Western Digital (NASDAQ:WDC) had its price objective trimmed by BMO Capital Markets from $60.00 to $50.00 in a report issued on Friday. The firm currently has a market perform rating on the data storage provider’s stock.

Other equities research analysts also recently issued research reports about the stock. Loop Capital reduced their price target on shares of Western Digital to $80.00 and set an average rating for the company in a research report on Friday. TheStreet upgraded shares of Western Digital from a c+ rating to a b rating in a research report on Thursday, July 26th. Mizuho reiterated a buy rating on shares of Western Digital in a research report on Friday, July 27th. Bank of America cut their target price on shares of Western Digital from $120.00 to $110.00 and set a buy rating for the company in a research report on Friday, July 27th. Finally, Stifel Nicolaus cut their target price on shares of Western Digital from $114.00 to $93.00 and set a buy rating for the company in a research report on Friday, July 27th. Three equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and thirteen have issued a buy rating to the company. The company has a consensus rating of Hold and an average price target of $88.13.

Shares of NASDAQ:WDC opened at $44.19 on Friday. The company has a debt-to-equity ratio of 0.95, a current ratio of 2.39 and a quick ratio of 1.73. The company has a market capitalization of $12.82 billion, a P/E ratio of 3.27, a PEG ratio of 0.22 and a beta of 0.90. Western Digital has a 52 week low of $42.00 and a 52 week high of $106.96.

The firm also recently declared a quarterly dividend, which was paid on Monday, October 15th. Stockholders of record on Friday, September 28th were issued a dividend of $0.50 per share. The ex-dividend date was Thursday, September 27th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.53%. Western Digital’s dividend payout ratio is currently 14.80%.

Western Digital declared that its board has authorized a share 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 reacquire up to 22.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

In other news, EVP Michael Charles Ray sold 4,387 shares of the firm’s stock in a transaction on Monday, August 6th. The shares were sold at an average price of $67.65, for a total transaction of $296,780.55. Following the transaction, the executive vice president now owns 107,155 shares in the company, valued at approximately $7,249,035.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark P. Long sold 2,233 shares of the firm’s stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $68.74, for a total transaction of $153,496.42. Following the transaction, the chief financial officer now owns 191,154 shares in the company, valued at approximately $13,139,925.96. The disclosure for this sale can be found here. Insiders have sold a total of 7,834 shares of company stock worth $532,404 in the last 90 days. 0.36% of the stock is owned by insiders.

Institutional investors have recently added to or reduced their stakes in the company. Ruggie Capital Group bought a new position in shares of Western Digital during the 2nd quarter valued at $100,000. TRUE Private Wealth Advisors bought a new position in shares of Western Digital during the 3rd quarter valued at $107,000. NEXT Financial Group Inc bought a new position in shares of Western Digital during the 3rd quarter valued at $109,000. Migdal Insurance & Financial Holdings Ltd. raised its holdings in shares of Western Digital by 16,520.0% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,662 shares of the data storage provider’s stock valued at $129,000 after purchasing an additional 1,652 shares in the last quarter. Finally, Legacy Financial Advisors Inc. grew its stake in Western Digital by 32,283.3% in the 2nd quarter. Legacy Financial Advisors Inc. now owns 1,943 shares of the data storage provider’s stock valued at $155,000 after buying an additional 1,937 shares during the last quarter. Institutional investors and hedge funds own 83.57% of the company’s stock.

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.

Read More: Outstanding Shares

Analyst Recommendations for Western Digital (NASDAQ:WDC)

Receive News & Ratings for Western Digital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Western Digital and related companies with MarketBeat.com's FREE daily email newsletter.