Goldman Sachs Group, Inc. (The) reissued their neutral rating on shares of Western Digital Corporation (NASDAQ:WDC) in a research report released on Tuesday. They currently have a $88.00 price target on the data storage provider’s stock.
WDC has been the subject of several other reports. BidaskClub lowered shares of Western Digital Corporation from a hold rating to a sell rating in a research note on Saturday, August 12th. Jefferies Group LLC reissued a hold rating and set a $90.00 target price on shares of Western Digital Corporation in a research note on Wednesday, June 28th. Vetr raised shares of Western Digital Corporation from a buy rating to a strong-buy rating and set a $101.80 target price for the company in a research note on Monday, June 12th. Benchmark Co. reissued a buy rating and set a $135.00 target price on shares of Western Digital Corporation in a research note on Monday, September 25th. Finally, Summit Redstone reissued a buy rating on shares of Western Digital Corporation in a research note on Saturday, July 22nd. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company. Western Digital Corporation currently has a consensus rating of Buy and an average price target of $111.35.
Shares of Western Digital Corporation (NASDAQ:WDC) opened at 85.76 on Tuesday. The stock has a market cap of $25.29 billion, a price-to-earnings ratio of 64.00 and a beta of 1.24. The firm has a 50-day moving average price of $87.18 and a 200-day moving average price of $87.39. Western Digital Corporation has a one year low of $52.10 and a one year high of $95.77.
Western Digital Corporation (NASDAQ:WDC) last released its earnings results on Thursday, July 27th. The data storage provider reported $2.93 EPS for the quarter, beating the 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 business had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.82 billion. During the same period in the prior year, the business earned $0.79 earnings per share. The business’s quarterly revenue was up 38.5% on a year-over-year basis. Analysts anticipate that Western Digital Corporation will post $12.40 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $2.00 dividend on an annualized basis and a yield of 2.33%. Western Digital Corporation’s payout ratio is presently 156.25%.
In other Western Digital Corporation 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 sale, the chief operating officer now directly owns 66,092 shares in the company, valued at approximately $6,277,418.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael D. Cordano sold 9,404 shares of the firm’s stock in a transaction on Monday, September 18th. The stock was sold at an average price of $88.71, for a total transaction of $834,228.84. Following the completion of the sale, the insider now owns 75,385 shares in the company, valued at $6,687,403.35. The disclosure for this sale can be found here. Insiders sold a total of 128,246 shares of company stock worth $11,323,928 over the last quarter. 0.31% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of WDC. Schroder Investment Management Group grew its position in Western Digital Corporation by 229.9% in the 1st quarter. Schroder Investment Management Group now owns 3,731 shares of the data storage provider’s stock worth $313,000 after purchasing an additional 2,600 shares during the last quarter. AXA grew its position in Western Digital Corporation by 25.2% in the 1st quarter. AXA now owns 94,390 shares of the data storage provider’s stock worth $7,790,000 after purchasing an additional 18,990 shares during the last quarter. O Shaughnessy Asset Management LLC grew its position in Western Digital Corporation by 22.2% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 28,992 shares of the data storage provider’s stock worth $2,393,000 after purchasing an additional 5,261 shares during the last quarter. LMR Partners LLP acquired a new stake in Western Digital Corporation in the 1st quarter worth $589,000. Finally, ZWJ Investment Counsel Inc. acquired a new stake in Western Digital Corporation in the 1st quarter worth $1,156,000. Institutional investors own 82.36% 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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