Western Digital Corp. Upgraded to Buy by Citigroup Inc. (WDC)
Western Digital Corp. (NYSE:WDC) was upgraded by equities researchers at Citigroup Inc. from a “neutral” rating to a “buy” rating in a research report issued on Friday, TheFlyOnTheWall.com reports. The firm currently has a $100.00 price target on the stock, up from their previous price target of $71.00. Citigroup Inc.’s price target suggests a potential upside of 26.81% from the company’s current price. The analysts noted that the move was a valuation call.
In other Western Digital Corp. news, Insider James Murphy sold 6,246 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $78.72, for a total value of $491,685.12. Following the sale, the insider now directly owns 66,884 shares of the company’s stock, valued at approximately $5,265,108. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
WDC has been the subject of a number of other recent research reports. Analysts at Morgan Stanley upgraded shares of Western Digital Corp. from an “equal weight” rating to an “overweight” rating in a research note to investors on Tuesday, December 3rd. They now have a $85.00 price target on the stock. Separately, analysts at Barclays reiterated a “hold” rating on shares of Western Digital Corp. in a research note to investors on Friday, October 25th. They now have a $75.00 price target on the stock. Finally, analysts at JPMorgan Chase & Co. reiterated a “hold” rating on shares of Western Digital Corp. in a research note to investors on Friday, October 25th. They now have a $70.00 price target on the stock. Eight analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Western Digital Corp. has an average rating of “Buy” and a consensus price target of $76.40.
Western Digital Corp. (NYSE:WDC) traded down 0.41% during mid-day trading on Friday, hitting $78.54. 655,669 shares of the company’s stock traded hands. Western Digital Corp. has a 52 week low of $37.44 and a 52 week high of $79.89. The stock has a 50-day moving average of $74.19 and a 200-day moving average of $67.37. The company has a market cap of $18.560 billion and a P/E ratio of 20.09.
Western Digital Corp. (NYSE:WDC) last posted its quarterly earnings results on Thursday, October 24th. The company reported $2.05 earnings per share for the quarter, meeting the analysts’ consensus estimate of $2.05. The company had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.78 billion. During the same quarter in the previous year, the company posted $2.36 earnings per share. The company’s revenue for the quarter was down 5.7% on a year-over-year basis. Analysts expect that Western Digital Corp. will post $8.05 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Wednesday, January 15th. Shareholders of record on Friday, December 27th will be given a dividend of 0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date of this dividend is Tuesday, December 24th. This is a positive change from Western Digital Corp.’s previous quarterly dividend of $0.25.
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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