Western Digital Corporation (WDC) Downgraded by Vetr Inc. to Buy
Vetr lowered shares of Western Digital Corporation (NASDAQ:WDC) from a strong-buy rating to a buy rating in a report released on Monday. The brokerage currently has $97.62 price target on the data storage provider’s stock.
Several other equities research analysts also recently issued reports on the company. Zacks Investment Research raised Western Digital Corporation from a hold rating to a strong-buy rating and set a $103.00 price target for the company in a report on Wednesday, November 1st. UBS AG raised their price target on Western Digital Corporation from $93.00 to $97.00 and gave the company a neutral rating in a report on Friday, October 27th. Barclays PLC increased their price objective on Western Digital Corporation from $131.00 to $133.00 and gave the stock an overweight rating in a research report on Friday, October 27th. Maxim Group reiterated a buy rating and set a $124.00 price objective on shares of Western Digital Corporation in a research report on Friday, October 27th. Finally, Citigroup Inc. increased their price objective on Western Digital Corporation from $110.00 to $115.00 and gave the stock a buy rating in a research report on Friday, October 27th. Nine investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and three have given a strong buy rating to the company’s stock. Western Digital Corporation currently has a consensus rating of Buy and an average price target of $113.92.
Western Digital Corporation (NASDAQ:WDC) traded down $0.48 during midday trading on Monday, hitting $88.44. The stock had a trading volume of 2,144,500 shares, compared to its average volume of 4,144,036. The firm has a market cap of $26,301.34, a P/E ratio of 8.93 and a beta of 1.17. The company has a current ratio of 2.64, a quick ratio of 2.13 and a debt-to-equity ratio of 1.07. Western Digital Corporation has a 12 month low of $57.62 and a 12 month high of $95.77.
Western Digital Corporation (NASDAQ:WDC) last released its quarterly earnings data on Thursday, October 26th. The data storage provider reported $3.56 EPS for the quarter, beating the consensus estimate of $3.01 by $0.55. The company had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.13 billion. Western Digital Corporation had a return on equity of 26.48% and a net margin of 7.38%. The firm’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.18 EPS. equities analysts predict that Western Digital Corporation will post 11.93 EPS for the current fiscal year.
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Western Digital Corporation declared that its Board of Directors has initiated a stock buyback plan on Thursday, November 9th that allows the company to repurchase $2.10 billion in outstanding shares. This repurchase authorization allows the data storage provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.26%. The ex-dividend date is Thursday, December 28th. Western Digital Corporation’s dividend payout ratio (DPR) is presently 41.75%.
In other news, EVP Srinivasan Sivaram sold 3,098 shares of the business’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $85.00, for a total transaction of $263,330.00. Following the completion of the sale, the executive vice president now owns 74,741 shares in the company, valued at $6,352,985. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Manish H. Bhatia sold 20,130 shares of the business’s stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $82.38, for a total value of $1,658,309.40. Following the sale, the executive vice president now owns 82,614 shares of the company’s stock, valued at approximately $6,805,741.32. The disclosure for this sale can be found here. Over the last three months, insiders sold 50,233 shares of company stock worth $4,298,735. Insiders own 0.31% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in WDC. Quantbot Technologies LP bought a new stake in shares of Western Digital Corporation during the second quarter valued at approximately $135,000. Huntington National Bank grew its holdings in Western Digital Corporation by 7.7% during the second quarter. Huntington National Bank now owns 1,965 shares of the data storage provider’s stock worth $174,000 after buying an additional 141 shares in the last quarter. Sun Life Financial INC grew its holdings in Western Digital Corporation by 16,215.4% during the second quarter. Sun Life Financial INC now owns 2,121 shares of the data storage provider’s stock worth $188,000 after buying an additional 2,108 shares in the last quarter. Grove Bank & Trust grew its holdings in Western Digital Corporation by 33.3% during the second quarter. Grove Bank & Trust now owns 2,199 shares of the data storage provider’s stock worth $195,000 after buying an additional 549 shares in the last quarter. Finally, Seven Bridges Advisors LLC grew its holdings in Western Digital Corporation by 71.0% during the second quarter. Seven Bridges Advisors LLC now owns 2,243 shares of the data storage provider’s stock worth $199,000 after buying an additional 931 shares in the last quarter. Hedge funds and other institutional investors own 81.77% 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).
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