Barclays PLC Reiterates “Positive” Rating for Western Digital Corp. (WDC)

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Western Digital Corp. (NASDAQ:WDC)‘s stock had its “positive” rating reaffirmed by equities researchers at Barclays PLC in a report issued on Thursday.
Other equities analysts have also issued reports about the company. RBC Capital Markets raised their price target on Western Digital Corp. to $60.00 in a report on Wednesday. Jefferies Group reaffirmed a “buy” rating and issued a $50.00 price target (down from $56.00) on shares of Western Digital Corp. in a report on Tuesday, May 24th. BTIG Research reaffirmed a “buy” rating and issued a $55.00 price target on shares of Western Digital Corp. in a report on Thursday, May 19th. Brean Capital reiterated a “buy” rating on shares of Western Digital Corp. in a research report on Thursday, May 26th. Finally, Benchmark Co. lowered their price objective on 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. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. Western Digital Corp. has an average rating of “Buy” and an average price target of $64.67.
Other large investors recently made changes to their positions in the company. State Street Corp raised its stake in shares of Western Digital Corp. by 4.1% in the first quarter. State Street Corp now owns 9,995,099 shares of the data storage provider’s stock worth $472,182,000 after buying an additional 394,792 shares in the last quarter. Amerigo Asset Management increased its stake in shares of 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 during the last quarter. Geode Capital Management LLC increased its stake in shares of Western Digital Corp. by 11.2% in the first quarter. Geode Capital Management LLC now owns 2,430,391 shares of the data storage provider’s stock worth $114,629,000 after buying an additional 244,462 shares during the last quarter. DNB Asset Management AS increased its stake in shares of Western Digital Corp. by 168.9% in the second quarter. DNB Asset Management AS now owns 2,357,775 shares of the data storage provider’s stock worth $111,428,000 after buying an additional 1,480,995 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Western Digital Corp. during the fourth quarter worth about $131,249,000. Institutional investors and hedge funds own 88.23% of the company’s stock.

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Western Digital Corp. (NASDAQ:WDC) traded up 0.62% during midday trading on Thursday, hitting $53.63. The company’s stock had a trading volume of 2,299,833 shares. The company has a market cap of $15.25 billion and a PE ratio of 53.63. 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 of $47.23 and a 200 day moving average of $45.68.
Western Digital Corp. (NASDAQ:WDC) last posted its quarterly earnings results on Thursday, July 28th. The data storage provider reported $0.79 EPS for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.08. The company 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 earned $1.51 earnings per share. Western Digital Corp.’s revenue was up 9.5% on a year-over-year basis. On average, equities analysts expect that Western Digital Corp. will post $4.28 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be paid a dividend of $0.50 per share. The ex-dividend date is Wednesday, September 28th. This represents a $2.00 dividend on an annualized basis and a yield of 3.75%.
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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