Western Digital (WDC) Price Target Cut to $88.00
Western Digital (NASDAQ:WDC) had its target price cut by UBS to $88.00 in a report published on Wednesday, The Fly reports. They currently have a neutral rating on the data storage provider’s stock.
Other equities analysts have also issued reports about the stock. Jefferies Group restated a hold rating and set a $90.00 price target on shares of Western Digital in a research report on Friday, August 18th. Vetr lowered shares of Western Digital from a strong-buy rating to a buy rating and set a $95.94 price target on the stock. in a research report on Wednesday, August 16th. Summit Redstone restated a hold rating on shares of Western Digital in a research report on Wednesday, September 13th. Benchmark restated a buy rating and set a $135.00 price target on shares of Western Digital in a research report on Monday, September 25th. Finally, Robert W. Baird lowered shares of Western Digital from an outperform rating to a neutral rating and lowered their price target for the stock from $120.00 to $93.00 in a research report on Monday, October 2nd. Nine analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and three have issued a strong buy rating to the company. The company has an average rating of Buy and an average target price of $113.10.
Western Digital (NASDAQ WDC) opened at $81.62 on Wednesday. The firm has a market cap of $24,142.13, a PE ratio of 8.19, a P/E/G ratio of 0.21 and a beta of 1.10. Western Digital has a 52-week low of $66.91 and a 52-week high of $95.77. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.13 and a current ratio of 2.64.
Western Digital (NASDAQ:WDC) last posted its quarterly earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share for the quarter, topping analysts’ consensus estimates of $3.01 by $0.55. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.13 billion. Western Digital had a net margin of 7.38% and a return on equity of 26.48%. Western Digital’s quarterly revenue was up 9.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.18 earnings per share. analysts anticipate that Western Digital will post 12.21 EPS for the current fiscal year.
Western Digital declared that its Board of Directors has approved a stock repurchase program on Thursday, November 9th that authorizes the company to repurchase $2.10 billion in outstanding shares. This repurchase authorization authorizes the data storage provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $2.00 annualized dividend and a dividend yield of 2.45%. Western Digital’s dividend payout ratio is currently 41.75%.
In other news, insider Michael D. Cordano sold 9,404 shares of the company’s stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $88.71, for a total value of $834,228.84. Following the transaction, the insider now directly owns 75,385 shares in the company, valued at approximately $6,687,403.35. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Mark P. Long sold 4,467 shares of the company’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $88.13, for a total transaction of $393,676.71. Following the completion of the transaction, the chief financial officer now owns 88,384 shares in the company, valued at $7,789,281.92. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 24,042 shares of company stock worth $2,116,143. Company insiders own 0.31% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in Western Digital by 4.2% during the 2nd quarter. Vanguard Group Inc. now owns 29,942,849 shares of the data storage provider’s stock worth $2,652,936,000 after buying an additional 1,201,394 shares during the period. Capital World Investors purchased a new stake in Western Digital during the 2nd quarter worth approximately $1,019,202,000. Iridian Asset Management LLC CT increased its stake in Western Digital by 4.9% during the 3rd quarter. Iridian Asset Management LLC CT now owns 5,920,657 shares of the data storage provider’s stock worth $511,545,000 after buying an additional 278,951 shares during the period. Ameriprise Financial Inc. increased its stake in Western Digital by 10.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 4,443,866 shares of the data storage provider’s stock worth $393,778,000 after buying an additional 405,293 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Western Digital by 22.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 3,281,695 shares of the data storage provider’s stock worth $283,538,000 after buying an additional 598,563 shares during the period. 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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