RBC Capital Markets reaffirmed their outperform rating on shares of Western Digital Corp. (NASDAQ:WDC) in a report issued on Tuesday morning. They currently have a $72.00 price objective on the data storage provider’s stock.

Several other research analysts have also recently issued reports on the company. Longbow Research raised Western Digital Corp. from a neutral rating to a buy rating and set a $70.00 price target for the company in a research note on Tuesday, September 13th. Susquehanna reissued a buy rating and issued a $80.00 price target on shares of Western Digital Corp. in a research note on Friday, October 7th. Vetr raised Western Digital Corp. from a buy rating to a strong-buy rating and set a $73.29 price target for the company in a research note on Tuesday, November 22nd. Zacks Investment Research raised Western Digital Corp. from a hold rating to a buy rating and set a $60.00 price target for the company in a research note on Wednesday, October 19th. Finally, Maxim Group increased their price target on Western Digital Corp. from $85.00 to $88.00 and gave the stock a buy rating in a research note on Wednesday, October 12th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the stock. Western Digital Corp. currently has an average rating of Buy and a consensus price target of $68.25.

Analyst Recommendations for Western Digital Corp. (NASDAQ:WDC)

Western Digital Corp. (NASDAQ:WDC) opened at 62.67 on Tuesday. The firm’s market cap is $17.89 billion. The stock’s 50 day moving average price is $57.36 and its 200 day moving average price is $50.86. Western Digital Corp. has a 1-year low of $34.99 and a 1-year high of $64.73.

Western Digital Corp. (NASDAQ:WDC) last issued its quarterly earnings data on Wednesday, October 26th. The data storage provider reported $1.18 EPS for the quarter, topping the Zacks’ consensus estimate of $1.05 by $0.13. The firm earned $4.71 billion during the quarter, compared to the consensus estimate of $4.51 billion. Western Digital Corp. had a positive return on equity of 11.74% and a negative net margin of 2.73%. The firm’s revenue was up 40.3% on a year-over-year basis. During the same period in the prior year, the business earned $1.56 EPS. Equities research analysts predict that Western Digital Corp. will post $6.62 EPS for the current year.

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The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 17th. Shareholders of record on Friday, December 30th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 3.19%. The ex-dividend date of this dividend is Wednesday, December 28th. Western Digital Corp.’s dividend payout ratio (DPR) is currently -162.60%.

In other Western Digital Corp. news, Director Matthew E. Massengill sold 2,187 shares of the firm’s stock in a transaction that occurred on Monday, November 7th. The stock was sold at an average price of $57.31, for a total value of $125,336.97. Following the completion of the sale, the director now owns 15,579 shares in the company, valued at approximately $892,832.49. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michael Charles Ray sold 5,589 shares of the firm’s stock in a transaction that occurred on Monday, November 28th. The stock was sold at an average price of $63.11, for a total value of $352,721.79. Following the completion of the sale, the executive vice president now owns 46,994 shares of the company’s stock, valued at approximately $2,965,791.34. The disclosure for this sale can be found here. 0.46% of the stock is owned by company insiders.

Several hedge funds have recently made changes to their positions in the company. Piedmont Investment Advisors LLC purchased a new stake in shares of Western Digital Corp. during the third quarter worth approximately $13,934,000. Scout Investments Inc. increased its stake in shares of Western Digital Corp. by 27.5% in the third quarter. Scout Investments Inc. now owns 395,199 shares of the data storage provider’s stock worth $23,107,000 after buying an additional 85,215 shares in the last quarter. Altfest L J & Co. Inc. increased its stake in shares of Western Digital Corp. by 0.8% in the third quarter. Altfest L J & Co. Inc. now owns 5,486 shares of the data storage provider’s stock worth $321,000 after buying an additional 42 shares in the last quarter. LPL Financial LLC increased its stake in shares of Western Digital Corp. by 19.9% in the third quarter. LPL Financial LLC now owns 35,250 shares of the data storage provider’s stock worth $2,069,000 after buying an additional 5,842 shares in the last quarter. Finally, Credit Suisse AG increased its stake in shares of Western Digital Corp. by 15.5% in the third quarter. Credit Suisse AG now owns 853,977 shares of the data storage provider’s stock worth $49,932,000 after buying an additional 114,717 shares in the last quarter. Institutional investors own 86.44% of the company’s stock.

Western Digital Corp. Company Profile

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.

5 Day Chart for NASDAQ:WDC

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