Western Digital Corp. (WDC) Price Target Raised to $88.00
Western Digital Corp. (NASDAQ:WDC) had its target price raised by analysts at Maxim Group from $85.00 to $88.00 in a research report issued on Wednesday. The firm presently has a “buy” rating on the data storage provider’s stock. Maxim Group’s target price suggests a potential upside of 55.42% from the company’s current price.
Other equities research analysts have also recently issued research reports about the company. Argus restated a “buy” rating on shares of Western Digital Corp. in a report on Saturday, July 9th. Jefferies Group raised their price objective on Western Digital Corp. from $54.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday. BTIG Research raised their price objective on Western Digital Corp. from $60.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, September 7th. Cowen and Company raised their price objective on Western Digital Corp. from $55.00 to $58.00 and gave the stock an “outperform” rating in a report on Wednesday, September 7th. Finally, Vetr cut Western Digital Corp. from a “buy” rating to a “hold” rating and set a $50.42 price objective on the stock. in a report on Monday, June 27th. Two 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 given a strong buy rating to the stock. Western Digital Corp. presently has a consensus rating of “Buy” and an average target price of $65.42.
Western Digital Corp. (NASDAQ:WDC) opened at 56.62 on Wednesday. Western Digital Corp. has a 12 month low of $34.99 and a 12 month high of $86.39. The stock has a market cap of $16.10 billion, a P/E ratio of 56.62 and a beta of 1.28. The company’s 50-day moving average price is $53.35 and its 200-day moving average price is $47.32.
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Western Digital Corp. (NASDAQ:WDC) last announced its earnings results on Thursday, July 28th. The data storage provider reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.08. The firm had revenue of $3.50 billion for the quarter, compared to analysts’ expectations of $3.44 billion. Western Digital Corp. had a return on equity of 12.42% and a net margin of 1.98%. Western Digital Corp.’s quarterly revenue was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.51 EPS. Equities analysts forecast 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. Stockholders of record on Friday, September 30th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.53%. Western Digital Corp.’s dividend payout ratio (DPR) is presently 158.73%.
In other news, insider Michael D. Cordano sold 18,250 shares of Western Digital Corp. stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $59.15, for a total transaction of $1,079,487.50. Following the sale, the insider now owns 58,153 shares of the company’s stock, valued at $3,439,749.95. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, 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 sale, the insider now directly owns 82,988 shares in the company, valued at approximately $4,522,846. The disclosure for this sale can be found here. Insiders own 0.46% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Edmond DE Rothschild Holding S.A. boosted its stake in Western Digital Corp. by 84.7% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 2,180 shares of the data storage provider’s stock worth $103,000 after buying an additional 1,000 shares during the period. Checchi Capital Advisers LLC boosted its stake in Western Digital Corp. by 5.1% in the second quarter. Checchi Capital Advisers LLC now owns 2,197 shares of the data storage provider’s stock worth $104,000 after buying an additional 107 shares during the period. Amica Retiree Medical Trust boosted its stake in Western Digital Corp. by 28.9% in the second quarter. Amica Retiree Medical Trust now owns 2,203 shares of the data storage provider’s stock worth $104,000 after buying an additional 494 shares during the period. Cornerstone Advisors Inc. boosted its stake in Western Digital Corp. by 5.7% in the second quarter. Cornerstone Advisors Inc. now owns 2,245 shares of the data storage provider’s stock worth $106,000 after buying an additional 121 shares during the period. Finally, Americafirst Capital Management LLC acquired a new stake in Western Digital Corp. during the second quarter worth $108,000. 86.77% of the stock is currently owned by institutional investors.
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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