Western Digital Corp. (WDC) Price Target Cut to $53.30 by Analysts at Benchmark Co.
Western Digital Corp. (NASDAQ:WDC) had its price target reduced by equities researchers at Benchmark Co. from $67.00 to $53.30 in a report issued on Thursday. The brokerage presently has a “buy” rating on the data storage provider’s stock.
Other equities research analysts have also recently issued reports about the stock. Vetr cut shares of Western Digital Corp. from a “strong-buy” rating to a “buy” rating and set a $51.50 price objective for the company. in a research report on Monday, August 29th. Mizuho decreased their price objective on shares of Western Digital Corp. from $56.00 to $54.00 and set a “buy” rating for the company in a research report on Thursday, August 25th. Zacks Investment Research cut shares of Western Digital Corp. from a “hold” rating to a “strong sell” rating in a research report on Monday, May 30th. Susquehanna reaffirmed a “positive” rating and set a $80.00 price objective on shares of Western Digital Corp. in a research report on Wednesday, July 27th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $75.00 price objective on shares of Western Digital Corp. in a research report on Sunday, July 31st. Three analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $63.32.
Shares of Western Digital Corp. (NASDAQ:WDC) traded up 0.38% during midday trading on Thursday, reaching $53.50. The company’s stock had a trading volume of 6,263,256 shares. Western Digital Corp. has a 52 week low of $34.99 and a 52 week high of $86.39. The company has a 50 day moving average of $47.23 and a 200-day moving average of $45.68. The stock has a market capitalization of $15.21 billion, a price-to-earnings ratio of 53.50 and a beta of 1.37.
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Western Digital Corp. (NASDAQ:WDC) last issued its quarterly earnings results on Thursday, July 28th. The data storage provider reported $0.79 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.08. The business earned $3.50 billion during the quarter, compared to analysts’ expectations of $3.44 billion. The business’s quarterly revenue was up 9.5% on a year-over-year basis. During the same period in the prior year, the business earned $1.51 EPS. Equities research analysts predict that Western Digital Corp. will post $4.28 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be paid a $0.50 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $2.00 annualized dividend and a dividend yield of 3.75%. Western Digital Corp.’s dividend payout ratio is currently 158.73%.
Several institutional investors have made changes to their positions in the company. Edmond DE Rothschild Holding S.A. boosted its position in shares of Western Digital Corp. by 84.7% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 2,180 shares of the data storage provider’s stock valued at $103,000 after buying an additional 1,000 shares in the last quarter. Checchi Capital Advisers LLC boosted its position in shares of Western Digital Corp. by 5.1% in the second quarter. Checchi Capital Advisers LLC now owns 2,197 shares of the data storage provider’s stock valued at $104,000 after buying an additional 107 shares in the last quarter. Cornerstone Advisors Inc. boosted its position in shares of Western Digital Corp. by 5.7% in the second quarter. Cornerstone Advisors Inc. now owns 2,245 shares of the data storage provider’s stock valued at $106,000 after buying an additional 121 shares in the last quarter. Americafirst Capital Management LLC acquired a new position in shares of Western Digital Corp. during the second quarter valued at about $108,000. Finally, Sumitomo Life Insurance Co. acquired a new position in shares of Western Digital Corp. during the second quarter valued at about $116,000. 88.23% of the stock is currently owned by institutional investors.
About Western Digital Corp.
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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