Western Digital Corporation (NASDAQ:WDC) had its price objective reduced by UBS AG from $101.00 to $93.00 in a research report report published on Thursday morning, www.benzinga.com reports. They currently have a neutral rating on the data storage provider’s stock.

Several other analysts have also recently issued reports on WDC. Guggenheim reiterated a buy rating and set a $125.00 target price on shares of Western Digital Corporation in a research report on Wednesday, June 14th. Evercore ISI started coverage on Western Digital Corporation in a research report on Friday, June 16th. They set an outperform rating and a $130.00 target price for the company. Vetr upgraded Western Digital Corporation from a buy rating to a strong-buy rating and set a $100.46 target price for the company in a research report on Monday, June 19th. Maxim Group reiterated a buy rating and set a $108.00 target price on shares of Western Digital Corporation in a research report on Wednesday, June 21st. Finally, Stifel Nicolaus reiterated a buy rating and set a $120.00 target price on shares of Western Digital Corporation in a research report on Wednesday, June 21st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the company. The stock presently has an average rating of Buy and an average price target of $111.35.

Western Digital Corporation (WDC) opened at 87.80 on Thursday. The stock has a market cap of $25.89 billion, a price-to-earnings ratio of 65.52 and a beta of 1.24. Western Digital Corporation has a 12-month low of $52.10 and a 12-month high of $95.77. The firm’s 50-day moving average price is $87.05 and its 200-day moving average price is $87.50.

Western Digital Corporation (NASDAQ:WDC) last released its earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, topping the 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 analysts’ expectations of $4.82 billion. During the same quarter last year, the business posted $0.79 earnings per share. The firm’s revenue was up 38.5% on a year-over-year basis. On average, equities analysts predict that Western Digital Corporation will post $12.40 EPS for the current fiscal year.

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The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be paid a $0.50 dividend. The ex-dividend date is Thursday, September 28th. This represents a $2.00 annualized dividend and a dividend yield of 2.33%. Western Digital Corporation’s dividend payout ratio is presently 156.25%.

In related news, CFO Mark P. Long sold 17,028 shares of Western Digital Corporation stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $93.84, for a total value of $1,597,907.52. Following the completion of the transaction, the chief financial officer now owns 53,551 shares in the company, valued at approximately $5,025,225.84. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Mark P. Long sold 1,446 shares of Western Digital Corporation stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $87.63, for a total value of $126,712.98. Following the completion of the transaction, the insider now owns 86,939 shares of the company’s stock, valued at approximately $7,618,464.57. The disclosure for this sale can be found here. In the last 90 days, insiders sold 128,246 shares of company stock valued at $11,323,928. 0.31% of the stock is owned by company insiders.

Several institutional investors have recently made changes to their positions in the stock. Accredited Investors Inc. increased its stake in Western Digital Corporation by 0.4% during the 2nd quarter. Accredited Investors Inc. now owns 2,713 shares of the data storage provider’s stock worth $240,000 after buying an additional 11 shares in the last quarter. Cookson Peirce & Co. Inc. increased its stake in 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 worth $319,000 after buying an additional 20 shares in the last quarter. Honkamp Krueger Financial Services Inc. increased its stake in Western Digital Corporation by 0.5% during the 2nd quarter. Honkamp Krueger Financial Services Inc. now owns 4,571 shares of the data storage provider’s stock worth $405,000 after buying an additional 25 shares in the last quarter. Barry Investment Advisors LLC increased its stake in Western Digital Corporation by 0.4% during the 2nd quarter. Barry Investment Advisors LLC now owns 6,331 shares of the data storage provider’s stock worth $561,000 after buying an additional 26 shares in the last quarter. Finally, People s United Financial Inc. increased its stake in Western Digital Corporation by 0.3% during the 2nd quarter. People s United Financial Inc. now owns 12,689 shares of the data storage provider’s stock worth $1,124,000 after buying an additional 41 shares in the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

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).

Analyst Recommendations for Western Digital Corporation (NASDAQ:WDC)

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