Western Digital Corporation (WDC) Downgraded by Vetr Inc.
Vetr cut shares of Western Digital Corporation (NASDAQ:WDC) from a strong-buy rating to a buy rating in a research report released on Tuesday morning. The firm currently has $100.00 target price on the data storage provider’s stock.
WDC has been the topic of a number of other research reports. Susquehanna Bancshares Inc reissued a positive rating on shares of Western Digital Corporation in a report on Thursday, August 31st. Mizuho reissued a buy rating and issued a $105.00 price target on shares of Western Digital Corporation in a report on Monday, June 5th. Cowen and Company raised their price target on shares of Western Digital Corporation from $115.00 to $117.00 and gave the stock an outperform rating in a report on Tuesday, June 27th. Zacks Investment Research lowered shares of Western Digital Corporation from a strong-buy rating to a hold rating in a research note on Tuesday, July 4th. Finally, Wells Fargo & Company reaffirmed a market perform rating on shares of Western Digital Corporation in a research note on Thursday, July 13th. Eight research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and one has given a strong buy rating to the company. Western Digital Corporation currently has an average rating of Buy and a consensus target price of $111.34.
Western Digital Corporation (NASDAQ WDC) opened at 86.48 on Tuesday. Western Digital Corporation has a one year low of $52.10 and a one year high of $95.77. The stock’s 50 day moving average is $86.12 and its 200 day moving average is $86.39. The firm has a market cap of $25.50 billion, a price-to-earnings ratio of 64.54 and a beta of 1.21.
Western Digital Corporation (NASDAQ:WDC) last announced its quarterly earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.51 by $0.42. The business had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.82 billion. Western Digital Corporation had a net margin of 2.08% and a return on equity of 21.23%. The company’s revenue was up 38.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.79 EPS. On average, analysts predict that Western Digital Corporation will post $12.50 earnings per share for the current fiscal year.
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The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $2.00 annualized dividend and a yield of 2.31%. Western Digital Corporation’s dividend payout ratio (DPR) is presently 156.25%.
In other Western Digital Corporation news, EVP Srinivasan Sivaram sold 16,049 shares of Western Digital Corporation stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $85.06, for a total value of $1,365,127.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark P. Long sold 1,517 shares of Western Digital Corporation stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $80.97, for a total transaction of $122,831.49. Following the completion of the transaction, the chief financial officer now directly owns 88,207 shares of the company’s stock, valued at $7,142,120.79. The disclosure for this sale can be found here. Insiders sold 144,295 shares of company stock valued at $12,689,056 over the last ninety days. Corporate insiders own 0.46% of the company’s stock.
Institutional investors have recently modified their holdings of the business. American Beacon Advisors Inc. purchased a new position in shares of Western Digital Corporation during the first quarter valued at approximately $111,000. Harbour Capital Advisors LLC purchased a new position in shares of Western Digital Corporation during the first quarter valued at approximately $117,000. SRS Capital Advisors Inc. raised its holdings in shares of Western Digital Corporation by 26.7% during the first quarter. SRS Capital Advisors Inc. now owns 1,453 shares of the data storage provider’s stock valued at $119,000 after purchasing an additional 306 shares during the last quarter. Ruggie Capital Group purchased a new position in shares of Western Digital Corporation during the first quarter valued at approximately $127,000. Finally, Quantbot Technologies LP purchased a new position in shares of Western Digital Corporation during the second quarter valued at approximately $135,000. 82.42% of the stock is owned by institutional investors and hedge funds.
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).
To view Vetr’s full report, visit Vetr’s official website.
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