Western Digital (NASDAQ:WDC) had its price target decreased by JPMorgan Chase & Co. from $120.00 to $117.00 in a research report released on Friday, July 27th. JPMorgan Chase & Co. currently has an overweight rating on the data storage provider’s stock.

A number of other research firms have also recently issued reports on WDC. Zacks Investment Research raised Western Digital from a hold rating to a strong-buy rating and set a $108.00 price objective for the company in a research report on Friday, March 30th. Royal Bank of Canada lifted their target price on Western Digital to $120.00 and gave the stock an outperform rating in a report on Monday, April 2nd. ValuEngine downgraded Western Digital from a buy rating to a hold rating in a report on Monday, April 2nd. Stifel Nicolaus lifted their target price on Western Digital from $105.00 to $110.00 and gave the stock a buy rating in a report on Friday, April 27th. Finally, Benchmark reaffirmed a buy rating and set a $130.00 target price on shares of Western Digital in a report on Friday, April 27th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and twenty have assigned a buy rating to the company. The company currently has an average rating of Buy and an average target price of $104.00.

Shares of WDC traded down $1.32 during mid-day trading on Friday, reaching $64.79. The company’s stock had a trading volume of 4,603,621 shares, compared to its average volume of 4,145,685. Western Digital has a 1-year low of $64.68 and a 1-year high of $106.96. The stock has a market cap of $19.78 billion, a price-to-earnings ratio of 4.84, a PEG ratio of 0.32 and a beta of 0.96. The company has a quick ratio of 1.73, a current ratio of 2.39 and a debt-to-equity ratio of 0.95.

Western Digital (NASDAQ:WDC) last released its quarterly earnings data on Thursday, July 26th. The data storage provider reported $3.61 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.20 by $0.41. Western Digital had a return on equity of 36.35% and a net margin of 3.27%. The company had revenue of $5.12 billion during the quarter, compared to analysts’ expectations of $5.07 billion. During the same period last year, the firm posted $2.93 earnings per share. The business’s revenue was up 5.7% on a year-over-year basis. analysts expect that Western Digital will post 10.71 earnings per share for the current year.

Western Digital declared that its board has approved a stock repurchase plan on Thursday, July 26th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the data storage provider to buy up to 22.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its shares are undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Friday, September 28th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $2.00 annualized dividend and a yield of 3.09%. Western Digital’s payout ratio is 14.80%.

In related news, EVP Michael Charles Ray sold 4,387 shares of the firm’s stock in a transaction on Monday, August 6th. The shares were sold at an average price of $67.65, for a total transaction of $296,780.55. Following the sale, the executive vice president now owns 107,155 shares in the company, valued at $7,249,035.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Mark P. Long sold 24,938 shares of the firm’s stock in a transaction on Monday, July 30th. The shares were sold at an average price of $70.83, for a total transaction of $1,766,358.54. Following the sale, the insider now owns 215,963 shares in the company, valued at approximately $15,296,659.29. The disclosure for this sale can be found here. In the last quarter, insiders sold 136,216 shares of company stock worth $11,137,352. 0.31% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. raised its stake in shares of Western Digital by 16,520.0% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,662 shares of the data storage provider’s stock worth $129,000 after purchasing an additional 1,652 shares during the last quarter. NuWave Investment Management LLC grew its holdings in shares of Western Digital by 10,140.0% in the first quarter. NuWave Investment Management LLC now owns 1,536 shares of the data storage provider’s stock valued at $140,000 after acquiring an additional 1,521 shares in the last quarter. Financial Gravity Wealth Inc. bought a new position in shares of Western Digital in the first quarter valued at approximately $145,000. Assetmark Inc. grew its holdings in shares of Western Digital by 437.9% in the first quarter. Assetmark Inc. now owns 1,673 shares of the data storage provider’s stock valued at $154,000 after acquiring an additional 1,362 shares in the last quarter. Finally, Legacy Financial Advisors Inc. grew its holdings in shares of Western Digital by 32,283.3% in the second quarter. Legacy Financial Advisors Inc. now owns 1,943 shares of the data storage provider’s stock valued at $155,000 after acquiring an additional 1,937 shares in the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

About Western Digital

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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