Western Digital Corp (NASDAQ:WDC) has received a consensus recommendation of “Hold” from the thirty-two ratings firms that are currently covering the firm, Marketbeat reports. Three investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and thirteen have issued a buy rating on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $79.67.
Several equities research analysts have weighed in on the company. Royal Bank of Canada lowered 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. Robert W. Baird reiterated a “buy” rating and issued a $55.00 target price on shares of Western Digital in a report on Friday. Cowen cut Western Digital from an “outperform” rating to a “market perform” rating and set a $70.00 target price for the company. in a report on Wednesday, August 15th. BMO Capital Markets lowered their target price on Western Digital from $90.00 to $74.00 and set a “market perform” rating for the company in a report on Friday, July 27th. Finally, Maxim Group reissued a “buy” rating and issued a $126.00 price target on shares of Western Digital in a research report on Friday, July 27th.
Shares of WDC stock traded down $1.83 during mid-day trading on Monday, hitting $45.73. The stock had a trading volume of 5,726,309 shares, compared to its average volume of 7,160,787. Western Digital has a 12-month low of $40.58 and a 12-month high of $106.96. The stock has a market capitalization of $14.05 billion, a price-to-earnings ratio of 3.68, a P/E/G ratio of 0.41 and a beta of 1.17. The company has a current ratio of 2.41, a quick ratio of 1.70 and a debt-to-equity ratio of 0.96.
The firm also recently announced a quarterly dividend, which will be paid on Monday, January 14th. Investors of record on Friday, December 28th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 4.37%. The ex-dividend date is Thursday, December 27th. Western Digital’s dividend payout ratio is currently 14.80%.
In related news, Director Matthew E. Massengill sold 1,681 shares of the company’s stock in a transaction dated Monday, November 5th. The stock was sold at an average price of $47.68, for a total transaction of $80,150.08. Following the transaction, the director now directly owns 17,848 shares of the company’s stock, valued at approximately $850,992.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.36% of the company’s stock.
A number of large investors have recently made changes to their positions in WDC. BlackRock Inc. grew its stake in Western Digital by 22.3% during 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 during the last quarter. LSV Asset Management grew its stake in Western Digital by 8.9% during the 3rd quarter. LSV Asset Management now owns 3,699,443 shares of the data storage provider’s stock valued at $216,565,000 after purchasing an additional 301,197 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Western Digital by 1.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,060,836 shares of the data storage provider’s stock valued at $236,931,000 after purchasing an additional 49,960 shares during the last quarter. FMR LLC grew its stake in Western Digital by 177.7% during 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 during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Western Digital by 4.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 3,000,178 shares of the data storage provider’s stock valued at $175,631,000 after purchasing an additional 128,343 shares during 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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