Western Digital Corporation (WDC) Lifted to “Strong-Buy” at ValuEngine
ValuEngine upgraded shares of Western Digital Corporation (NASDAQ:WDC) from a buy rating to a strong-buy rating in a research note issued to investors on Monday.
WDC has been the topic of several other reports. Susquehanna Bancshares Inc reaffirmed a positive rating on shares of Western Digital Corporation in a research note on Thursday, August 31st. Mizuho reaffirmed a buy rating and set a $105.00 price objective on shares of Western Digital Corporation in a research note on Monday, June 5th. Vetr raised shares of Western Digital Corporation from a buy rating to a strong-buy rating and set a $104.96 price objective on the stock in a research note on Wednesday, July 26th. Cowen and Company upped their price objective on shares of Western Digital Corporation from $115.00 to $117.00 and gave the stock an outperform rating in a research note on Tuesday, June 27th. Finally, Zacks Investment Research cut shares of Western Digital Corporation from a strong-buy rating to a hold rating in a research note on Tuesday, July 4th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $111.98.
Western Digital Corporation (NASDAQ WDC) opened at 84.35 on Monday. The firm has a 50-day moving average price of $87.22 and a 200-day moving average price of $87.08. The firm has a market capitalization of $24.87 billion, a P/E ratio of 62.95 and a beta of 1.24. Western Digital Corporation has a 52 week low of $52.10 and a 52 week high of $95.77. Western Digital Corporation also was the target of some unusual options trading activity on Monday. Traders acquired 6,330 call options on the company. This is an increase of approximately 292% compared to the average volume of 1,613 call options.
Western Digital Corporation (NASDAQ:WDC) last posted its earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.51 by $0.42. The business had revenue of $4.84 billion for the quarter, compared to analysts’ expectations of $4.82 billion. Western Digital Corporation had a net margin of 2.08% and a return on equity of 21.23%. The firm’s revenue for the quarter was up 38.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.79 earnings per share. Equities analysts forecast that Western Digital Corporation will post $12.38 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date is Thursday, September 28th. Western Digital Corporation’s dividend payout ratio (DPR) is currently 156.25%.
In related news, COO Michael D. Cordano sold 4,954 shares of the firm’s stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $94.98, for a total value of $470,530.92. Following the completion of the transaction, the chief operating officer now owns 66,092 shares of the company’s stock, valued at $6,277,418.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Mark P. Long sold 28,585 shares of the firm’s stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $94.24, for a total transaction of $2,693,850.40. Following the completion of the transaction, the insider now directly owns 53,551 shares of the company’s stock, valued at approximately $5,046,646.24. The disclosure for this sale can be found here. In the last ninety days, insiders sold 128,246 shares of company stock valued at $11,323,928. 0.31% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Western Digital Corporation by 4.2% in the 2nd quarter. Vanguard Group Inc. now owns 29,942,849 shares of the data storage provider’s stock valued at $2,652,936,000 after acquiring an additional 1,201,394 shares during the period. Capital World Investors bought a new position in shares of Western Digital Corporation in the 2nd quarter valued at about $1,019,202,000. Iridian Asset Management LLC CT grew its position in shares of Western Digital Corporation by 1.8% in the 2nd quarter. Iridian Asset Management LLC CT now owns 5,641,706 shares of the data storage provider’s stock valued at $499,855,000 after acquiring an additional 100,195 shares during the period. Ameriprise Financial Inc. grew its position in shares of Western Digital Corporation by 10.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 4,443,866 shares of the data storage provider’s stock valued at $393,778,000 after acquiring an additional 405,293 shares during the period. Finally, Northern Trust Corp grew its position in shares of Western Digital Corporation by 0.5% in the 2nd quarter. Northern Trust Corp now owns 3,191,625 shares of the data storage provider’s stock valued at $282,778,000 after acquiring an additional 16,436 shares during the period. 82.34% of the stock is owned by 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).
To view ValuEngine’s full report, visit ValuEngine’s official website.
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