Susquehanna Reaffirms “Buy” Rating for Western Digital Corp. (WDC)
Western Digital Corp. (NASDAQ:WDC)‘s stock had its “buy” rating restated by research analysts at Susquehanna in a note issued to investors on Friday.
Several other brokerages have also weighed in on WDC. Vetr upgraded Western Digital Corp. from a “hold” rating to a “buy” rating and set a $63.25 price objective for the company in a report on Monday. Royal Bank Of Canada upped their price objective on Western Digital Corp. from $60.00 to $65.00 and gave the company an “outperform” rating in a report on Monday. Mizuho restated a “buy” rating and issued a $60.00 price objective on shares of Western Digital Corp. in a report on Monday. RBC Capital Markets restated an “outperform” rating and issued a $65.00 price objective (up previously from $60.00) on shares of Western Digital Corp. in a report on Monday. Finally, Barclays PLC restated a “top pick” rating and issued a $71.00 price objective (up previously from $61.00) on shares of Western Digital Corp. in a report on Thursday, September 29th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-three have given a buy rating and two have assigned a strong buy rating to the company. Western Digital Corp. presently has a consensus rating of “Buy” and a consensus price target of $64.32.
Western Digital Corp. (NASDAQ:WDC) traded up 1.559% during mid-day trading on Friday, reaching $58.955. The company’s stock had a trading volume of 2,582,035 shares. The firm has a market capitalization of $16.76 billion, a price-to-earnings ratio of 58.955 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 firm 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 announced its quarterly earnings results on Thursday, July 28th. The data storage provider reported $0.79 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate 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 analyst estimates of $3.44 billion. During the same quarter in the previous year, the firm posted $1.51 EPS. The firm’s quarterly revenue was up 9.5% on a year-over-year basis. Equities analysts expect that Western Digital Corp. will post $4.60 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be issued a dividend of $0.50 per share. The ex-dividend date is Wednesday, September 28th. This represents a $2.00 dividend on an annualized basis and a yield of 3.44%. Western Digital Corp.’s dividend payout ratio is 158.73%.
In other news, insider Michael D. Cordano sold 7,185 shares of Western Digital Corp. stock in a transaction on Wednesday, September 21st. The stock was sold at an average price of $54.50, for a total value of $391,582.50. Following the completion of the sale, the insider now directly owns 82,988 shares of the company’s stock, valued at approximately $4,522,846. The transaction was disclosed in a legal filing 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 on Monday, October 3rd. The shares were sold at an average price of $59.15, for a total value of $1,079,487.50. Following the completion of the sale, the insider now directly owns 58,153 shares of the company’s stock, valued at $3,439,749.95. The disclosure for this sale can be found here. Corporate insiders own 0.46% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Western Digital Corp. by 24.7% in the second quarter. Vanguard Group Inc. now owns 24,858,936 shares of the data storage provider’s stock valued at $1,174,834,000 after buying an additional 4,925,997 shares during the period. State Street Corp boosted its stake in Western Digital Corp. by 7.7% in the second quarter. State Street Corp now owns 10,767,538 shares of the data storage provider’s stock valued at $508,875,000 after buying an additional 772,439 shares during the period. American International Group Inc. boosted its stake in Western Digital Corp. by 8,124.5% in the second quarter. American International Group Inc. now owns 9,620,001 shares of the data storage provider’s stock valued at $454,641,000 after buying an additional 9,503,034 shares during the period. BlackRock Institutional Trust Company N.A. boosted its stake in Western Digital Corp. by 9.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 7,225,832 shares of the data storage provider’s stock valued at $341,493,000 after buying an additional 646,379 shares during the period. Finally, BlackRock Fund Advisors boosted its stake in Western Digital Corp. by 25.1% in the second quarter. BlackRock Fund Advisors now owns 4,625,720 shares of the data storage provider’s stock valued at $218,612,000 after buying an additional 929,412 shares during the period. 86.77% of the stock is owned by institutional investors.
About Western Digital Corp.
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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