Western Digital (WDC) Cut to Hold at Goldman Sachs Group
Goldman Sachs Group lowered shares of Western Digital (NASDAQ:WDC) to a hold rating in a research report released on Wednesday. Goldman Sachs Group currently has $63.00 price target on the data storage provider’s stock.
A number of other analysts have also recently weighed in on WDC. Stifel Nicolaus reaffirmed a buy rating on shares of Western Digital in a research report on Tuesday, May 15th. Mizuho reaffirmed a buy rating on shares of Western Digital in a research report on Wednesday, May 16th. Cowen increased their price objective on Western Digital from $100.00 to $105.00 and gave the stock an outperform rating in a research report on Wednesday, June 6th. ValuEngine cut Western Digital from a sell rating to a strong sell rating in a research report on Friday, June 8th. Finally, BidaskClub cut Western Digital from a buy rating to a hold 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 company’s stock. The stock currently has an average rating of Buy and an average target price of $100.56.
Western Digital stock opened at $56.96 on Wednesday. Western Digital has a twelve month low of $53.61 and a twelve month high of $106.96. The company has a quick ratio of 1.73, a current ratio of 2.39 and a debt-to-equity ratio of 0.95. The company has a market cap of $16.48 billion, a price-to-earnings ratio of 4.14, a P/E/G ratio of 0.28 and a beta of 0.89.
Western Digital announced that its board has approved a stock repurchase plan on Thursday, July 26th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the data storage provider to repurchase up to 22.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Friday, September 28th will be issued a $0.50 dividend. The ex-dividend date is Thursday, September 27th. This represents a $2.00 annualized dividend and a dividend yield of 3.51%. Western Digital’s dividend payout ratio is currently 14.80%.
In related news, insider Mark P. Long sold 24,938 shares of the firm’s stock in a transaction that occurred on Monday, July 30th. The stock was sold at an average price of $70.83, for a total value of $1,766,358.54. Following the completion of the transaction, the insider now directly owns 215,963 shares of the company’s stock, valued at approximately $15,296,659.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark P. Long sold 2,233 shares of the firm’s stock in a transaction that occurred on Friday, August 3rd. The shares were sold at an average price of $68.74, for a total value of $153,496.42. Following the completion of the transaction, the chief financial officer now directly owns 191,154 shares of the company’s stock, valued at $13,139,925.96. The disclosure for this sale can be found here. Insiders sold a total of 32,772 shares of company stock valued at $2,298,763 over the last ninety days. 0.31% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WDC. Ruggie Capital Group purchased a new position in Western Digital during the second quarter worth $100,000. Migdal Insurance & Financial Holdings Ltd. increased its position in Western Digital by 16,520.0% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,662 shares of the data storage provider’s stock worth $129,000 after buying an additional 1,652 shares in the last quarter. Financial Gravity Wealth Inc. purchased a new position in Western Digital during the first quarter worth $145,000. Assetmark Inc. increased its position in Western Digital by 437.9% during the first quarter. Assetmark Inc. now owns 1,673 shares of the data storage provider’s stock worth $154,000 after buying an additional 1,362 shares in the last quarter. Finally, Legacy Financial Advisors Inc. increased its position in Western Digital by 32,283.3% during the second quarter. Legacy Financial Advisors Inc. now owns 1,943 shares of the data storage provider’s stock worth $155,000 after buying an additional 1,937 shares in the last quarter. 83.12% of the stock is owned by hedge funds and other institutional investors.
About Western Digital
Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.
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