Several other equities analysts also recently commented on the stock. Mizuho reiterated a buy rating and issued a $105.00 price objective on shares of Western Digital Corporation in a report on Monday, July 17th. BTIG Research reiterated a buy rating and issued a $120.00 price objective on shares of Western Digital Corporation in a report on Friday, July 14th. Wells Fargo & Company reiterated a market perform rating on shares of Western Digital Corporation in a report on Thursday, July 13th. Royal Bank Of Canada restated an outperform rating on shares of Western Digital Corporation in a research note on Thursday, July 13th. Finally, Vetr downgraded shares of Western Digital Corporation from a strong-buy rating to a buy rating and set a $102.77 price target on the stock. in a research note on Wednesday, July 12th. Eight equities research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $104.66.
Western Digital Corporation (NASDAQ WDC) traded up 0.87% during midday trading on Friday, hitting $83.20. 3,002,888 shares of the stock were exchanged. The firm’s 50-day moving average is $87.67 and its 200 day moving average is $84.55. The stock has a market cap of $24.29 billion, a price-to-earnings ratio of 62.09 and a beta of 1.22. Western Digital Corporation has a 52 week low of $45.25 and a 52 week high of $95.77.
Western Digital Corporation (NASDAQ:WDC) last released its quarterly earnings data on Thursday, July 27th. The data storage provider reported $2.93 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.51 by $0.42. Western Digital Corporation had a net margin of 2.08% and a return on equity of 21.23%. The firm had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.82 billion. During the same period in the previous year, the company earned $0.79 earnings per share. The company’s quarterly revenue was up 38.5% on a year-over-year basis. Equities research analysts expect that Western Digital Corporation will post $12.54 EPS for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.40%. The ex-dividend date is Thursday, September 28th. Western Digital Corporation’s dividend payout ratio (DPR) is 156.25%.
In other news, EVP Michael Charles Ray sold 524 shares of the firm’s stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $92.30, for a total transaction of $48,365.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael D. Cordano sold 11,322 shares of the firm’s stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $85.00, for a total transaction of $962,370.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 123,644 shares of company stock valued at $10,946,300. Insiders own 0.46% of the company’s stock.
Several institutional investors have recently modified their holdings of WDC. Arizona State Retirement System boosted its position in shares of Western Digital Corporation by 1.0% in the first quarter. Arizona State Retirement System now owns 71,313 shares of the data storage provider’s stock worth $5,885,000 after buying an additional 700 shares in the last quarter. Hillsdale Investment Management Inc. boosted its position in shares of Western Digital Corporation by 16.9% in the first quarter. Hillsdale Investment Management Inc. now owns 5,610 shares of the data storage provider’s stock worth $463,000 after buying an additional 810 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Western Digital Corporation during the fourth quarter worth about $2,464,000. Advisory Services Network LLC purchased a new position in shares of Western Digital Corporation during the first quarter worth about $704,000. Finally, Korea Investment CORP boosted its position in shares of Western Digital Corporation by 14.7% in the second quarter. Korea Investment CORP now owns 595,049 shares of the data storage provider’s stock worth $52,721,000 after buying an additional 76,459 shares in the last quarter. Institutional investors own 81.91% 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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