Cowen Reiterates “Buy” Rating for Western Digital (WDC)

Cowen reiterated their buy rating on shares of Western Digital (NASDAQ:WDC) in a research note issued to investors on Wednesday.

Other equities analysts also recently issued reports about the company. Susquehanna Bancshares reiterated a positive rating on shares of Western Digital in a research report on Thursday, August 31st. Zacks Investment Research upgraded Western Digital from a sell rating to a hold rating in a research report on Tuesday, October 24th. Citigroup boosted their price objective on Western Digital from $110.00 to $115.00 and gave the stock a buy rating in a research report on Friday, October 27th. Mizuho reiterated a buy rating and set a $105.00 price objective on shares of Western Digital in a research report on Sunday, October 8th. Finally, Maxim Group reiterated a buy rating and set a $108.00 price objective on shares of Western Digital in a research report on Wednesday, August 30th. Nine analysts have rated the stock with a hold rating, twenty-four have given a buy rating and three have given a strong buy rating to the company. The stock presently has an average rating of Buy and an average target price of $113.10.

Western Digital (NASDAQ WDC) opened at $81.62 on Wednesday. The company has a quick ratio of 2.13, a current ratio of 2.64 and a debt-to-equity ratio of 1.07. Western Digital has a 52 week low of $66.91 and a 52 week high of $95.77. The company has a market capitalization of $24,142.13, a P/E ratio of 8.19, a price-to-earnings-growth ratio of 0.21 and a beta of 1.10.

Western Digital (NASDAQ:WDC) last issued its earnings results on Thursday, October 26th. The data storage provider reported $3.56 EPS for the quarter, beating the Zacks’ consensus estimate of $3.01 by $0.55. Western Digital had a return on equity of 26.48% and a net margin of 7.38%. The company had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.13 billion. During the same period in the previous year, the firm posted $1.18 earnings per share. Western Digital’s quarterly revenue was up 9.9% compared to the same quarter last year. equities research analysts predict that Western Digital will post 12.21 EPS for the current year.

Western Digital announced that its Board of Directors has approved a stock buyback program on Thursday, November 9th that permits the company to buyback $2.10 billion in outstanding shares. This buyback authorization permits the data storage provider to buy shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its shares are undervalued.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Friday, December 29th will be issued 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 yield of 2.45%. Western Digital’s payout ratio is 41.75%.

In other Western Digital news, Director Henry T. Denero sold 4,097 shares of the company’s stock in a transaction on Monday, October 30th. The stock was sold at an average price of $85.97, for a total value of $352,219.09. Following the transaction, the director now owns 10,834 shares of the company’s stock, valued at $931,398.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Michael D. Cordano sold 9,404 shares of the company’s stock in a transaction on Monday, September 18th. The shares were sold at an average price of $88.71, for a total value of $834,228.84. Following the completion of the transaction, the insider now directly owns 75,385 shares in the company, valued at approximately $6,687,403.35. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,042 shares of company stock worth $2,116,143. 0.31% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of WDC. Capital World Investors acquired a new stake in Western Digital during the 2nd quarter valued at $1,019,202,000. Vanguard Group Inc. raised its stake in 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 valued at $2,652,936,000 after purchasing an additional 1,201,394 shares during the period. Janus Henderson Group PLC raised its stake in 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 valued at $176,746,000 after purchasing an additional 1,164,954 shares during the period. Schroder Investment Management Group raised its stake in 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 valued at $82,709,000 after purchasing an additional 898,700 shares during the period. Finally, Discovery Capital Management LLC CT raised its stake in 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 valued at $139,641,000 after purchasing an additional 783,589 shares during the period. 83.99% of the stock is currently owned by institutional investors.

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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).

Analyst Recommendations for Western Digital (NASDAQ:WDC)

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