The Royal Bank of Canada Raises Western Digital Corp (WDC) Price Target to $39.00

The Royal Bank of Canada Raises Western Digital Corp (WDC) Price Target to $39.00

A number of other equities analysts also recently weighed in on the company. Citigroup Inc boosted their price target on Western Digital Corp from $110.00 to $115.00 and gave the stock a “buy” rating in a research report on Monday, May 1st. Susquehanna Bancshares Inc reissued a “positive” rating and set a $140.00 price target (up previously from $105.00) on shares of Western Digital Corp in a research report on Monday, May 1st. Jefferies Group LLC downgraded Western Digital Corp from a “buy” rating to a “hold” rating and decreased their target price for the company from $100.00 to $90.00 in a research report on Monday, May 1st. Stifel Nicolaus reaffirmed a “buy” rating and issued a $120.00 target price (up previously from $105.00) on shares of Western Digital Corp in a research report on Saturday, April 29th. Finally, Deutsche Bank AG reaffirmed a “buy” rating and issued a $105.00 target price (up previously from $88.00) on shares of Western Digital Corp in a research report on Saturday, April 29th. Six investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the stock. Western Digital Corp presently has a consensus rating of “Buy” and an average price target of $96.05.

Western Digital Corp (NASDAQ:WDC) had its price objective hoisted by equities research analysts at Royal Bank of Canada from $33.00 to $39.00 in a research report issued to clients and investors on Thursday, May 11th. The firm currently has an “outperform” rating on the data storage provider’s stock. Royal Bank of Canada’s target price would indicate a potential downside of 57.39% from the company’s current price.

Western Digital Corp (NASDAQ:WDC) opened at 91.52 on Thursday. The firm’s market cap is $26.65 billion. The company has a 50-day moving average of $87.84 and a 200 day moving average of $76.95. Western Digital Corp has a 52 week low of $41.64 and a 52 week high of $92.50.

Western Digital Corp (NASDAQ:WDC) last released its earnings results on Thursday, April 27th. The data storage provider reported $2.07 earnings per share (EPS) for the quarter, topping the consensus estimate 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 in the prior year, the company posted $1.21 earnings per share. Western Digital Corp’s revenue was up 64.7% on a year-over-year basis. On average, equities analysts predict that Western Digital Corp will post $8.89 earnings per share for the current year. The firm 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 $0.50 dividend. The ex-dividend date is Wednesday, June 28th. This represents a $2.00 annualized dividend and a yield of 2.19%. Western Digital Corp’s payout ratio is -133.33%.

In related news, EVP Jacqueline Demaria sold 21,410 shares of the firm’s stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $87.02, for a total value of $1,863,098.20. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Michael D. Cordano sold 27,137 shares of Western Digital Corp stock in a transaction that occurred on Monday, April 10th. The stock was sold at an average price of $85.07, for a total transaction of $2,308,544.59. Following the transaction, the insider now directly owns 62,878 shares in the company, valued at approximately $5,349,031.46. The disclosure for this sale can be found here. In the last ninety days, insiders sold 175,980 shares of company stock worth $15,379,978. 0.46% of the stock is owned by insiders. Several institutional investors have recently bought and sold shares of the company. CG Asset Management LLC boosted its position in Western Digital Corp by 34.5% in the third quarter. CG Asset Management LLC now owns 46,545 shares of the data storage provider’s stock valued at $2,721,000 after buying an additional 11,945 shares in the last quarter. Strategy Asset Managers LLC purchased a new position in Western Digital Corp during the third quarter valued at approximately $257,000. Advisors Asset Management Inc. boosted its position in Western Digital Corp by 57.0% in the third quarter. Advisors Asset Management Inc. now owns 287,785 shares of the data storage provider’s stock valued at $16,827,000 after buying an additional 104,504 shares in the last quarter. Yorktown Management & Research Co Inc purchased a new position in Western Digital Corp during the third quarter valued at approximately $216,000. Finally, Wells Fargo & Company MN boosted its position in Western Digital Corp by 19.5% in the third quarter. Wells Fargo & Company MN now owns 2,989,010 shares of the data storage provider’s stock valued at $174,768,000 after buying an additional 486,848 shares in the last quarter. 88.22% of the stock is currently 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).new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “NASDAQ:WDC”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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