Western Digital Corp (WDC) Price Target Raised to $92.00
Western Digital Corp (NASDAQ:WDC) had its price objective raised by Royal Bank of Canada to $92.00 in a report issued on Tuesday. Royal Bank of Canada’s price target would indicate a potential upside of 20.39% from the company’s previous close.
A number of other research analysts have also commented on WDC. Citigroup Inc set a $80.00 price target on shares of Western Digital Corp and gave the company a “buy” rating in a research note on Wednesday, November 30th. Brean Capital reiterated a “buy” rating on shares of Western Digital Corp in a research note on Tuesday, December 20th. Jefferies Group LLC reiterated a “buy” rating and issued a $80.00 price target (up previously from $75.00) on shares of Western Digital Corp in a research note on Wednesday, December 7th. BMO Capital Markets reiterated an “outperform” rating and issued a $66.00 price target on shares of Western Digital Corp in a research note on Wednesday, December 7th. Finally, Susquehanna Bancshares Inc set a $95.00 price target on shares of Western Digital Corp and gave the company a “buy” rating in a research note on Wednesday, December 7th. Six investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $82.54.
Shares of Western Digital Corp (NASDAQ:WDC) opened at 76.42 on Tuesday. The company’s market capitalization is $22.01 billion. The stock’s 50 day moving average is $76.95 and its 200 day moving average is $65.18. Western Digital Corp has a 1-year low of $34.99 and a 1-year high of $81.67.
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Western Digital Corp (NASDAQ:WDC) last announced its quarterly earnings results on Wednesday, January 25th. The data storage provider reported $2.30 EPS for the quarter, beating the Zacks’ consensus estimate of $2.12 by $0.18. Western Digital Corp had a negative net margin of 2.56% and a positive return on equity of 13.38%. The business had revenue of $4.89 billion for the quarter, compared to analyst estimates of $4.76 billion. During the same quarter in the prior year, the business earned $1.60 EPS. Western Digital Corp’s quarterly revenue was up 47.4% on a year-over-year basis. On average, equities research analysts anticipate that Western Digital Corp will post $8.06 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 17th. Stockholders of record on Friday, March 31st will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.62%. The ex-dividend date of this dividend is Wednesday, March 29th. Western Digital Corp’s payout ratio is currently -133.33%.
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In other news, insider Michael D. Cordano sold 5,896 shares of the firm’s stock in a transaction on Monday, January 9th. The shares were sold at an average price of $70.90, for a total transaction of $418,026.40. Following the completion of the transaction, the insider now owns 61,767 shares of the company’s stock, valued at $4,379,280.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Manish H. Bhatia sold 34,734 shares of the firm’s stock in a transaction on Monday, February 27th. The shares were sold at an average price of $75.18, for a total transaction of $2,611,302.12. Following the transaction, the executive vice president now directly owns 81,948 shares of the company’s stock, valued at approximately $6,160,850.64. The disclosure for this sale can be found here. Insiders have sold 114,945 shares of company stock valued at $8,766,112 in the last ninety days. Insiders own 0.46% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in WDC. Penserra Capital Management LLC boosted its stake in Western Digital Corp by 112.2% in the third quarter. Penserra Capital Management LLC now owns 2,122 shares of the data storage provider’s stock valued at $123,000 after buying an additional 1,122 shares during the period. ClariVest Asset Management LLC boosted its stake in Western Digital Corp by 1,465.2% in the third quarter. ClariVest Asset Management LLC now owns 2,786 shares of the data storage provider’s stock valued at $163,000 after buying an additional 2,608 shares during the period. FNY Partners Fund LP purchased a new stake in Western Digital Corp during the fourth quarter valued at $163,000. Eads & Heald Investment Counsel purchased a new stake in Western Digital Corp during the third quarter valued at $200,000. Finally, Ifrah Financial Services Inc. purchased a new stake in Western Digital Corp during the third quarter valued at $201,000. 88.22% of the stock is owned by hedge funds and other institutional investors.
Western Digital Corp Company Profile
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage devices and solutions that address the needs of the information technology (IT) industry and the infrastructure that enables the proliferation of data in virtually every industry. The Company’s portfolio of offerings addresses three categories: Datacenter Devices and Solutions (capacity and performance enterprise hard disk drives (HDDs), enterprise solid state drives (SSDs), datacenter software and system solutions); Client Devices (mobile, desktop, gaming and digital video hard drives, client SSDs, embedded products and wafers), and Client Solutions (removable products, hard drive content solutions and flash content solutions).
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