Western Digital Corp. Given Average Rating of “Buy” by Brokerages (NYSE:WDC)
Western Digital Corp. (NYSE:WDC) has been given a consensus recommendation of “Buy” by the twenty-one ratings firms that are currently covering the company, American Banking News.com reports. Two investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $96.94.
Several analysts have recently commented on the stock. Analysts at Barclays upgraded shares of Western Digital Corp. from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, May 14th. They now have a $98.00 price target on the stock, up previously from $95.00. Separately, analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Western Digital Corp. in a research note on Thursday, May 1st. They now have a $105.00 price target on the stock. Finally, analysts at Morgan Stanley reiterated an “overweight” rating on shares of Western Digital Corp. in a research note on Thursday, May 1st. They now have a $100.00 price target on the stock, down previously from $106.00.
Western Digital Corp. (NYSE:WDC) opened at 90.51 on Wednesday. Western Digital Corp. has a one year low of $58.04 and a one year high of $95.00. The stock has a 50-day moving average of $86.57 and a 200-day moving average of $85.6. The company has a market cap of $21.276 billion and a price-to-earnings ratio of 21.21.
Western Digital Corp. (NYSE:WDC) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.87 by $0.07. The company had revenue of $3.70 billion for the quarter, compared to the consensus estimate of $3.73 billion. Analysts expect that Western Digital Corp. will post $8.00 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, July 15th. Shareholders of record on Friday, June 27th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date of this dividend is Wednesday, June 25th. This is a positive change from Western Digital Corp.’s previous quarterly dividend of $0.30.
In other Western Digital Corp. news, Insider Michael D. Cordano unloaded 5,896 shares of Western Digital Corp. stock on the open market in a transaction dated Friday, June 6th. The shares were sold at an average price of $92.21, for a total value of $543,670.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
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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