Stifel Nicolaus Reaffirms “Buy” Rating for Western Digital Corp (WDC)
Western Digital Corp (NASDAQ:WDC)‘s stock had its “buy” rating reiterated by investment analysts at Stifel Nicolaus in a report released on Wednesday.
WDC has been the topic of a number of other research reports. Royal Bank of Canada reissued an “outperform” rating and set a $96.00 price target on shares of Western Digital Corp in a research report on Monday, April 17th. Mizuho reissued a “buy” rating on shares of Western Digital Corp in a research report on Friday, May 19th. Barclays PLC dropped their price target on Western Digital Corp from $100.00 to $93.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 31st. Citigroup Inc reissued a “buy” rating and set a $100.00 price target on shares of Western Digital Corp in a research report on Monday, March 6th. Finally, Deutsche Bank AG reissued a “buy” rating and set a $105.00 price target (up previously from $88.00) on shares of Western Digital Corp in a research report on Saturday, April 29th. Six equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $94.28.
Shares of Western Digital Corp (NASDAQ:WDC) traded up 1.90% during mid-day trading on Wednesday, hitting $89.70. 6,147,808 shares of the stock were exchanged. The stock’s 50 day moving average is $86.67 and its 200 day moving average is $75.52. The firm’s market cap is $26.12 billion. Western Digital Corp has a 12 month low of $41.64 and a 12 month high of $91.00. Western Digital Corp also was the target of unusually large options trading on Monday. Stock traders acquired 3,610 call options on the company. This represents an increase of approximately 192% compared to the typical daily volume of 1,236 call options.
Western Digital Corp (NASDAQ:WDC) last released its earnings results on Thursday, April 27th. The data storage provider reported $2.07 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.22. Western Digital Corp had a positive return on equity of 13.38% and a negative net margin of 2.56%. The business had revenue of $4.65 billion for the quarter, compared to analyst estimates of $4.57 billion. During the same quarter last year, the firm posted $1.21 earnings per share. The business’s revenue was up 64.7% compared to the same quarter last year. Analysts expect that Western Digital Corp will post $8.88 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 17th. Investors of record on Friday, June 30th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend is Wednesday, June 28th. Western Digital Corp’s dividend payout ratio is currently -133.33%.
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In other Western Digital Corp news, EVP Manish H. Bhatia sold 34,734 shares of the firm’s stock in a transaction that occurred on Monday, February 27th. The stock was sold at an average price of $75.18, for a total value of $2,611,302.12. Following the sale, the executive vice president now directly owns 81,948 shares of the company’s stock, valued at $6,160,850.64. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Michael Charles Ray sold 1,208 shares of the firm’s stock in a transaction that occurred on Friday, May 5th. The shares were sold at an average price of $88.93, for a total value of $107,427.44. Following the completion of the sale, the executive vice president now directly owns 42,614 shares in the company, valued at $3,789,663.02. The disclosure for this sale can be found here. Over the last three months, insiders sold 210,714 shares of company stock worth $17,991,280. 0.46% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the stock. MUFG Americas Holdings Corp raised its stake in shares of Western Digital Corp by 0.9% in the second quarter. MUFG Americas Holdings Corp now owns 2,468 shares of the data storage provider’s stock valued at $117,000 after buying an additional 21 shares during the last quarter. Burney Co. raised its stake in shares of Western Digital Corp by 0.3% in the fourth quarter. Burney Co. now owns 10,617 shares of the data storage provider’s stock valued at $721,000 after buying an additional 37 shares during the last quarter. Altfest L J & Co. Inc. raised its stake in shares of Western Digital Corp by 0.8% in the third quarter. Altfest L J & Co. Inc. now owns 5,486 shares of the data storage provider’s stock valued at $321,000 after buying an additional 42 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD raised its stake in shares of Western Digital Corp by 0.3% in the fourth quarter. Sumitomo Mitsui Asset Management Company LTD now owns 17,075 shares of the data storage provider’s stock valued at $1,025,000 after buying an additional 45 shares during the last quarter. Finally, Rothschild Investment Corp IL raised its stake in shares of Western Digital Corp by 0.6% in the third quarter. Rothschild Investment Corp IL now owns 11,493 shares of the data storage provider’s stock valued at $672,000 after buying an additional 71 shares during the last quarter. 88.22% 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 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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