Western Digital Corporation (WDC) Receives “Buy” Rating from Longbow Research
Longbow Research reissued their buy rating on shares of Western Digital Corporation (NASDAQ:WDC) in a report released on Thursday. Longbow Research currently has a $120.00 target price on the data storage provider’s stock.
Other research analysts also recently issued reports about the stock. BidaskClub downgraded shares of Western Digital Corporation from a hold rating to a sell rating in a research report on Saturday, August 12th. Susquehanna Bancshares Inc reaffirmed a positive rating and issued a $140.00 price target on shares of Western Digital Corporation in a research note on Wednesday, May 17th. Jefferies Group LLC reaffirmed a hold rating and issued a $90.00 price target on shares of Western Digital Corporation in a research note on Wednesday, June 28th. Vetr raised Western Digital Corporation from a buy rating to a strong-buy rating and set a $101.80 price target for the company in a research note on Monday, June 12th. Finally, Cowen and Company reaffirmed an outperform rating and issued a $115.00 price target on shares of Western Digital Corporation in a research note on Monday, May 22nd. Eight investment analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and two have given a strong buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $111.34.
Western Digital Corporation (NASDAQ WDC) traded up 3.09% during trading on Thursday, reaching $88.44. 4,055,333 shares of the company’s stock traded hands. Western Digital Corporation has a 12 month low of $52.10 and a 12 month high of $95.77. The company has a market capitalization of $25.82 billion, a price-to-earnings ratio of 66.00 and a beta of 1.21. The firm’s 50 day moving average is $85.96 and its 200-day moving average is $86.00.
Western Digital Corporation (NASDAQ:WDC) last issued its quarterly earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.51 by $0.42. The business had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.82 billion. Western Digital Corporation had a net margin of 2.08% and a return on equity of 21.23%. The firm’s quarterly revenue was up 38.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.79 EPS. Analysts expect that Western Digital Corporation will post $12.50 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $2.00 annualized dividend and a yield of 2.33%. Western Digital Corporation’s dividend payout ratio (DPR) is currently 156.25%.
In other news, EVP Jacqueline Demaria sold 14,358 shares of the company’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $84.53, for a total transaction of $1,213,681.74. Following the transaction, the executive vice president now owns 75,772 shares of the company’s stock, valued at approximately $6,405,007.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Srinivasan Sivaram sold 16,049 shares of the company’s stock in a transaction on Wednesday, July 5th. The shares were sold at an average price of $85.06, for a total value of $1,365,127.94. The disclosure for this sale can be found here. Insiders have sold 134,891 shares of company stock valued at $11,854,827 in the last quarter. 0.46% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Intl Fcstone Inc. purchased a new position in shares of Western Digital Corporation during the 2nd quarter valued at $862,000. Lord Abbett & CO. LLC lifted its position in shares of Western Digital Corporation by 52.6% during the 2nd quarter. Lord Abbett & CO. LLC now owns 464,600 shares of the data storage provider’s stock valued at $41,164,000 after buying an additional 160,100 shares during the last quarter. Navellier & Associates Inc purchased a new position in shares of Western Digital Corporation during the 2nd quarter valued at $3,389,000. Toronto Dominion Bank lifted its position in shares of Western Digital Corporation by 26.9% during the 2nd quarter. Toronto Dominion Bank now owns 98,623 shares of the data storage provider’s stock valued at $8,737,000 after buying an additional 20,917 shares during the last quarter. Finally, Cookson Peirce & Co. Inc. lifted its position in shares of Western Digital Corporation by 0.6% during the 2nd quarter. Cookson Peirce & Co. Inc. now owns 3,600 shares of the data storage provider’s stock valued at $319,000 after buying an additional 20 shares during the last quarter. 82.44% of the stock is currently owned by hedge funds and other institutional investors.
About Western Digital Corporation
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).
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