Western Digital (WDC) Stock Rating Upgraded by BidaskClub
BidaskClub upgraded shares of Western Digital (NASDAQ:WDC) from a hold rating to a buy rating in a report published on Wednesday morning.
A number of other research firms have also issued reports on WDC. Guggenheim reaffirmed a buy rating and issued a $125.00 target price on shares of Western Digital in a research note on Thursday, February 1st. Cowen set a $117.00 target price on Western Digital and gave the company an outperform rating in a research note on Tuesday, January 23rd. TheStreet lowered Western Digital from a b rating to a c+ rating in a research note on Thursday, January 25th. Vetr lowered Western Digital from a strong-buy rating to a buy rating and set a $97.62 target price on the stock. in a research note on Monday, November 13th. Finally, Morgan Stanley lowered Western Digital from an overweight rating to an equal weight rating and set a $120.00 target price on the stock. in a research note on Monday, November 27th. Twelve investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating to the company. The stock has an average rating of Buy and an average price target of $111.29.
Shares of Western Digital (WDC) opened at $88.25 on Wednesday. The firm has a market capitalization of $26,260.00, a P/E ratio of 13.54, a P/E/G ratio of 0.36 and a beta of 1.11. The company has a quick ratio of 2.03, a current ratio of 2.55 and a debt-to-equity ratio of 1.04. Western Digital has a fifty-two week low of $71.38 and a fifty-two week high of $95.77.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Friday, March 30th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.27%. The ex-dividend date is Thursday, March 29th. Western Digital’s dividend payout ratio (DPR) is currently 30.67%.
Western Digital declared that its Board of Directors has authorized a stock repurchase 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 often a sign that the company’s management believes its stock is undervalued.
In related news, CEO Stephen D. Milligan sold 16,511 shares of the stock in a transaction on Monday, February 5th. The stock was sold at an average price of $84.00, for a total value of $1,386,924.00. Following the transaction, the chief executive officer now directly owns 156,882 shares of the company’s stock, valued at approximately $13,178,088. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Michael Charles Ray sold 1,208 shares of the stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $88.53, for a total value of $106,944.24. Following the completion of the transaction, the executive vice president now directly owns 40,144 shares in the company, valued at $3,553,948.32. The disclosure for this sale can be found here. Insiders sold a total of 164,602 shares of company stock worth $14,334,141 over the last ninety days. Corporate insiders own 0.31% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in WDC. Two Sigma Investments LP increased its holdings in Western Digital by 23,509.1% in the 4th quarter. Two Sigma Investments LP now owns 1,582,516 shares of the data storage provider’s stock valued at $125,857,000 after purchasing an additional 1,575,813 shares in the last quarter. Two Sigma Advisers LP increased its holdings in Western Digital by 1,864.6% in the 4th quarter. Two Sigma Advisers LP now owns 1,186,316 shares of the data storage provider’s stock valued at $94,348,000 after purchasing an additional 1,125,930 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Western Digital by 67.1% in the 4th quarter. Renaissance Technologies LLC now owns 2,431,182 shares of the data storage provider’s stock valued at $193,352,000 after purchasing an additional 976,433 shares in the last quarter. Bank of Montreal Can increased its holdings in 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 valued at $98,029,000 after purchasing an additional 897,108 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in Western Digital by 94.3% in the 4th quarter. Millennium Management LLC now owns 1,761,443 shares of the data storage provider’s stock valued at $140,088,000 after purchasing an additional 854,852 shares in the last quarter. Hedge funds and other institutional investors own 82.27% of the company’s stock.
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About Western Digital
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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