000. Finally, Huntington National Bank boosted its position in shares of Western Digital Corporation by 7.7% in the second quarter. Huntington National Bank now owns 1,965 shares of the data storage provider’s stock valued at $174,000 after acquiring an additional 141 shares during the period. 82.29% of the stock is 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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