Shares of Western Digital Corp (NASDAQ:WDC) have received an average rating of “Hold” from the thirty-two analysts that are currently covering the firm, Marketbeat reports. Three research analysts have rated the stock with a sell recommendation, fifteen have assigned a hold recommendation and thirteen have given a buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $79.67.

A number of research firms recently issued reports on WDC. Zacks Investment Research lowered Western Digital from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 17th. Evercore ISI decreased their target price on Western Digital from $130.00 to $100.00 and set an “outperform” rating for the company in a report on Tuesday, July 17th. Stifel Nicolaus decreased their target price on Western Digital from $114.00 to $93.00 and set a “buy” rating for the company in a report on Friday, July 27th. Maxim Group reiterated a “buy” rating and issued a $126.00 target price on shares of Western Digital in a report on Friday, July 27th. Finally, Royal Bank of Canada decreased their target price on Western Digital to $95.00 and set an “in-line” rating for the company in a report on Friday, July 27th.

Shares of WDC traded down $1.83 during midday trading on Monday, hitting $45.73. 5,726,309 shares of the stock were exchanged, compared to its average volume of 7,160,787. Western Digital has a 52-week low of $40.58 and a 52-week high of $106.96. The firm has a market cap of $14.05 billion, a P/E ratio of 3.68, a P/E/G ratio of 0.41 and a beta of 1.17. The company has a quick ratio of 1.70, a current ratio of 2.41 and a debt-to-equity ratio of 0.96.

The business also recently declared a quarterly dividend, which will be paid on Monday, January 14th. Investors of record on Friday, December 28th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 4.37%. The ex-dividend date of this dividend is Thursday, December 27th. Western Digital’s dividend payout ratio (DPR) is presently 14.80%.

Western Digital declared that its Board of Directors has initiated a stock buyback plan on Thursday, July 26th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the data storage provider to buy up to 22.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

In related news, Director Matthew E. Massengill sold 1,681 shares of the business’s stock in a transaction dated Monday, November 5th. The stock was sold at an average price of $47.68, for a total value of $80,150.08. Following the transaction, the director now owns 17,848 shares in the company, valued at approximately $850,992.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.36% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in WDC. BlackRock Inc. boosted its holdings in Western Digital by 22.3% in the 3rd quarter. BlackRock Inc. now owns 25,731,691 shares of the data storage provider’s stock valued at $1,506,333,000 after purchasing an additional 4,690,847 shares in the last quarter. FMR LLC boosted its holdings in Western Digital by 177.7% in the 3rd quarter. FMR LLC now owns 3,035,818 shares of the data storage provider’s stock valued at $177,716,000 after purchasing an additional 1,942,543 shares in the last quarter. Morgan Stanley boosted its holdings in Western Digital by 60.5% in the 2nd quarter. Morgan Stanley now owns 2,060,384 shares of the data storage provider’s stock valued at $159,493,000 after purchasing an additional 776,556 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD boosted its holdings in Western Digital by 3,351.1% in the 2nd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 710,787 shares of the data storage provider’s stock valued at $55,022,000 after purchasing an additional 690,191 shares in the last quarter. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted its holdings in Western Digital by 366.4% in the 2nd quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 824,100 shares of the data storage provider’s stock valued at $63,794,000 after purchasing an additional 647,400 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Western Digital Company Profile

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.

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Analyst Recommendations for Western Digital (NASDAQ:WDC)

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