Shares of Western Digital Corporation (NASDAQ:WDC) have received an average recommendation of “Buy” from the thirty-eight analysts that are covering the company, Marketbeat Ratings reports. Eight investment analysts have rated the stock with a hold recommendation, twenty-six have issued a buy recommendation and three have issued a strong buy recommendation on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $113.63.
A number of brokerages have recently issued reports on WDC. Vetr downgraded shares of Western Digital Corporation from a “strong-buy” rating to a “buy” rating and set a $95.94 price objective on the stock. in a research report on Wednesday, August 16th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $90.00 price objective on shares of Western Digital Corporation in a research report on Friday, August 18th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $120.00 price objective on shares of Western Digital Corporation in a research report on Monday, August 7th. Summit Redstone reaffirmed a “hold” rating on shares of Western Digital Corporation in a research report on Wednesday, September 13th. Finally, BidaskClub downgraded shares of Western Digital Corporation from a “buy” rating to a “hold” rating in a research report on Friday, July 28th.
In related news, CFO Mark P. Long sold 4,467 shares of the company’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $88.13, for a total value of $393,676.71. Following the completion of the sale, the chief financial officer now owns 88,384 shares of the company’s stock, valued at $7,789,281.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark P. Long sold 1,517 shares of the company’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $88.49, for a total transaction of $134,239.33. Following the completion of the sale, the insider now directly owns 88,207 shares of the company’s stock, valued at approximately $7,805,437.43. The disclosure for this sale can be found here. Insiders sold 27,005 shares of company stock valued at $2,377,095 over the last quarter. Company insiders own 0.31% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the stock. Coastline Trust Co grew its holdings in shares of Western Digital Corporation by 16.6% in the third quarter. Coastline Trust Co now owns 13,236 shares of the data storage provider’s stock valued at $1,144,000 after purchasing an additional 1,880 shares during the period. Gyroscope Capital Management Group LLC purchased a new stake in shares of Western Digital Corporation in the third quarter valued at about $5,408,000. Moors & Cabot Inc. grew its holdings in shares of Western Digital Corporation by 19.7% in the third quarter. Moors & Cabot Inc. now owns 4,433 shares of the data storage provider’s stock valued at $385,000 after purchasing an additional 729 shares during the period. Cetera Advisor Networks LLC purchased a new stake in shares of Western Digital Corporation in the third quarter valued at about $211,000. Finally, IFM Investors Pty Ltd purchased a new stake in shares of Western Digital Corporation in the third quarter valued at about $700,000. 80.74% of the stock is owned by hedge funds and other institutional investors.
Western Digital Corporation (NASDAQ WDC) opened at $91.30 on Monday. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.64 and a quick ratio of 2.13. Western Digital Corporation has a 12-month low of $58.30 and a 12-month high of $95.77. The stock has a market cap of $27,005.32, a P/E ratio of 9.17 and a beta of 1.17.
Western Digital Corporation (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, October 26th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.01 by $0.55. Western Digital Corporation had a net margin of 7.38% and a return on equity of 26.48%. The firm had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.13 billion. During the same quarter in the previous year, the firm earned $1.18 EPS. The company’s quarterly revenue was up 9.9% compared to the same quarter last year. research analysts forecast that Western Digital Corporation will post 12.01 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date of this dividend is Thursday, December 28th. Western Digital Corporation’s dividend payout ratio (DPR) is 41.75%.
Western Digital Corporation announced that its Board of Directors has approved a share buyback plan on Thursday, November 9th that allows the company to repurchase $2.10 billion in shares. This repurchase authorization allows the data storage provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
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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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