JPMorgan Chase assumed coverage on shares of Western Digital (NASDAQ:WDC) in a report issued on Monday, MarketBeat.com reports. The firm issued an overweight rating and a $120.00 price target on the data storage provider’s stock.
Several other brokerages have also issued reports on WDC. Guggenheim reaffirmed a buy rating and set a $125.00 price objective on shares of Western Digital in a report on Thursday, February 1st. BidaskClub raised Western Digital from a buy rating to a strong-buy rating in a report on Saturday, March 10th. Cowen set a $117.00 price target on Western Digital and gave the stock an outperform rating in a report on Tuesday, January 23rd. Maxim Group reissued a buy rating and set a $150.00 price target on shares of Western Digital in a report on Friday, April 27th. Finally, TheStreet lowered Western Digital from a b rating to a c+ rating in a report on Thursday, January 25th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. Western Digital currently has an average rating of Buy and a consensus price target of $111.40.
Shares of Western Digital opened at $86.52 on Monday, Marketbeat.com reports. The stock has a market cap of $24.83 billion, a price-to-earnings ratio of 10.95, a PEG ratio of 0.33 and a beta of 1.04. Western Digital has a 1 year low of $83.52 and a 1 year high of $85.97. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.76 and a current ratio of 2.39.
Western Digital (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, April 26th. The data storage provider reported $3.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.31 by $0.32. The company had revenue of $5.01 billion for the quarter, compared to analyst estimates of $4.93 billion. Western Digital had a return on equity of 34.22% and a net margin of 0.98%. The business’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter last year, the company posted $2.39 earnings per share. analysts predict that Western Digital will post 13.39 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 16th. Shareholders of record on Friday, June 29th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date is Thursday, June 28th. Western Digital’s dividend payout ratio is presently 25.32%.
In other news, CEO Stephen D. Milligan sold 53,264 shares of Western Digital stock in a transaction that occurred on Monday, March 12th. The shares were sold at an average price of $100.12, for a total transaction of $5,332,791.68. Following the completion of the sale, the chief executive officer now directly owns 68,114 shares in the company, valued at approximately $6,819,573.68. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Stephen D. Milligan sold 23,155 shares of Western Digital stock in a transaction that occurred on Wednesday, March 7th. The shares were sold at an average price of $94.49, for a total transaction of $2,187,915.95. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 141,014 shares of company stock valued at $13,277,976. Insiders own 0.31% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Buckingham Capital Management Inc. raised its position in shares of Western Digital by 53.6% during the 3rd quarter. Buckingham Capital Management Inc. now owns 30,419 shares of the data storage provider’s stock worth $2,628,000 after purchasing an additional 10,618 shares during the last quarter. Atria Investments LLC raised its position in shares of Western Digital by 9.5% during the 4th quarter. Atria Investments LLC now owns 9,432 shares of the data storage provider’s stock worth $750,000 after purchasing an additional 822 shares during the last quarter. Bank of Montreal Can raised its position in shares of Western Digital by 267.4% during the 4th quarter. Bank of Montreal Can now owns 1,232,616 shares of the data storage provider’s stock worth $98,029,000 after purchasing an additional 897,108 shares during the last quarter. National Pension Service raised its position in shares of Western Digital by 6.0% during the 4th quarter. National Pension Service now owns 314,256 shares of the data storage provider’s stock worth $24,993,000 after purchasing an additional 17,658 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. raised its position in shares of Western Digital by 25.9% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 1,494,192 shares of the data storage provider’s stock worth $118,824,000 after purchasing an additional 307,838 shares during the last quarter. Institutional investors own 85.69% of the company’s stock.
Western Digital Company Profile
Western Digital Corporation, together with its subsidiaries, develops, manufactures, and sells data storage devices and solutions worldwide. It offers performance hard disk drives (HDDs) that are used in enterprise servers, data analysis, and other enterprise applications; capacity HDDs and drive configurations for use in data storage systems and tiered storage models; and enterprise solid state drives (SSDs), including NAND-flash SSDs and software solutions that are designed to enhance the performance in various enterprise workload environments.
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