Western Digital Corp (NASDAQ:WDC)‘s stock had its “buy” rating reiterated by equities research analysts at Deutsche Bank AG in a research report issued to clients and investors on Saturday, April 29th. They presently have a $105.00 price objective on the data storage provider’s stock, up from their prior price objective of $88.00. Deutsche Bank AG’s target price suggests a potential upside of 21.94% from the stock’s current price.
Other equities research analysts have also recently issued research reports about the stock. Royal Bank of Canada increased their target price on shares of Western Digital Corp to $90.00 in a research report on Thursday, January 26th. Cowen and Company increased their target price on shares of Western Digital Corp to $89.00 in a research report on Thursday, January 26th. TheStreet raised shares of Western Digital Corp from a “c” rating to a “b-” rating in a research report on Wednesday, January 25th. Vetr cut shares of Western Digital Corp from a “strong-buy” rating to a “buy” rating and set a $78.92 target price for the company. in a research report on Thursday, January 19th. Finally, Citigroup Inc set a $85.00 price target on shares of Western Digital Corp and gave the company a “buy” rating in a research note on Wednesday, January 18th. Six analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the company. Western Digital Corp has an average rating of “Buy” and a consensus price target of $94.19.
Shares of Western Digital Corp (NASDAQ:WDC) traded up 0.92% during mid-day trading on Friday, reaching $86.90. 970,533 shares of the company’s stock traded hands. The stock has a 50-day moving average price of $86.07 and a 200 day moving average price of $74.46. Western Digital Corp has a 12-month low of $38.65 and a 12-month high of $91.00. The firm’s market capitalization is $25.31 billion.
Western Digital Corp (NASDAQ:WDC) last posted its earnings results on Thursday, April 27th. The data storage provider reported $2.07 EPS for the quarter, beating the Zacks’ consensus estimate of $1.85 by $0.22. Western Digital Corp had a negative net margin of 2.56% and a positive return on equity of 13.38%. The company had revenue of $4.65 billion during the quarter, compared to analysts’ expectations of $4.57 billion. During the same quarter in the prior year, the company posted $1.21 earnings per share. Western Digital Corp’s revenue for the quarter was up 64.7% compared to the same quarter last year. Analysts anticipate that Western Digital Corp will post $8.88 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 17th. Stockholders of record on Friday, June 30th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.32%. The ex-dividend date is Wednesday, June 28th. Western Digital Corp’s dividend payout ratio is currently -133.33%.
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In other news, insider Mark P. Long sold 3,034 shares of the firm’s stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $89.54, for a total value of $271,664.36. Following the transaction, the insider now directly owns 71,342 shares of the company’s stock, valued at $6,387,962.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Michael Charles Ray sold 1,208 shares of the firm’s stock in a transaction dated Friday, May 5th. The stock was sold at an average price of $88.93, for a total transaction of $107,427.44. Following the completion of the transaction, the executive vice president now directly owns 42,614 shares in the company, valued at $3,789,663.02. The disclosure for this sale can be found here. Over the last three months, insiders sold 203,506 shares of company stock worth $17,378,672. Insiders own 0.46% of the company’s stock.
Several institutional investors have recently bought and sold shares of WDC. Henderson Group PLC increased its position in Western Digital Corp by 36.6% in the third quarter. Henderson Group PLC now owns 54,121 shares of the data storage provider’s stock valued at $3,164,000 after buying an additional 14,511 shares in the last quarter. Conning Inc. increased its position in shares of Western Digital Corp by 2.5% in the third quarter. Conning Inc. now owns 8,106 shares of the data storage provider’s stock worth $474,000 after buying an additional 200 shares during the period. Commonwealth Equity Services Inc increased its position in shares of Western Digital Corp by 42.6% in the third quarter. Commonwealth Equity Services Inc now owns 19,101 shares of the data storage provider’s stock worth $1,117,000 after buying an additional 5,705 shares during the period. Eads & Heald Investment Counsel purchased a new position in shares of Western Digital Corp during the third quarter worth approximately $200,000. Finally, Great West Life Assurance Co. Can increased its position in shares of Western Digital Corp by 6.3% in the third quarter. Great West Life Assurance Co. Can now owns 334,566 shares of the data storage provider’s stock worth $19,553,000 after buying an additional 19,744 shares during the period. 88.22% of the stock is currently owned by hedge funds and other institutional investors.
Western Digital Corp 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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