Shares of Western Digital Corporation (NASDAQ:WDC) have received a consensus recommendation of “Buy” from the thirty-nine research firms that are presently covering the stock, Marketbeat Ratings reports. Eight research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and two have given a strong buy rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $108.07.

Several equities research analysts recently issued reports on WDC shares. Vetr raised shares of Western Digital Corporation from a “buy” rating to a “strong-buy” rating and set a $94.27 price objective for the company in a research note on Monday, April 17th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $96.00 price objective on shares of Western Digital Corporation in a research note on Monday, April 17th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $105.00 price objective on shares of Western Digital Corporation in a research note on Tuesday, April 18th. Zacks Investment Research raised shares of Western Digital Corporation from a “hold” rating to a “buy” rating and set a $95.00 price objective for the company in a research note on Friday, April 21st. Finally, Raymond James Financial, Inc. reaffirmed an “outperform” rating and issued a $96.00 price objective on shares of Western Digital Corporation in a research note on Tuesday, April 25th.

Western Digital Corporation (WDC) opened at 79.90 on Friday. Western Digital Corporation has a 52-week low of $44.43 and a 52-week high of $95.77. The firm has a 50-day moving average price of $88.96 and a 200 day moving average price of $84.38. The stock has a market capitalization of $23.33 billion, a price-to-earnings ratio of 59.63 and a beta of 1.22.

Western Digital Corporation (NASDAQ:WDC) last released its quarterly earnings data on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.51 by $0.42. Western Digital Corporation had a net margin of 2.08% and a return on equity of 21.23%. The business had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.82 billion. During the same quarter in the previous year, the business earned $0.79 EPS. Western Digital Corporation’s quarterly revenue was up 38.5% compared to the same quarter last year. On average, equities research analysts predict that Western Digital Corporation will post $12.58 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be given a dividend of $0.50 per share. The ex-dividend date is Thursday, September 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.50%. Western Digital Corporation’s payout ratio is 156.25%.

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In other news, insider Mark P. Long sold 19,777 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $84.50, for a total transaction of $1,671,156.50. Following the transaction, the insider now directly owns 90,683 shares in the company, valued at $7,662,713.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Srinivasan Sivaram sold 16,049 shares of the company’s stock in a transaction that occurred on Wednesday, July 5th. The stock was sold at an average price of $85.06, for a total transaction of $1,365,127.94. The disclosure for this sale can be found here. Insiders have sold 126,966 shares of company stock worth $11,263,675 over the last quarter. 0.46% of the stock is owned by company insiders.

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Western Digital Corporation by 4.2% in the second quarter. Vanguard Group Inc. now owns 29,942,849 shares of the data storage provider’s stock worth $2,652,936,000 after buying an additional 1,201,394 shares during the last quarter. Iridian Asset Management LLC CT raised its position in shares of Western Digital Corporation by 1.8% in the second quarter. Iridian Asset Management LLC CT now owns 5,641,706 shares of the data storage provider’s stock valued at $499,855,000 after buying an additional 100,195 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of Western Digital Corporation by 10.0% in the second quarter. Ameriprise Financial Inc. now owns 4,443,866 shares of the data storage provider’s stock valued at $393,778,000 after buying an additional 405,293 shares in the last quarter. Northern Trust Corp raised its position in shares of Western Digital Corporation by 0.5% in the second quarter. Northern Trust Corp now owns 3,191,625 shares of the data storage provider’s stock valued at $282,778,000 after buying an additional 16,436 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Western Digital Corporation by 9.6% in the first quarter. Geode Capital Management LLC now owns 3,031,364 shares of the data storage provider’s stock valued at $249,848,000 after buying an additional 264,706 shares in the last quarter. Institutional investors own 82.39% of the company’s stock.

Western Digital Corporation 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 Corporation (NASDAQ:WDC)

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