Western Digital (WDC) Earns Buy Rating from Cowen
Other analysts also recently issued research reports about the company. Summit Redstone upgraded Western Digital from a hold rating to a buy rating in a research report on Wednesday. UBS lowered their price objective on Western Digital to $88.00 and set a neutral rating for the company in a research report on Wednesday. BidaskClub upgraded Western Digital from a sell rating to a hold rating in a research report on Wednesday. Vetr upgraded Western Digital from a hold rating to a buy rating and set a $95.09 price objective for the company in a research report on Tuesday, November 28th. Finally, Morgan Stanley downgraded Western Digital from an overweight rating to an equal weight rating and set a $120.00 price objective for the company. in a research report on Monday, November 27th. Nine investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and three have given a strong buy rating to the company. Western Digital presently has a consensus rating of Buy and an average target price of $113.10.
Western Digital (NASDAQ WDC) traded down $1.02 during trading hours on Wednesday, reaching $81.62. The company had a trading volume of 7,159,064 shares, compared to its average volume of 4,156,775. The company has a market cap of $24,443.80, a P/E ratio of 8.30, a price-to-earnings-growth ratio of 0.22 and a beta of 1.10. Western Digital has a one year low of $66.91 and a one year high of $95.77. The company has a quick ratio of 2.13, a current ratio of 2.64 and a debt-to-equity ratio of 1.07.
Western Digital (NASDAQ:WDC) last released its earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share for the quarter, topping the Zacks’ 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 had a return on equity of 26.48% and a net margin of 7.38%. Western Digital’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.18 EPS. research analysts anticipate that Western Digital will post 12.21 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Friday, December 29th will be paid a $0.50 dividend. The ex-dividend date is Thursday, December 28th. This represents a $2.00 annualized dividend and a yield of 2.45%. Western Digital’s payout ratio is 41.75%.
Western Digital announced that its Board of Directors has authorized a stock buyback program on Thursday, November 9th that permits the company to repurchase $2.10 billion in outstanding shares. This repurchase authorization permits the data storage provider to purchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
In other news, CFO Mark P. Long sold 4,467 shares of the stock in a transaction on Monday, November 13th. The stock was sold at an average price of $88.13, for a total value of $393,676.71. Following the sale, the chief financial officer now directly owns 88,384 shares of the company’s stock, valued at $7,789,281.92. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Henry T. Denero sold 4,097 shares of the stock in a transaction on Monday, October 30th. The stock was sold at an average price of $85.97, for a total value of $352,219.09. Following the completion of the sale, the director now directly owns 10,834 shares in the company, valued at $931,398.98. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 24,042 shares of company stock worth $2,116,143. 0.31% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quantbot Technologies LP purchased a new stake in shares of Western Digital in the second quarter worth $135,000. Sun Life Financial INC grew its stake in shares of Western Digital by 16,215.4% in the second quarter. Sun Life Financial INC now owns 2,121 shares of the data storage provider’s stock worth $188,000 after acquiring an additional 2,108 shares during the last quarter. Adviser Investments LLC purchased a new stake in shares of Western Digital in the third quarter worth $204,000. SSI Investment Management Inc. purchased a new stake in shares of Western Digital in the second quarter worth $207,000. Finally, Rational Advisors LLC purchased a new stake in shares of Western Digital in the third quarter worth $207,000. 83.99% of the stock is currently owned by hedge funds and other institutional investors.
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Western Digital 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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