Western Digital (WDC) PT Set at $100.00 by Longbow Research
A number of other research analysts have also weighed in on WDC. JPMorgan Chase & Co. started coverage on Western Digital in a research report on Monday, May 14th. They set an overweight rating and a $120.00 price objective for the company. Stifel Nicolaus restated a buy rating on shares of Western Digital in a research report on Tuesday, May 15th. Mizuho restated a buy rating on shares of Western Digital in a research report on Wednesday, May 16th. Cowen raised their price objective on Western Digital from $100.00 to $105.00 and gave the company an outperform rating in a research report on Wednesday, June 6th. Finally, ValuEngine lowered Western Digital from a sell rating to a strong sell rating in a research report on Friday, June 8th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eighteen have issued a buy rating to the stock. The company presently has an average rating of Buy and an average price target of $102.56.
Shares of Western Digital stock traded up $0.22 during trading on Thursday, reaching $58.01. 154,940 shares of the stock traded hands, compared to its average volume of 4,017,694. The firm has a market cap of $17.48 billion, a price-to-earnings ratio of 4.27, a PEG ratio of 0.29 and a beta of 0.89. The company has a quick ratio of 1.73, a current ratio of 2.39 and a debt-to-equity ratio of 0.95. Western Digital has a 52-week low of $57.53 and a 52-week high of $106.96.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Friday, September 28th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.45%. The ex-dividend date is Thursday, September 27th. Western Digital’s payout ratio is currently 14.80%.
Western Digital announced that its Board of Directors has initiated a stock buyback program on Thursday, July 26th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the data storage provider to reacquire up to 22.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
In other Western Digital news, EVP Michael Charles Ray sold 525 shares of the firm’s stock in a transaction dated Monday, June 11th. The shares were sold at an average price of $82.43, for a total value of $43,275.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark P. Long sold 24,938 shares of the firm’s stock in a transaction dated Monday, July 30th. The stock was sold at an average price of $70.83, for a total transaction of $1,766,358.54. Following the completion of the sale, the insider now directly owns 215,963 shares of the company’s stock, valued at approximately $15,296,659.29. The disclosure for this sale can be found here. In the last three months, insiders sold 33,297 shares of company stock valued at $2,342,038. 0.31% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in WDC. Amerigo Asset Management bought a new stake in Western Digital in the first quarter worth about $238,104,000. BlackRock Inc. lifted its stake in Western Digital by 9.2% in the second quarter. BlackRock Inc. now owns 21,040,844 shares of the data storage provider’s stock worth $1,628,774,000 after purchasing an additional 1,772,435 shares during the last quarter. Morgan Stanley lifted its stake in Western Digital by 60.5% in the second quarter. Morgan Stanley now owns 2,060,384 shares of the data storage provider’s stock worth $159,493,000 after purchasing an additional 776,556 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD lifted its stake in Western Digital by 3,351.1% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 710,787 shares of the data storage provider’s stock worth $55,022,000 after purchasing an additional 690,191 shares during the last quarter. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp lifted its stake in Western Digital by 366.4% in the second quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 824,100 shares of the data storage provider’s stock worth $63,794,000 after purchasing an additional 647,400 shares during the last quarter. 80.92% of the stock is owned by institutional investors and hedge funds.
About Western Digital
Western Digital Corporation, together with its subsidiaries, develops, manufactures, and sells data storage devices and solutions worldwide. It offers performance hard disk drives (HDDs) that are used in enterprise servers, data analysis, and other enterprise applications; capacity HDDs and drive configurations for use in data storage systems and tiered storage models; and enterprise solid state drives (SSDs), including NAND-flash SSDs and software solutions that are designed to enhance the performance in various enterprise workload environments.
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