Wells Fargo & Company Begins Coverage on Western Digital Corporation (WDC)
Wells Fargo & Company assumed coverage on shares of Western Digital Corporation (NASDAQ:WDC) in a research report sent to investors on Tuesday morning, MarketBeat reports. The firm issued an outperform rating and a $115.00 target price on the data storage provider’s stock.
WDC has been the topic of several other research reports. BidaskClub lowered Western Digital Corporation from a hold rating to a sell rating in a report on Saturday, August 12th. UBS AG increased their price target on Western Digital Corporation from $93.00 to $97.00 and gave the company a neutral rating in a report on Friday, October 27th. Benchmark Co. restated a buy rating and set a $135.00 price target on shares of Western Digital Corporation in a report on Monday, September 25th. Summit Redstone restated a buy rating on shares of Western Digital Corporation in a report on Saturday, July 22nd. Finally, Longbow Research restated a buy rating and set a $120.00 price target on shares of Western Digital Corporation in a report on Thursday, September 14th. Eight analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have assigned a strong buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $114.59.
Western Digital Corporation (NASDAQ WDC) traded up $0.09 during midday trading on Tuesday, hitting $91.30. The stock had a trading volume of 1,588,495 shares, compared to its average volume of 4,126,938. The company has a quick ratio of 2.13, a current ratio of 2.64 and a debt-to-equity ratio of 1.07. The company has a market cap of $26,920.00, a P/E ratio of 9.19 and a beta of 1.17. Western Digital Corporation has a 52-week low of $58.30 and a 52-week high of $95.77.
Western Digital Corporation (NASDAQ:WDC) last posted its earnings results on Thursday, October 26th. The data storage provider reported $3.56 EPS for the quarter, beating analysts’ consensus estimates of $3.01 by $0.55. Western Digital Corporation had a return on equity of 26.48% and a net margin of 7.38%. The firm had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.13 billion. During the same period in the prior year, the company earned $1.18 EPS. The company’s quarterly revenue was up 9.9% compared to the same quarter last year. equities analysts expect that Western Digital Corporation will post 11.93 EPS for the current fiscal year.
Western Digital Corporation declared that its Board of Directors has initiated a stock repurchase program on Thursday, November 9th that permits the company to repurchase $2.10 billion in shares. This repurchase authorization permits the data storage provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.19%. The ex-dividend date is Thursday, December 28th. Western Digital Corporation’s payout ratio is 41.75%.
In related news, Director Henry T. Denero sold 4,097 shares of Western Digital Corporation stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $85.97, for a total transaction of $352,219.09. Following the completion of the transaction, the director now directly owns 10,834 shares in the company, valued at $931,398.98. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Mark P. Long sold 4,467 shares of Western Digital Corporation stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $88.13, for a total value of $393,676.71. Following the transaction, the chief financial officer now owns 88,384 shares of the company’s stock, valued at $7,789,281.92. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,005 shares of company stock valued at $2,377,095. Company insiders own 0.31% of the company’s stock.
A number of hedge funds have recently made changes to their positions in WDC. Capital World Investors purchased a new position in Western Digital Corporation during the second quarter valued at approximately $1,019,202,000. Vanguard Group Inc. raised its position in Western Digital Corporation by 4.2% during the second quarter. Vanguard Group Inc. now owns 29,942,849 shares of the data storage provider’s stock valued at $2,652,936,000 after acquiring an additional 1,201,394 shares in the last quarter. Janus Henderson Group PLC raised its position in Western Digital Corporation by 140.4% during 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 acquiring an additional 1,164,954 shares in the last quarter. Schroder Investment Management Group raised its position in Western Digital Corporation by 24,087.4% during the second quarter. Schroder Investment Management Group now owns 902,431 shares of the data storage provider’s stock valued at $82,709,000 after acquiring an additional 898,700 shares in the last quarter. Finally, Discovery Capital Management LLC CT raised its position in Western Digital Corporation by 98.9% during the second quarter. Discovery Capital Management LLC CT now owns 1,576,089 shares of the data storage provider’s stock valued at $139,641,000 after acquiring an additional 783,589 shares in the last quarter. Institutional investors own 81.77% 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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