KeyCorp restated their hold rating on shares of Western Digital Corporation (NASDAQ:WDC) in a research note issued to investors on Friday, October 27th.
Other equities analysts also recently issued reports about the stock. UBS AG reaffirmed an add rating on shares of Western Digital Corporation in a report on Wednesday, September 20th. Summit Redstone reaffirmed a buy rating on shares of Western Digital Corporation in a report on Saturday, July 22nd. Mizuho reissued a buy rating and set a $105.00 price target on shares of Western Digital Corporation in a report on Monday, July 17th. BTIG Research reissued a buy rating and set a $120.00 price target on shares of Western Digital Corporation in a report on Friday, July 14th. Finally, Aegis reissued a buy rating and set a $130.00 price target on shares of Western Digital Corporation in a report on Monday, July 3rd. Nine analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and three have given a strong buy rating to the stock. Western Digital Corporation presently has a consensus rating of Buy and an average price target of $113.95.
Western Digital Corporation (WDC) traded up $1.29 during trading hours on Friday, reaching $88.92. 3,226,400 shares of the company were exchanged, compared to its average volume of 4,153,209. Western Digital Corporation has a 1-year low of $56.26 and a 1-year high of $95.77. The company has a quick ratio of 2.13, a current ratio of 2.64 and a debt-to-equity ratio of 1.07. The firm has a market cap of $25,919.78, a price-to-earnings ratio of 8.80 and a beta of 1.17.
Western Digital Corporation (NASDAQ:WDC) last posted its quarterly earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.01 by $0.55. The company had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.13 billion. Western Digital Corporation had a net margin of 7.38% and a return on equity of 26.48%. The business’s quarterly revenue was up 9.9% on a year-over-year basis. During the same period last year, the business posted $1.18 EPS. equities analysts anticipate that Western Digital Corporation will post 11.93 EPS for the current fiscal year.
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Western Digital Corporation declared that its board has approved a stock buyback plan on Thursday, November 9th that authorizes the company to repurchase $2.10 billion in outstanding shares. This repurchase authorization authorizes the data storage provider to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $2.00 annualized dividend and a dividend yield of 2.25%. Western Digital Corporation’s dividend payout ratio is currently 41.75%.
In related news, insider Michael D. Cordano sold 3,670 shares of the company’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $82.55, for a total value of $302,958.50. Following the transaction, the insider now directly owns 79,881 shares in the company, valued at $6,594,176.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Srinivasan Sivaram sold 3,098 shares of the company’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $85.00, for a total transaction of $263,330.00. Following the completion of the transaction, the executive vice president now owns 74,741 shares in the company, valued at $6,352,985. The disclosure for this sale can be found here. Over the last quarter, insiders sold 49,556 shares of company stock worth $4,207,730. Corporate insiders own 0.31% of the company’s stock.
Institutional investors have recently made changes to their positions in the business. American Beacon Advisors Inc. acquired a new stake in Western Digital Corporation during the first quarter worth about $111,000. Harbour Capital Advisors LLC acquired a new stake in Western Digital Corporation during the first quarter worth about $117,000. Quantbot Technologies LP acquired a new stake in Western Digital Corporation during the second quarter worth about $135,000. Huntington National Bank grew its stake in Western Digital Corporation by 7.7% during the second quarter. Huntington National Bank now owns 1,965 shares of the data storage provider’s stock worth $174,000 after buying an additional 141 shares in the last quarter. Finally, Sun Life Financial INC grew its stake in Western Digital Corporation by 16,215.4% during the second quarter. Sun Life Financial INC now owns 2,121 shares of the data storage provider’s stock worth $188,000 after buying an additional 2,108 shares in the last quarter. Hedge funds and other institutional investors own 82.03% 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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