Western Digital Corporation’s (WDC) Outperform Rating Reiterated at Cowen and Company
Cowen and Company reiterated their outperform rating on shares of Western Digital Corporation (NASDAQ:WDC) in a report published on Thursday morning. Cowen and Company currently has a $117.00 price target on the data storage provider’s stock.
Other equities analysts also recently issued research reports about the company. Maxim Group reiterated a buy rating and issued a $108.00 price objective on shares of Western Digital Corporation in a research report on Wednesday, June 21st. UBS AG reiterated a neutral rating and issued a $92.00 price objective (up previously from $90.00) on shares of Western Digital Corporation in a research report on Wednesday, June 28th. Guggenheim reiterated a buy rating and issued a $125.00 price objective on shares of Western Digital Corporation in a research report on Wednesday, June 14th. Royal Bank Of Canada reiterated a buy rating on shares of Western Digital Corporation in a research report on Monday, June 12th. Finally, FBN Securities boosted their target price on Western Digital Corporation from $105.00 to $115.00 and gave the stock an outperform rating in a research report on Friday, June 30th. Eight equities research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of Buy and a consensus price target of $111.34.
Western Digital Corporation (WDC) opened at 86.48 on Thursday. Western Digital Corporation has a one year low of $52.10 and a one year high of $95.77. The firm has a market capitalization of $25.50 billion, a price-to-earnings ratio of 64.54 and a beta of 1.21. The stock’s 50 day moving average price is $86.12 and its 200-day moving average price is $86.39.
Western Digital Corporation (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.51 by $0.42. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. The firm had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.82 billion. During the same quarter in the previous year, the company posted $0.79 EPS. The business’s revenue for the quarter was up 38.5% compared to the same quarter last year. On average, equities research analysts anticipate 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. Stockholders of record on Friday, September 29th will be paid 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 2.31%. Western Digital Corporation’s dividend payout ratio (DPR) is currently 156.25%.
In other Western Digital Corporation news, CFO Mark P. Long sold 1,517 shares of the firm’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $80.97, for a total value of $122,831.49. Following the sale, the chief financial officer now owns 88,207 shares of the company’s stock, valued at approximately $7,142,120.79. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Mark P. Long sold 28,585 shares of the firm’s stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $94.24, for a total value of $2,693,850.40. Following the completion of the sale, the insider now directly owns 53,551 shares in the company, valued at approximately $5,046,646.24. The disclosure for this sale can be found here. In the last quarter, insiders have sold 144,295 shares of company stock worth $12,689,056. 0.46% of the stock is owned by corporate insiders.
Several hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Western Digital Corporation by 4.2% in the 2nd quarter. Vanguard Group Inc. now owns 29,942,849 shares of the data storage provider’s stock valued at $2,652,936,000 after purchasing an additional 1,201,394 shares in the last quarter. Capital World Investors acquired a new stake in shares of Western Digital Corporation in the 2nd quarter valued at $1,019,202,000. Iridian Asset Management LLC CT boosted its holdings in shares of Western Digital Corporation by 1.8% in the 2nd 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 purchasing an additional 100,195 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of Western Digital Corporation by 10.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 4,443,866 shares of the data storage provider’s stock valued at $393,778,000 after purchasing an additional 405,293 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Western Digital Corporation by 0.5% in the 2nd quarter. Northern Trust Corp now owns 3,191,625 shares of the data storage provider’s stock valued at $282,778,000 after purchasing an additional 16,436 shares in the last quarter. 82.42% 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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