BidaskClub upgraded shares of Western Digital (NASDAQ:WDC) from a sell rating to a hold rating in a research report released on Saturday morning.

Several other equities research analysts have also recently weighed in on WDC. Barclays reiterated an overweight rating and issued a $131.00 price objective on shares of Western Digital in a report on Monday, September 25th. Benchmark reiterated a buy rating and issued a $135.00 price objective on shares of Western Digital in a report on Monday, September 25th. Zacks Investment Research cut Western Digital from a hold rating to a sell rating in a report on Tuesday, September 26th. Robert W. Baird cut Western Digital from an outperform rating to a neutral rating and dropped their price objective for the stock from $120.00 to $93.00 in a report on Monday, October 2nd. Finally, ValuEngine upgraded Western Digital from a buy rating to a strong-buy rating in a research note on Monday, October 2nd. Eleven equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and three have given a strong buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $111.39.

Shares of Western Digital (WDC) opened at $86.24 on Friday. Western Digital has a fifty-two week low of $71.10 and a fifty-two week high of $95.77. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.64 and a quick ratio of 2.13. The firm has a market capitalization of $25,460.00, a P/E ratio of 18.00, a price-to-earnings-growth ratio of 0.28 and a beta of 1.12.

Western Digital (NASDAQ:WDC) last released its quarterly earnings data on Thursday, October 26th. The data storage provider reported $3.56 earnings per share for the quarter, topping the consensus estimate of $3.01 by $0.55. Western Digital had a return on equity of 26.48% and a net margin of 7.38%. The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.13 billion. During the same quarter last year, the business posted $1.18 EPS. The business’s revenue was up 9.9% on a year-over-year basis. sell-side analysts forecast that Western Digital will post 12.21 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend was Thursday, December 28th. Western Digital’s payout ratio is 41.75%.

Western Digital announced that its board has approved a share buyback program on Thursday, November 9th that allows the company to repurchase $2.10 billion in shares. This repurchase authorization allows the data storage provider to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

In other news, insider Michael D. Cordano sold 1,401 shares of the firm’s stock in a transaction on Tuesday, December 19th. The stock was sold at an average price of $85.00, for a total value of $119,085.00. Following the transaction, the insider now directly owns 70,560 shares in the company, valued at approximately $5,997,600. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Mark P. Long sold 4,467 shares of the firm’s 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 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. In the last three months, insiders sold 16,039 shares of company stock valued at $1,400,999. Corporate insiders own 0.31% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in WDC. Capital World Investors purchased a new position in shares of Western Digital in the 2nd quarter worth $1,019,202,000. Janus Henderson Group PLC boosted its stake in shares of Western Digital by 140.4% in the 2nd quarter. Janus Henderson Group PLC now owns 1,994,833 shares of the data storage provider’s stock worth $176,746,000 after buying an additional 1,164,954 shares during the last quarter. Bank of Montreal Can boosted its stake in shares of Western Digital by 267.4% in the 4th quarter. Bank of Montreal Can now owns 1,232,616 shares of the data storage provider’s stock worth $98,029,000 after buying an additional 897,108 shares during the last quarter. Discovery Capital Management LLC CT boosted its stake in shares of Western Digital by 98.9% in the 2nd quarter. Discovery Capital Management LLC CT now owns 1,576,089 shares of the data storage provider’s stock worth $139,641,000 after buying an additional 783,589 shares during the last quarter. Finally, Kensico Capital Management Corp boosted its stake in shares of Western Digital by 228.2% in the 3rd quarter. Kensico Capital Management Corp now owns 1,094,508 shares of the data storage provider’s stock worth $94,565,000 after buying an additional 761,000 shares during the last quarter. Hedge funds and other institutional investors own 84.27% of the company’s stock.

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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).

Analyst Recommendations for Western Digital (NASDAQ:WDC)

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