Western Digital Corp. Stock Rating Reaffirmed by Zacks (WDC)
Western Digital Corp. (NYSE:WDC)‘s stock had its “neutral” rating reiterated by Zacks in a research note issued to investors on Thursday, American Banking News reports. They currently have a $66.00 price target on the stock. Zacks‘ price objective indicates a potential upside of 4.56% from the stock’s previous close.
Zacks‘ analyst wrote, “Although Western Digital’s fourth-quarter revenues and earnings beat the Zacks Consensus Estimate, both were down on a year-over-year basis. We believe that the secular growth of digital data and growing exposure to the small and medium business space remain positives for the company. Additionally, WDC is rolling out new storage devices to increase penetration in the cloud. However, increased innovation has resulted in higher R&D expenses, which may lead to flat margins. Moreover, competition from its peers and a sluggish macro economic environment could pose headwinds for the company. Thus, we reiterate our Neutral recommendation on Western Digital and set a price target of $66.00.”
WDC has been the subject of a number of other recent research reports. Analysts at Needham & Company reiterated a “strong-buy” rating on shares of Western Digital Corp. in a research note to investors on Thursday, September 26th. They now have a $77.00 price target on the stock. Separately, analysts at Lazard Capital Markets reiterated a “buy” rating on shares of Western Digital Corp. in a research note to investors on Thursday, September 26th. They now have a $77.00 price target on the stock. Finally, analysts at Deutsche Bank reiterated a “buy” rating on shares of Western Digital Corp. in a research note to investors on Thursday, July 25th. They now have a $72.00 price target on the stock, down previously from $78.00. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $71.55.
Shares of Western Digital Corp. (NYSE:WDC) traded up 3.45% on Thursday, hitting $65.30. 915,695 shares of the company’s stock traded hands. Western Digital Corp. has a 52-week low of $32.25 and a 52-week high of $70.61. The stock’s 50-day moving average is $64.28 and its 200-day moving average is $61.40. The company has a market cap of $15.476 billion and a P/E ratio of 15.86.
Western Digital Corp. (NYSE:WDC) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $1.96 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.81 by $0.15. The company had revenue of $3.73 billion for the quarter, compared to the consensus estimate of $3.62 billion. During the same quarter last year, the company posted $2.87 earnings per share. Western Digital Corp.’s revenue was down 21.6% compared to the same quarter last year. On average, analysts predict that Western Digital Corp. will post $8.14 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.58%. The ex-dividend date is Thursday, September 26th.
Western Digital Corporation (NYSE:WDC) is a provider of solutions for the collection, storage, management, protection and use of digital content, including audio and video.
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