Benchmark Reiterates Buy Rating for Western Digital (WDC)

Benchmark restated their buy rating on shares of Western Digital (NASDAQ:WDC) in a research report released on Wednesday morning. Benchmark currently has a $130.00 price objective on the data storage provider’s stock.

A number of other analysts have also recently weighed in on WDC. Citigroup reaffirmed a buy rating and issued a $115.00 price objective on shares of Western Digital in a report on Wednesday. Cowen reissued a buy rating on shares of Western Digital in a research note on Wednesday. Jefferies Group reissued a hold rating and set a $90.00 target price on shares of Western Digital in a research note on Friday, August 18th. BidaskClub raised shares of Western Digital from a sell rating to a hold rating in a research note on Wednesday. Finally, UBS lowered their target price on shares of Western Digital to $88.00 and set a neutral rating on the stock in a research note on Wednesday. Nine research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and three have issued a strong buy rating to the company. The stock has a consensus rating of Buy and a consensus price target of $113.10.

Shares of Western Digital (WDC) opened at $81.62 on Wednesday. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.64 and a quick ratio of 2.13. Western Digital has a twelve month low of $66.91 and a twelve month high of $95.77. The firm has a market cap of $24,142.13, a PE ratio of 8.19, a P/E/G ratio of 0.21 and a beta of 1.10.

Western Digital (NASDAQ:WDC) last released its quarterly earnings data on Thursday, October 26th. The data storage provider reported $3.56 earnings per share for the quarter, topping the Zacks’ consensus estimate of $3.01 by $0.55. Western Digital had a net margin of 7.38% and a return on equity of 26.48%. The business had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.13 billion. During the same quarter last year, the company earned $1.18 EPS. The company’s revenue for the quarter was up 9.9% compared to the same quarter last year. analysts expect that Western Digital will post 12.21 earnings per share for the current year.

Western Digital declared that its board has authorized a stock buyback plan on Thursday, November 9th that allows the company to buyback $2.10 billion in shares. This buyback authorization allows the data storage provider to buy shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders 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 annualized dividend and a dividend yield of 2.45%. Western Digital’s dividend payout ratio (DPR) is 41.75%.

In other Western Digital news, insider Michael D. Cordano sold 1,397 shares of the firm’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $88.13, for a total value of $123,117.61. Following the completion of the transaction, the insider now directly owns 70,556 shares in the company, valued at $6,218,100.28. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Michael D. Cordano sold 9,404 shares of the firm’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 owns 75,385 shares of the company’s stock, valued at $6,687,403.35. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,042 shares of company stock valued at $2,116,143. Insiders own 0.31% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the business. Quantbot Technologies LP acquired a new stake in shares of Western Digital during the second quarter worth approximately $135,000. Sun Life Financial INC boosted its holdings in shares of Western Digital by 16,215.4% during the second quarter. Sun Life Financial INC now owns 2,121 shares of the data storage provider’s stock worth $188,000 after purchasing an additional 2,108 shares during the period. Adviser Investments LLC acquired a new stake in shares of Western Digital during the third quarter worth approximately $204,000. SSI Investment Management Inc. acquired a new stake in shares of Western Digital during the second quarter worth approximately $207,000. Finally, Rational Advisors LLC acquired a new stake in shares of Western Digital during the third quarter worth approximately $207,000. Institutional investors own 83.99% of the company’s stock.

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About Western Digital

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).

Analyst Recommendations for Western Digital (NASDAQ:WDC)

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