Shares of Western Digital Corp (NASDAQ:WDC) have been given a consensus recommendation of “Buy” by the thirty-three brokerages that are currently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eighteen have issued a buy rating on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $100.14.

WDC has been the subject of several research reports. Zacks Investment Research lowered Western Digital from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 17th. Morgan Stanley decreased their target price on Western Digital from $97.00 to $96.00 and set an “equal weight” rating for the company in a research report on Friday, July 27th. Mizuho reiterated a “buy” rating on shares of Western Digital in a research report on Friday, July 27th. Cross Research lowered Western Digital from a “buy” rating to a “hold” rating in a research report on Friday, July 27th. Finally, BidaskClub lowered Western Digital from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 2nd.

In other Western Digital news, CFO Mark P. Long sold 2,233 shares of Western Digital stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $68.74, for a total transaction of $153,496.42. Following the sale, the chief financial officer now owns 191,154 shares of the company’s stock, valued at approximately $13,139,925.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mark P. Long sold 24,938 shares of the business’s stock in a transaction 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 sale, the insider now directly owns 215,963 shares in the company, valued at approximately $15,296,659.29. The disclosure for this sale can be found here. Insiders have sold a total of 32,772 shares of company stock worth $2,298,763 in the last ninety days. 0.31% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently bought and sold shares of WDC. BlackRock Inc. raised its stake in shares of Western Digital by 9.2% in the 2nd quarter. BlackRock Inc. now owns 21,040,844 shares of the data storage provider’s stock worth $1,628,774,000 after buying an additional 1,772,435 shares in the last quarter. Morgan Stanley raised its stake in shares of Western Digital by 60.5% in the 2nd quarter. Morgan Stanley now owns 2,060,384 shares of the data storage provider’s stock worth $159,493,000 after buying an additional 776,556 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD raised its stake in shares of Western Digital by 3,351.1% in the 2nd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 710,787 shares of the data storage provider’s stock worth $55,022,000 after buying an additional 690,191 shares in the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp raised its stake in shares of Western Digital by 366.4% in the 2nd 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 buying an additional 647,400 shares in the last quarter. Finally, Summit Trail Advisors LLC raised its stake in shares of Western Digital by 6,026.3% in the 1st quarter. Summit Trail Advisors LLC now owns 633,763 shares of the data storage provider’s stock worth $634,000 after buying an additional 623,418 shares in the last quarter. 83.12% of the stock is currently owned by institutional investors.

Shares of WDC opened at $56.96 on Friday. The company has a market capitalization of $16.48 billion, a PE ratio of 4.22, a PEG ratio of 0.28 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 $53.61 and a 52 week high of $106.96.

Western Digital (NASDAQ:WDC) last issued its earnings results on Thursday, July 26th. The data storage provider reported $3.61 EPS for the quarter, topping the consensus estimate of $3.20 by $0.41. The company had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.07 billion. Western Digital had a return on equity of 36.35% and a net margin of 3.27%. The business’s revenue was up 5.7% on a year-over-year basis. During the same quarter last year, the firm earned $2.93 EPS. equities analysts expect that Western Digital will post 10.71 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Friday, September 28th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.51%. The ex-dividend date of this dividend is Thursday, September 27th. Western Digital’s payout ratio is currently 14.80%.

Western Digital announced that its Board of Directors has authorized a stock repurchase plan on Thursday, July 26th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the data storage provider to buy up to 22.3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Western Digital Company Profile

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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Analyst Recommendations for Western Digital (NASDAQ:WDC)

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