Craig Hallum Increases Western Digital Corp. (WDC) Price Target to $67.00

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Western Digital Corp. (NASDAQ:WDC) had its target price boosted by Craig Hallum to $67.00 in a note issued to investors on Thursday. Craig Hallum’s target price would suggest a potential upside of 25.70% from the company’s current price.
A number of other equities analysts have also recently weighed in on the stock. Jefferies Group reissued a “buy” rating and set a $50.00 price target (down from $56.00) on shares of Western Digital Corp. in a research report on Tuesday, May 24th. BTIG Research reissued a “buy” rating and set a $55.00 price target on shares of Western Digital Corp. in a research report on Thursday, May 19th. Brean Capital reissued a “buy” rating on shares of Western Digital Corp. in a research report on Thursday, May 26th. Benchmark Co. reduced their price target on shares of Western Digital Corp. from $94.00 to $84.00 and set a “buy” rating on the stock in a research report on Friday, May 27th. Finally, Maxim Group reissued a “buy” rating and set a $71.00 price target (down from $75.00) on shares of Western Digital Corp. in a research report on Friday, May 27th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $63.15.
Shares of Western Digital Corp. (NASDAQ:WDC) traded down 0.06% during midday trading on Thursday, reaching $53.27. 4,407,136 shares of the company were exchanged. Western Digital Corp. has a 52-week low of $34.99 and a 52-week high of $86.39. The stock has a 50-day moving average price of $47.23 and a 200 day moving average price of $45.68. The company has a market capitalization of $15.14 billion, a P/E ratio of 53.27 and a beta of 1.37.

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Western Digital Corp. (NASDAQ:WDC) last announced its quarterly earnings data on Thursday, July 28th. The data storage provider reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.08. The business earned $3.50 billion during the quarter, compared to the consensus estimate of $3.44 billion. During the same period in the previous year, the business posted $1.51 earnings per share. Western Digital Corp.’s revenue was up 9.5% compared to the same quarter last year. Equities research analysts expect that Western Digital Corp. will post $4.28 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.75%. The ex-dividend date of this dividend is Wednesday, September 28th. Western Digital Corp.’s dividend payout ratio (DPR) is currently 158.73%.
A number of institutional investors have made changes to their positions in WDC. Amerigo Asset Management raised its stake in Western Digital Corp. by 55.5% in the first quarter. Amerigo Asset Management now owns 4,259,775 shares of the data storage provider’s stock worth $201,232,000 after buying an additional 1,521,044 shares in the last quarter. Exxonmobil Investment Management Inc. TX raised its stake in Western Digital Corp. by 9.1% in the first quarter. Exxonmobil Investment Management Inc. TX now owns 56,674 shares of the data storage provider’s stock worth $2,677,000 after buying an additional 4,737 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its stake in Western Digital Corp. by 15.1% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 53,437 shares of the data storage provider’s stock worth $2,524,000 after buying an additional 7,028 shares in the last quarter. DnB Asset Management AS raised its stake in Western Digital Corp. by 171.9% in the first quarter. DnB Asset Management AS now owns 876,780 shares of the data storage provider’s stock worth $41,419,000 after buying an additional 554,337 shares in the last quarter. Finally, Nexus Investment Management Inc. raised its stake in Western Digital Corp. by 26.2% in the first quarter. Nexus Investment Management Inc. now owns 228,225 shares of the data storage provider’s stock worth $10,781,000 after buying an additional 47,400 shares in the last quarter. Hedge funds and other institutional investors own 88.23% of the company’s stock.
Western Digital Corp. Company Profile
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage solutions that enable consumers, businesses, governments and other organizations to create, manage, experience and preserve digital content. The Company’s product portfolio includes hard disk drives (HDDs), solid-state drives, direct attached storage solutions, personal cloud network attached storage solutions, and public and private cloud data center storage solutions.

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