Jefferies Group LLC Boosts Western Digital Corporation (WDC) Price Target to $90.00

Jefferies Group LLC Boosts Western Digital Corporation (WDC) Price Target to $90.00

Western Digital Corporation (NASDAQ:WDC) had its price target upped by Jefferies Group LLC from $80.00 to $90.00 in a research report report published on Tuesday. Jefferies Group LLC currently has a buy rating on the data storage provider’s stock.

WDC has been the subject of a number of other reports. Susquehanna reiterated a buy rating and set a $80.00 price target on shares of Western Digital Corporation in a report on Friday, October 7th. Vetr upgraded Western Digital Corporation from a buy rating to a strong-buy rating and set a $78.34 price target for the company in a report on Wednesday, December 28th. Brean Capital reiterated a buy rating on shares of Western Digital Corporation in a report on Tuesday, December 20th. Stifel Nicolaus reiterated a buy rating and set a $80.00 price target on shares of Western Digital Corporation in a report on Saturday, January 14th. Finally, Citigroup Inc. set a $85.00 price target on Western Digital Corporation and gave the stock a buy rating in a report on Wednesday, January 18th. Eight research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average target price of $78.68.

Western Digital Corporation (NASDAQ:WDC) traded up 1.52% during midday trading on Tuesday, reaching $79.66. The company’s stock had a trading volume of 1,689,255 shares. The firm’s market capitalization is $22.78 billion. Western Digital Corporation has a 1-year low of $34.99 and a 1-year high of $81.26. The firm has a 50 day moving average price of $70.27 and a 200 day moving average price of $57.64.

Western Digital Corporation (NASDAQ:WDC) last posted its earnings results on Wednesday, January 25th. The data storage provider reported $2.30 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.12 by $0.18. Western Digital Corporation had a positive return on equity of 13.45% and a negative net margin of 2.56%. The firm earned $4.89 billion during the quarter, compared to analyst estimates of $4.76 billion. During the same period in the previous year, the company earned $1.60 EPS. The company’s revenue for the quarter was up 47.4% on a year-over-year basis. On average, analysts predict that Western Digital Corporation will post $7.10 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 17th. Shareholders of record on Friday, December 30th were paid a dividend of $0.50 per share. The ex-dividend date was Wednesday, December 28th. This represents a $2.00 dividend on an annualized basis and a yield of 2.55%. Western Digital Corporation’s dividend payout ratio (DPR) is presently -133.33%.

In other Western Digital Corporation news, insider Michael D. Cordano sold 889 shares of the firm’s stock in a transaction on Monday, November 7th. The stock was sold at an average price of $56.41, for a total transaction of $50,148.49. Following the transaction, the insider now owns 55,772 shares in the company, valued at approximately $3,146,098.52. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Stephen D. Milligan sold 68,419 shares of the firm’s stock in a transaction on Wednesday, January 25th. The stock was sold at an average price of $77.04, for a total value of $5,270,999.76. Following the transaction, the chief executive officer now owns 120,866 shares in the company, valued at approximately $9,311,516.64. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 227,278 shares of company stock worth $16,000,219. Corporate insiders own 0.46% of the company’s stock.

Several institutional investors have recently modified their holdings of WDC. Cornerstone Advisors Inc. raised its position in shares of Western Digital Corporation by 5.7% in the second quarter. Cornerstone Advisors Inc. now owns 2,245 shares of the data storage provider’s stock valued at $106,000 after buying an additional 121 shares during the last quarter. Huntington National Bank raised its position in shares of Western Digital Corporation by 511.2% in the third quarter. Huntington National Bank now owns 2,017 shares of the data storage provider’s stock valued at $119,000 after buying an additional 1,687 shares during the last quarter. Penserra Capital Management LLC raised its position in shares of Western Digital Corporation 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 last quarter. NEXT Financial Group Inc raised its position in shares of Western Digital Corporation by 724.6% in the third quarter. NEXT Financial Group Inc now owns 2,177 shares of the data storage provider’s stock valued at $127,000 after buying an additional 1,913 shares during the last quarter. Finally, WFG Advisors LP raised its position in shares of Western Digital Corporation by 57.2% in the second quarter. WFG Advisors LP now owns 3,256 shares of the data storage provider’s stock valued at $154,000 after buying an additional 1,185 shares during the last quarter. Institutional investors own 87.02% of the company’s stock.

Western Digital Corporation 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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