Wells Fargo & Company assumed coverage on shares of Western Digital Corporation (NASDAQ:WDC) in a research note released on Tuesday morning. The brokerage issued an outperform rating and a $115.00 price objective on the data storage provider’s stock.
Several other analysts also recently issued reports on the company. Vetr downgraded Western Digital Corporation from a strong-buy rating to a buy rating and set a $97.62 price target on the stock. in a report on Monday. Zacks Investment Research raised Western Digital Corporation from a hold rating to a strong-buy rating and set a $103.00 price target on the stock in a report on Wednesday, November 1st. UBS AG raised their price target on Western Digital Corporation from $93.00 to $97.00 and gave the stock a neutral rating in a report on Friday, October 27th. Barclays PLC raised their price target on Western Digital Corporation from $131.00 to $133.00 and gave the stock an overweight rating in a report on Friday, October 27th. Finally, Maxim Group reissued a buy rating and issued a $124.00 price target on shares of Western Digital Corporation in a report on Friday, October 27th. Eight analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have given a strong buy rating to the company. Western Digital Corporation currently has a consensus rating of Buy and a consensus target price of $114.59.
Shares of Western Digital Corporation (NASDAQ WDC) traded up $3.14 during midday trading on Tuesday, hitting $91.58. The company had a trading volume of 5,246,500 shares, compared to its average volume of 4,149,048. The company has a market cap of $26,700.00, a P/E ratio of 8.88 and a beta of 1.17. Western Digital Corporation has a 1-year low of $57.62 and a 1-year high of $95.77. The company has a current ratio of 2.64, a quick ratio of 2.13 and a debt-to-equity ratio of 1.07.
Western Digital Corporation (NASDAQ:WDC) last announced its quarterly earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.01 by $0.55. The business had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.13 billion. Western Digital Corporation had a return on equity of 26.48% and a net margin of 7.38%. The business’s revenue was up 9.9% on a year-over-year basis. During the same quarter last year, the business posted $1.18 EPS. equities research analysts forecast that Western Digital Corporation will post 11.93 earnings per share for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Friday, December 29th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $2.00 dividend on an annualized basis and a yield of 2.18%. Western Digital Corporation’s payout ratio is 41.75%.
Western Digital Corporation announced that its board has initiated a share repurchase plan on Thursday, November 9th that permits the company to buyback $2.10 billion in shares. This buyback authorization permits the data storage provider to reacquire shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.
In other Western Digital Corporation news, insider Michael D. Cordano sold 1,397 shares of the business’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $88.13, for a total value of $123,117.61. Following the completion of the sale, the insider now owns 70,556 shares of the company’s stock, valued at $6,218,100.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Manish H. Bhatia sold 20,130 shares of the business’s stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $82.38, for a total value of $1,658,309.40. Following the completion of the sale, the executive vice president now directly owns 82,614 shares of the company’s stock, valued at approximately $6,805,741.32. The disclosure for this sale can be found here. In the last three months, insiders have sold 47,135 shares of company stock valued at $4,035,405. Insiders own 0.31% of the company’s stock.
Several large investors have recently made changes to their positions in WDC. Capital World Investors acquired a new stake in shares of Western Digital Corporation in the second quarter worth about $1,019,202,000. Vanguard Group Inc. increased its stake in shares of Western Digital Corporation by 4.2% in the second quarter. Vanguard Group Inc. now owns 29,942,849 shares of the data storage provider’s stock worth $2,652,936,000 after purchasing an additional 1,201,394 shares during the period. Janus Henderson Group PLC increased its stake in shares of Western Digital Corporation by 140.4% in the second quarter. Janus Henderson Group PLC now owns 1,994,833 shares of the data storage provider’s stock worth $176,746,000 after purchasing an additional 1,164,954 shares during the period. Schroder Investment Management Group increased its stake in shares of Western Digital Corporation by 24,087.4% in the second quarter. Schroder Investment Management Group now owns 902,431 shares of the data storage provider’s stock worth $82,709,000 after purchasing an additional 898,700 shares during the period. Finally, Discovery Capital Management LLC CT increased its stake in shares of Western Digital Corporation by 98.9% in the second quarter. Discovery Capital Management LLC CT now owns 1,576,089 shares of the data storage provider’s stock worth $139,641,000 after purchasing an additional 783,589 shares during the period. 81.77% of the stock is owned by 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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