Mizuho Reiterates Buy Rating for Western Digital Corp. (WDC)
Mizuho reaffirmed their buy rating on shares of Western Digital Corp. (NASDAQ:WDC) in a research report sent to investors on Monday morning. Mizuho currently has a $60.00 price objective on the data storage provider’s stock.
A number of other research firms have also recently commented on WDC. Royal Bank Of Canada boosted their price objective on Western Digital Corp. from $60.00 to $65.00 and gave the company an outperform rating in a research report on Monday. Barclays PLC reaffirmed a top pick rating and issued a $71.00 price target (up from $61.00) on shares of Western Digital Corp. in a research note on Thursday, September 29th. Susquehanna reaffirmed a positive rating and issued a $80.00 price target on shares of Western Digital Corp. in a research note on Wednesday, July 27th. Robert W. Baird raised Western Digital Corp. from a neutral rating to an outperform rating and lifted their price target for the stock from $50.00 to $65.00 in a research note on Friday, July 29th. Finally, Cross Research lowered Western Digital Corp. from a buy rating to a hold rating in a research note on Friday, July 29th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus target price of $64.32.
Shares of Western Digital Corp. (NASDAQ:WDC) opened at 58.05 on Monday. The firm has a 50-day moving average price of $52.33 and a 200-day moving average price of $47.15. The stock has a market cap of $16.50 billion, a price-to-earnings ratio of 58.05 and a beta of 1.28. Western Digital Corp. has a 1-year low of $34.99 and a 1-year high of $86.39.
Western Digital Corp. (NASDAQ:WDC) last posted its quarterly earnings data on Thursday, July 28th. The data storage provider reported $0.79 EPS for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.08. The business earned $3.50 billion during the quarter, compared to analysts’ expectations of $3.44 billion. Western Digital Corp. had a return on equity of 12.42% and a net margin of 1.98%. The business’s revenue was up 9.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.51 earnings per share. Equities analysts forecast that Western Digital Corp. will post $4.60 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be given a dividend of $0.50 per share. The ex-dividend date is Wednesday, September 28th. This represents a $2.00 dividend on an annualized basis and a yield of 3.44%. Western Digital Corp.’s payout ratio is 158.73%.
In other news, insider Michael D. Cordano sold 18,250 shares of the stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $59.15, for a total transaction of $1,079,487.50. Following the completion of the transaction, the insider now directly owns 58,153 shares of the company’s stock, valued at approximately $3,439,749.95. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Michael D. Cordano sold 7,185 shares of the stock in a transaction that occurred on Wednesday, September 21st. The stock was sold at an average price of $54.50, for a total value of $391,582.50. Following the transaction, the insider now directly owns 82,988 shares of the company’s stock, valued at $4,522,846. The disclosure for this sale can be found here. Company insiders own 0.46% of the company’s stock.
Several institutional investors have recently modified their holdings of WDC. Commonwealth Equity Services Inc increased its position in shares of Western Digital Corp. by 94.8% in the first quarter. Commonwealth Equity Services Inc now owns 12,860 shares of the data storage provider’s stock worth $607,000 after buying an additional 6,258 shares during the period. Aperio Group LLC increased its position in shares of Western Digital Corp. by 50.0% in the first quarter. Aperio Group LLC now owns 76,802 shares of the data storage provider’s stock worth $3,628,000 after buying an additional 25,590 shares during the period. Virginia Retirement System acquired a new position in shares of Western Digital Corp. during the first quarter worth about $2,573,000. IFP Advisors Inc increased its position in shares of Western Digital Corp. by 5.7% in the first quarter. IFP Advisors Inc now owns 4,281 shares of the data storage provider’s stock worth $202,000 after buying an additional 230 shares during the period. Finally, CIBC World Markets Inc. increased its position in shares of Western Digital Corp. by 7.3% in the first quarter. CIBC World Markets Inc. now owns 31,892 shares of the data storage provider’s stock worth $1,507,000 after buying an additional 2,159 shares during the period. 86.77% of the stock is owned by institutional investors and hedge funds.
About Western Digital Corp.
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage solutions that enable consumers, businesses, governments and other organizations to create, manage, experience and preserve digital content. The Company’s product portfolio includes hard disk drives (HDDs), solid-state drives, direct attached storage solutions, personal cloud network attached storage solutions, and public and private cloud data center storage solutions.
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