Western Digital Corporation (NASDAQ:WDC) had its price target boosted by RBC Capital Markets to $90.00 in a research report report published on Thursday.
Several other analysts have also recently issued reports on WDC. Barclays PLC reiterated a top pick rating and set a $71.00 target price (up previously from $61.00) on shares of Western Digital Corporation in a research report on Thursday, September 29th. Royal Bank Of Canada increased their target price on Western Digital Corporation from $60.00 to $65.00 and gave the stock an outperform rating in a research report on Monday, October 3rd. Mizuho reiterated a buy rating and set a $60.00 target price on shares of Western Digital Corporation in a research report on Monday, October 3rd. Vetr upgraded Western Digital Corporation from a hold rating to a buy rating and set a $63.25 target price for the company in a research report on Monday, October 3rd. Finally, Susquehanna reiterated a buy rating and set a $80.00 target price on shares of Western Digital Corporation in a research report on Friday, October 7th. Eight investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of Buy and an average price target of $78.68.
Western Digital Corporation (NASDAQ:WDC) traded up 1.50% during mid-day trading on Thursday, reaching $79.65. The company had a trading volume of 3,528,644 shares. The company’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 of $70.27 and a 200 day moving average of $57.64.
Western Digital Corporation (NASDAQ:WDC) last released its earnings results on Wednesday, January 25th. The data storage provider reported $2.30 earnings per share (EPS) for the quarter, topping the 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 analysts’ expectations of $4.76 billion. During the same quarter last year, the business posted $1.60 earnings per share. The firm’s revenue was up 47.4% on a year-over-year basis. On average, analysts predict that Western Digital Corporation will post $7.10 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, January 17th. Stockholders of record on Friday, December 30th were given a $0.50 dividend. The ex-dividend date of this dividend was Wednesday, December 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.55%. Western Digital Corporation’s dividend payout ratio (DPR) is presently -133.33%.
In related news, CEO Stephen D. Milligan sold 68,419 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 120,866 shares in the company, valued at $9,311,516.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sanjay Mehrotra sold 100,000 shares of the stock in a transaction that occurred on Friday, December 9th. The stock was sold at an average price of $68.08, for a total value of $6,808,000.00. Following the completion of the transaction, the director now owns 104,089 shares of the company’s stock, valued at $7,086,379.12. The disclosure for this sale can be found here. Insiders sold 227,278 shares of company stock valued at $16,000,219 over the last 90 days. Company insiders own 0.46% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. American International Group Inc. raised its position in shares of Western Digital Corporation by 8,124.5% in the second quarter. American International Group Inc. now owns 9,620,001 shares of the data storage provider’s stock valued at $454,641,000 after buying an additional 9,503,034 shares during the last quarter. Neuberger Berman Group LLC raised its position in shares of Western Digital Corporation by 103.1% in the second quarter. Neuberger Berman Group LLC now owns 3,393,531 shares of the data storage provider’s stock valued at $160,379,000 after buying an additional 1,722,928 shares during the last quarter. Appaloosa LP acquired a new position in shares of Western Digital Corporation during the second quarter valued at $68,527,000. Miller Howard Investments Inc. NY acquired a new position in shares of Western Digital Corporation during the third quarter valued at $77,016,000. Finally, Primecap Management Co. CA acquired a new position in shares of Western Digital Corporation during the second quarter valued at $61,099,000. Institutional investors own 87.02% of the company’s stock.
About Western Digital Corporation
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).