TheStreet upgraded shares of Western Digital Corporation (NASDAQ:WDC) from a c rating to a b- rating in a report issued on Wednesday.
A number of other equities analysts also recently weighed in on WDC. Citigroup Inc. set a $80.00 price target on shares of Western Digital Corporation and gave the stock a buy rating in a report on Wednesday, November 30th. Brean Capital reaffirmed a buy rating on shares of Western Digital Corporation in a report on Tuesday, December 20th. Morgan Stanley upped their price objective on shares of Western Digital Corporation to $81.00 in a report on Thursday. Jefferies Group LLC reaffirmed a buy rating and set a $80.00 price objective (up from $75.00) on shares of Western Digital Corporation in a report on Wednesday, December 7th. Finally, RBC Capital Markets upped their price objective on shares of Western Digital Corporation to $90.00 in a report on Thursday. Eight investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $78.68.
Western Digital Corporation (NASDAQ:WDC) traded up 1.48% during trading on Wednesday, reaching $79.63. 3,659,336 shares of the company were exchanged. The firm’s 50 day moving average price is $70.27 and its 200-day moving average price is $57.64. The stock’s market capitalization is $22.77 billion. Western Digital Corporation has a one year low of $34.99 and a one year high of $81.26.
Western Digital Corporation (NASDAQ:WDC) last posted its quarterly earnings data on Wednesday, January 25th. The data storage provider reported $2.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.12 by $0.18. The firm had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $4.76 billion. Western Digital Corporation had a negative net margin of 2.56% and a positive return on equity of 13.45%. The business’s revenue for the quarter was up 47.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.60 EPS. On average, equities research analysts predict that Western Digital Corporation will post $7.10 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, January 17th. Shareholders 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 annualized dividend and a yield of 2.55%. Western Digital Corporation’s payout ratio is -133.33%.
In other news, insider Michael D. Cordano sold 889 shares of Western Digital Corporation stock in a transaction dated 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 directly owns 55,772 shares of the company’s stock, valued at approximately $3,146,098.52. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Matthew E. Massengill sold 2,187 shares of Western Digital Corporation stock in a transaction dated Monday, November 7th. The shares were sold at an average price of $57.31, for a total value of $125,336.97. Following the transaction, the director now directly owns 15,579 shares in the company, valued at $892,832.49. The disclosure for this sale can be found here. Insiders sold 227,278 shares of company stock worth $16,000,219 over the last three months. Insiders own 0.46% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. American International Group Inc. boosted its position in 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 worth $454,641,000 after buying an additional 9,503,034 shares during the last quarter. Neuberger Berman Group LLC boosted its position in 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 worth $160,379,000 after buying an additional 1,722,928 shares during the last quarter. Appaloosa LP bought a new position in Western Digital Corporation during the second quarter worth $68,527,000. Miller Howard Investments Inc. NY bought a new position in Western Digital Corporation during the third quarter worth $77,016,000. Finally, Primecap Management Co. CA bought a new position in Western Digital Corporation during the second quarter worth $61,099,000. 87.02% of the stock is currently owned by hedge funds and other institutional investors.
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).