A number of other equities research analysts have also weighed in on the company. Susquehanna Bancshares Inc reaffirmed a positive rating on shares of Western Digital Corporation in a research report on Friday, June 30th. FBN Securities boosted their price objective on Western Digital Corporation from $105.00 to $115.00 and gave the company an outperform rating in a report on Friday, June 30th. Royal Bank Of Canada reiterated an outperform rating on shares of Western Digital Corporation in a research note on Thursday, July 13th. Vetr lowered Western Digital Corporation from a strong-buy rating to a buy rating and set a $95.94 price target for the company. in a research report on Wednesday, August 16th. Finally, Jefferies Group LLC reiterated a hold rating and issued a $90.00 price objective on shares of Western Digital Corporation in a research report on Friday, August 18th. Nine equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and three have issued a strong buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of $113.95.
Shares of Western Digital Corporation (NASDAQ:WDC) opened at $88.92 on Friday. The stock has a market capitalization of $26,301.34, a PE ratio of 8.93 and a beta of 1.17. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.13 and a current ratio of 2.64. Western Digital Corporation has a 1 year low of $56.26 and a 1 year high of $95.77.
Western Digital Corporation (NASDAQ:WDC) last released its quarterly earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share for the quarter, beating the consensus estimate of $3.01 by $0.55. Western Digital Corporation had a return on equity of 26.48% and a net margin of 7.38%. The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.13 billion. During the same quarter last year, the business posted $1.18 EPS. The firm’s revenue for the quarter was up 9.9% compared to the same quarter last year. analysts forecast that Western Digital Corporation will post 11.93 EPS for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend is Thursday, December 28th. Western Digital Corporation’s payout ratio is 41.75%.
Western Digital Corporation announced that its Board of Directors has initiated a share buyback program on Thursday, November 9th that allows the company to buyback $2.10 billion in shares. This buyback authorization allows the data storage provider to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
In related news, EVP Srinivasan Sivaram sold 3,098 shares of the business’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $85.00, for a total transaction of $263,330.00. Following the transaction, the executive vice president now directly owns 74,741 shares in the company, valued at approximately $6,352,985. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Mark P. Long sold 1,517 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $88.49, for a total value of $134,239.33. Following the sale, the insider now owns 88,207 shares in the company, valued at approximately $7,805,437.43. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 44,369 shares of company stock valued at $3,781,940. 0.31% of the stock is currently owned by corporate insiders.
A number of large investors have recently bought and sold shares of WDC. Capital World Investors purchased a new stake in shares of Western Digital Corporation in the second quarter valued at approximately $1,019,202,000. Vanguard Group Inc. grew its position in Western Digital Corporation by 4.2% in the second quarter. Vanguard Group Inc. now owns 29,942,849 shares of the data storage provider’s stock worth $2,652,936,000 after acquiring an additional 1,201,394 shares during the period. Janus Henderson Group PLC grew its position in Western Digital Corporation by 140.4% in the second quarter. Janus Henderson Group PLC now owns 1,994,833 shares of the data storage provider’s stock worth $176,746,000 after acquiring an additional 1,164,954 shares during the period. Schroder Investment Management Group grew its position in Western Digital Corporation by 24,087.4% in the second quarter. Schroder Investment Management Group now owns 902,431 shares of the data storage provider’s stock worth $82,709,000 after acquiring an additional 898,700 shares during the period. Finally, Discovery Capital Management LLC CT lifted its stake in Western Digital Corporation by 98.9% during the second quarter. Discovery Capital Management LLC CT now owns 1,576,089 shares of the data storage provider’s stock worth $139,641,000 after purchasing an additional 783,589 shares in the last quarter. Institutional investors own 81.77% 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).
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