Shares of Western Digital Corporation (NASDAQ:WDC) have received an average recommendation of “Buy” from the thirty-six brokerages that are currently covering the company, MarketBeat Ratings reports. Five research analysts have rated the stock with a hold recommendation, twenty-eight have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $104.23.
A number of equities research analysts recently issued reports on WDC shares. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $96.00 target price on shares of Western Digital Corporation in a research note on Monday, April 17th. Mizuho reissued a “buy” rating on shares of Western Digital Corporation in a research note on Friday, May 19th. Citigroup Inc. reissued a “buy” rating and set a $100.00 price target on shares of Western Digital Corporation in a research note on Monday, March 6th. Deutsche Bank AG reissued a “buy” rating and set a $105.00 price target (up previously from $88.00) on shares of Western Digital Corporation in a research note on Saturday, April 29th. Finally, Vetr lowered Western Digital Corporation from a “hold” rating to a “sell” rating and set a $80.38 price target on the stock. in a research note on Tuesday, April 4th.
In other Western Digital Corporation news, insider Michael D. Cordano sold 27,137 shares of the firm’s stock in a transaction dated Monday, April 10th. The shares were sold at an average price of $85.07, for a total value of $2,308,544.59. Following the transaction, the insider now owns 62,878 shares of the company’s stock, valued at $5,349,031.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jacqueline Demaria sold 21,410 shares of the firm’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $87.02, for a total transaction of $1,863,098.20. The disclosure for this sale can be found here. Insiders have sold 187,826 shares of company stock worth $16,390,713 in the last ninety days. Corporate insiders own 0.46% of the company’s stock.
A number of institutional investors have recently modified their holdings of WDC. Raymond James Financial Services Advisors Inc. boosted its position in shares of Western Digital Corporation by 12.6% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 16,819 shares of the data storage provider’s stock worth $1,143,000 after buying an additional 1,881 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of Western Digital Corporation by 0.8% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 16,365 shares of the data storage provider’s stock worth $1,112,000 after buying an additional 130 shares in the last quarter. Federated Investors Inc. PA boosted its position in shares of Western Digital Corporation by 60.5% in the fourth quarter. Federated Investors Inc. PA now owns 9,900 shares of the data storage provider’s stock worth $673,000 after buying an additional 3,731 shares in the last quarter. Marshall Wace LLP boosted its position in shares of Western Digital Corporation by 2,594.0% in the fourth quarter. Marshall Wace LLP now owns 127,587 shares of the data storage provider’s stock worth $8,670,000 after buying an additional 122,851 shares in the last quarter. Finally, Brown Advisory Inc. boosted its position in shares of Western Digital Corporation by 132.8% in the fourth quarter. Brown Advisory Inc. now owns 9,020 shares of the data storage provider’s stock worth $613,000 after buying an additional 5,146 shares in the last quarter. 83.10% of the stock is currently owned by hedge funds and other institutional investors.
Western Digital Corporation (WDC) traded down 0.87% during midday trading on Tuesday, reaching $91.85. The company’s stock had a trading volume of 5,356,362 shares. The stock’s 50-day moving average price is $88.90 and its 200 day moving average price is $79.46. The firm’s market capitalization is $26.75 billion. Western Digital Corporation has a 1-year low of $41.64 and a 1-year high of $92.90.
Western Digital Corporation (NASDAQ:WDC) last posted its earnings results on Thursday, April 27th. The data storage provider reported $2.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.22. Western Digital Corporation had a positive return on equity of 16.01% and a negative net margin of 1.32%. The firm had revenue of $4.65 billion for the quarter, compared to analyst estimates of $4.57 billion. During the same quarter in the prior year, the company earned $1.21 EPS. Western Digital Corporation’s revenue was up 64.7% on a year-over-year basis. Equities analysts anticipate that Western Digital Corporation will post $8.88 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 17th. Stockholders of record on Friday, June 30th will be given a dividend of $0.50 per share. The ex-dividend date is Wednesday, June 28th. This represents a $2.00 annualized dividend and a dividend yield of 2.18%. Western Digital Corporation’s payout ratio is -202.02%.
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About Western Digital Corporation
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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