Western Digital (WDC) Lifted to Hold at BidaskClub
BidaskClub upgraded shares of Western Digital (NASDAQ:WDC) from a sell rating to a hold rating in a research note released on Wednesday morning.
WDC has been the subject of a number of other reports. UBS raised their price objective on shares of Western Digital from $93.00 to $97.00 and gave the stock a neutral rating in a report on Friday, October 27th. Benchmark reaffirmed a buy rating and set a $135.00 price objective on shares of Western Digital in a report on Monday, September 25th. Summit Redstone reaffirmed a hold rating on shares of Western Digital in a report on Wednesday, September 13th. Longbow Research reaffirmed a buy rating and set a $120.00 price objective on shares of Western Digital in a report on Thursday, September 14th. Finally, Deutsche Bank downgraded shares of Western Digital from a buy rating to a hold rating and reduced their price objective for the stock from $105.00 to $80.00 in a report on Wednesday, October 4th. Nine equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and three have issued a strong buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $113.10.
Western Digital (NASDAQ:WDC) traded down $1.02 during midday trading on Wednesday, reaching $81.62. 7,159,064 shares of the company’s stock traded hands, compared to its average volume of 4,156,775. 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 firm has a market cap of $24,443.80, a price-to-earnings ratio of 8.30, a price-to-earnings-growth ratio of 0.22 and a beta of 1.10. Western Digital has a 52 week low of $66.91 and a 52 week high of $95.77.
Western Digital declared that its Board of Directors has authorized a share buyback program on Thursday, November 9th that authorizes the company to repurchase $2.10 billion in shares. This repurchase authorization authorizes the data storage provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date is Thursday, December 28th. Western Digital’s dividend payout ratio is presently 41.75%.
In other Western Digital news, Director Henry T. Denero sold 4,097 shares of the business’s stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $85.97, for a total value of $352,219.09. Following the completion of the transaction, the director now directly owns 10,834 shares of the company’s stock, valued at $931,398.98. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Michael D. Cordano sold 9,404 shares of the business’s stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $88.71, for a total transaction of $834,228.84. Following the completion of the transaction, the insider now directly owns 75,385 shares of the company’s stock, valued at $6,687,403.35. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 24,042 shares of company stock valued at $2,116,143. Insiders own 0.31% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in WDC. Capital World Investors acquired a new stake in shares of Western Digital during the 2nd quarter worth approximately $1,019,202,000. Vanguard Group Inc. grew its position in shares of Western Digital by 4.2% during the 2nd quarter. Vanguard Group Inc. now owns 29,942,849 shares of the data storage provider’s stock worth $2,652,936,000 after buying an additional 1,201,394 shares during the period. Janus Henderson Group PLC grew its position in shares of Western Digital by 140.4% during the 2nd quarter. Janus Henderson Group PLC now owns 1,994,833 shares of the data storage provider’s stock worth $176,746,000 after buying an additional 1,164,954 shares during the period. Schroder Investment Management Group grew its position in shares of Western Digital by 24,087.4% during the 2nd quarter. Schroder Investment Management Group now owns 902,431 shares of the data storage provider’s stock worth $82,709,000 after buying an additional 898,700 shares during the period. Finally, Discovery Capital Management LLC CT grew its position in shares of Western Digital by 98.9% during the 2nd quarter. Discovery Capital Management LLC CT now owns 1,576,089 shares of the data storage provider’s stock worth $139,641,000 after buying an additional 783,589 shares during the period. 83.99% of the stock is owned by institutional investors.
Western Digital 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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