Western Digital Corp. (WDC) Upgraded to “Buy” by Vetr Inc.
Western Digital Corp. (NASDAQ:WDC) was upgraded by equities research analysts at Vetr from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The brokerage currently has a $63.25 price objective on the data storage provider’s stock. Vetr‘s price objective would indicate a potential upside of 7.81% from the company’s previous close.
Other equities analysts have also issued research reports about the company. Argus reissued a “buy” rating on shares of Western Digital Corp. in a research note on Wednesday, June 8th. Maxim Group raised Western Digital Corp. from a “neutral” rating to a “buy” rating in a research note on Tuesday, June 7th. Mizuho raised Western Digital Corp. from a “neutral” rating to a “buy” rating and increased their target price for the stock from $48.02 to $53.00 in a research note on Tuesday, June 7th. BTIG Research reissued a “buy” rating and set a $55.00 target price on shares of Western Digital Corp. in a research note on Friday, June 17th. Finally, Brean Capital reissued a “buy” rating on shares of Western Digital Corp. in a research note on Wednesday, June 15th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-three have given a buy rating and two have assigned a strong buy rating to the stock. Western Digital Corp. currently has a consensus rating of “Buy” and an average price target of $64.32.
Shares of Western Digital Corp. (NASDAQ:WDC) traded up 1.07% during mid-day trading on Monday, reaching $58.67. The company had a trading volume of 3,517,186 shares. Western Digital Corp. has a 1-year low of $34.99 and a 1-year high of $86.39. The company has a market capitalization of $16.68 billion, a PE ratio of 58.67 and a beta of 1.28. The stock’s 50-day moving average price is $52.69 and its 200 day moving average price is $47.21.
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Western Digital Corp. (NASDAQ:WDC) last posted its earnings results on Thursday, July 28th. The data storage provider reported $0.79 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $3.50 billion for the quarter, compared to analyst estimates of $3.44 billion. During the same quarter in the prior year, the company earned $1.51 EPS. Western Digital Corp.’s revenue was up 9.5% on a year-over-year basis. Equities analysts expect that Western Digital Corp. will post $4.60 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date is Wednesday, September 28th. Western Digital Corp.’s dividend payout ratio is presently 158.73%.
In other Western Digital Corp. news, EVP Michael Charles Ray sold 2,719 shares of the business’s stock in a transaction dated Tuesday, September 27th. The stock was sold at an average price of $58.63, for a total transaction of $159,414.97. Following the transaction, the executive vice president now owns 51,843 shares in the company, valued at $3,039,555.09. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Michael D. Cordano sold 18,250 shares of the business’s stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $59.15, for a total value of $1,079,487.50. Following the transaction, the insider now owns 58,153 shares in the company, valued at approximately $3,439,749.95. The disclosure for this sale can be found here. Company insiders own 0.46% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Geode Capital Management LLC boosted its position 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 valued at $114,629,000 after buying an additional 244,462 shares during the period. Legal & General Group Plc boosted its position 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 valued at $48,521,000 after buying an additional 71,094 shares during the period. Candriam Luxembourg S.C.A. boosted its position 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 valued at $12,455,000 after buying an additional 41,155 shares during the period. Artemis Investment Management LLP acquired a new position in Western Digital Corp. during the second quarter valued at approximately $64,444,000. Finally, Deprince Race & Zollo Inc. acquired a new position in Western Digital Corp. during the second quarter valued at approximately $29,717,000. Institutional investors 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.
To view Vetr’s full report, visit Vetr’s official website.
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