Royal Bank of Canada Cuts Western Digital (WDC) Price Target to $54.00

Western Digital (NASDAQ:WDC) had its price target cut by Royal Bank of Canada to $54.00 in a report issued on Monday, The Fly reports. They currently have a sector perform rating on the data storage provider’s stock.

A number of other research firms have also recently commented on WDC. BidaskClub raised Western Digital from a strong sell rating to a sell rating in a report on Saturday, November 3rd. UBS Group cut Western Digital from a positive rating to a neutral rating in a report on Tuesday, November 20th. Longbow Research cut Western Digital from a buy rating to a neutral rating in a report on Friday, October 26th. Benchmark lowered their price target on Western Digital from $120.00 to $110.00 and set a buy rating on the stock in a report on Friday, September 21st. Finally, BMO Capital Markets lowered their price target on Western Digital from $60.00 to $50.00 and set a market perform rating on the stock in a report on Friday, October 26th. Four equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and thirteen have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $79.80.

NASDAQ WDC opened at $43.60 on Monday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.70 and a current ratio of 2.41. Western Digital has a 12 month low of $40.58 and a 12 month high of $106.96. The company has a market capitalization of $12.46 billion, a P/E ratio of 3.23, a price-to-earnings-growth ratio of 0.37 and a beta of 1.15.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings results on Thursday, October 25th. The data storage provider reported $2.78 EPS for the quarter, topping the Zacks’ consensus estimate of $2.70 by $0.08. Western Digital had a return on equity of 35.37% and a net margin of 2.46%. The company had revenue of $5.03 billion for the quarter, compared to analysts’ expectations of $5.14 billion. As a group, equities analysts forecast that Western Digital will post 6.19 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 14th. Stockholders of record on Friday, December 28th will be issued a dividend of $0.50 per share. The ex-dividend date is Thursday, December 27th. This represents a $2.00 annualized dividend and a dividend yield of 4.59%. Western Digital’s dividend payout ratio (DPR) is 14.80%.

In related news, Director Matthew E. Massengill sold 1,681 shares of the stock in a transaction on Monday, November 5th. The stock was sold at an average price of $47.68, for a total transaction of $80,150.08. Following the sale, the director now owns 17,848 shares in the company, valued at approximately $850,992.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.36% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in WDC. Massachusetts Financial Services Co. MA raised its holdings in Western Digital by 20.1% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 725,080 shares of the data storage provider’s stock valued at $56,128,000 after buying an additional 121,525 shares during the period. Raymond James Financial Services Advisors Inc. raised its holdings in Western Digital by 10.2% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 37,784 shares of the data storage provider’s stock valued at $2,925,000 after buying an additional 3,489 shares during the period. TD Asset Management Inc. raised its holdings in Western Digital by 0.8% during the 2nd quarter. TD Asset Management Inc. now owns 101,239 shares of the data storage provider’s stock valued at $7,837,000 after buying an additional 838 shares during the period. Commonwealth Equity Services LLC raised its holdings in Western Digital by 14.7% during the 2nd quarter. Commonwealth Equity Services LLC now owns 23,847 shares of the data storage provider’s stock valued at $1,846,000 after buying an additional 3,065 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. raised its holdings in Western Digital by 16,520.0% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,662 shares of the data storage provider’s stock valued at $129,000 after buying an additional 1,652 shares during the period. Institutional investors own 83.64% of the company’s stock.

Western Digital Company Profile

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.

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The Fly

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