Western Digital Corp. (WDC) PT Raised to $88.00
Western Digital Corp. (NASDAQ:WDC) had its target price hoisted by equities researchers at Maxim Group from $85.00 to $88.00 in a research note issued to investors on Wednesday. The firm presently has a “buy” rating on the data storage provider’s stock. Maxim Group’s price target points to a potential upside of 59.19% from the company’s current price.
Other analysts have also recently issued research reports about the stock. BTIG Research reissued a “buy” rating and set a $55.00 price objective on shares of Western Digital Corp. in a report on Friday, June 17th. Brean Capital reissued a “buy” rating on shares of Western Digital Corp. in a report on Wednesday, June 15th. Royal Bank Of Canada restated a “buy” rating and set a $56.00 target price on shares of Western Digital Corp. in a research report on Thursday, June 23rd. Stifel Nicolaus restated a “buy” rating and set a $75.00 target price on shares of Western Digital Corp. in a research report on Tuesday, July 5th. Finally, Argus restated a “buy” rating on shares of Western Digital Corp. in a research report on Saturday, July 9th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $65.42.
Western Digital Corp. (NASDAQ:WDC) opened at 55.28 on Wednesday. Western Digital Corp. has a 1-year low of $34.99 and a 1-year high of $82.73. The company has a 50 day moving average of $53.92 and a 200 day moving average of $47.44. The firm has a market capitalization of $15.71 billion, a PE ratio of 55.28 and a beta of 1.28.
Western Digital Corp. (NASDAQ:WDC) last released its quarterly earnings data on Thursday, July 28th. The data storage provider reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.08. Western Digital Corp. had a net margin of 1.98% and a return on equity of 12.42%. The company had revenue of $3.50 billion for the quarter, compared to analysts’ expectations of $3.44 billion. During the same quarter last year, the company earned $1.51 earnings per share. The firm’s revenue for the quarter was up 9.5% on a year-over-year basis. Analysts forecast that Western Digital Corp. will post $4.60 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.62%. The ex-dividend date of this dividend is Wednesday, September 28th. Western Digital Corp.’s payout ratio is 158.73%.
In other Western Digital Corp. news, insider Michael D. Cordano sold 7,185 shares of the company’s 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 approximately $4,522,846. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Michael D. Cordano sold 18,250 shares of the company’s stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $59.15, for a total value of $1,079,487.50. Following the completion of the transaction, the insider now directly owns 58,153 shares in the company, valued at $3,439,749.95. The disclosure for this sale can be found here. 0.46% of the stock is owned by company insiders.
Several large investors have recently bought and sold shares of WDC. Commonwealth Equity Services Inc raised its stake in 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 valued at $607,000 after buying an additional 6,258 shares in the last quarter. Sentry Investment Management LLC raised its stake in Western Digital Corp. by 37.9% in the first quarter. Sentry Investment Management LLC now owns 17,503 shares of the data storage provider’s stock valued at $827,000 after buying an additional 4,808 shares in the last quarter. NN Investment Partners Holdings N.V. purchased a new stake in Western Digital Corp. during the first quarter valued at about $951,000. Bessemer Group Inc. raised its stake in Western Digital Corp. by 700.0% in the first quarter. Bessemer Group Inc. now owns 23,119 shares of the data storage provider’s stock valued at $1,093,000 after buying an additional 20,229 shares in the last quarter. Finally, Advisor Partners LLC raised its stake in Western Digital Corp. by 24.8% in the first quarter. Advisor Partners LLC now owns 4,912 shares of the data storage provider’s stock valued at $232,000 after buying an additional 976 shares in the last quarter. 86.77% of the stock is currently 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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