Susquehanna Reaffirms Buy Rating for Western Digital Corp. (WDC)
Western Digital Corp. (NASDAQ:WDC)‘s stock had its “buy” rating restated by investment analysts at Susquehanna in a report issued on Friday.
WDC has been the subject of a number of other research reports. Longbow Research upgraded Western Digital Corp. from a “neutral” rating to a “buy” rating and set a $70.00 price objective for the company in a report on Tuesday, September 13th. Vetr cut Western Digital Corp. from a “strong-buy” rating to a “buy” rating and set a $51.50 price target for the company. in a research note on Monday, August 29th. Mizuho cut their price target on Western Digital Corp. from $56.00 to $54.00 and set a “buy” rating for the company in a research note on Thursday, August 25th. Argus reiterated a “buy” rating and issued a $60.00 price target on shares of Western Digital Corp. in a research note on Saturday, September 10th. Finally, Citigroup Inc. set a $65.00 price target on Western Digital Corp. and gave the company a “buy” rating in a research note on Wednesday, September 7th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-three have assigned a buy rating and two have issued a strong buy rating to the company. Western Digital Corp. has an average rating of “Buy” and a consensus price target of $64.32.
Western Digital Corp. (NASDAQ:WDC) traded up 1.07% during midday trading on Friday, hitting $58.67. The stock had a trading volume of 3,516,974 shares. The stock has a market cap of $16.68 billion, a price-to-earnings ratio of 58.67 and a beta of 1.28. Western Digital Corp. has a 1-year low of $34.99 and a 1-year high of $86.39. The company has a 50-day moving average of $52.33 and a 200-day moving average of $47.15.
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Western Digital Corp. (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, July 28th. The data storage provider reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.08. Western Digital Corp. had a return on equity of 12.42% and a net margin of 1.98%. The company earned $3.50 billion during the quarter, compared to analysts’ expectations of $3.44 billion. During the same quarter in the previous year, the company posted $1.51 earnings per share. The business’s revenue was up 9.5% on a year-over-year basis. Equities research analysts forecast that Western Digital Corp. will post $4.60 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be paid a $0.50 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $2.00 dividend on an annualized basis and a yield of 3.41%. Western Digital Corp.’s dividend payout ratio is 158.73%.
In related news, insider Michael D. Cordano sold 7,185 shares of Western Digital Corp. stock in a transaction that occurred on Wednesday, September 21st. The shares were sold at an average price of $54.50, for a total value of $391,582.50. Following the completion of the transaction, the insider now directly owns 82,988 shares in the company, valued at approximately $4,522,846. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael D. Cordano sold 18,250 shares of Western Digital Corp. stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $59.15, for a total transaction of $1,079,487.50. Following the completion of the transaction, the insider now owns 58,153 shares of the company’s stock, valued at $3,439,749.95. The disclosure for this sale can be found here. 0.46% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WDC. Geode Capital Management LLC increased its stake in Western Digital Corp. by 11.2% in the first quarter. Geode Capital Management LLC now owns 2,430,391 shares of the data storage provider’s stock worth $114,629,000 after buying an additional 244,462 shares in the last quarter. Legal & General Group Plc increased its stake in Western Digital Corp. by 7.4% in the first quarter. Legal & General Group Plc now owns 1,027,165 shares of the data storage provider’s stock worth $48,521,000 after buying an additional 71,094 shares in the last quarter. Candriam Luxembourg S.C.A. increased its stake in Western Digital Corp. by 18.5% in the second quarter. Candriam Luxembourg S.C.A. now owns 263,529 shares of the data storage provider’s stock worth $12,455,000 after buying an additional 41,155 shares in the last quarter. Artemis Investment Management LLP bought a new stake in Western Digital Corp. during the second quarter worth about $64,444,000. Finally, Deprince Race & Zollo Inc. bought a new stake in Western Digital Corp. during the second quarter worth about $29,717,000. Institutional investors and hedge funds own 86.77% of the company’s stock.
Western Digital Corp. Company Profile
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage solutions that enable consumers, businesses, governments and other organizations to create, manage, experience and preserve digital content. The Company’s product portfolio includes hard disk drives (HDDs), solid-state drives, direct attached storage solutions, personal cloud network attached storage solutions, and public and private cloud data center storage solutions.
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