Western Digital Corp.’s (WDC) “Buy” Rating Reaffirmed at Argus
Western Digital Corp. (NASDAQ:WDC)‘s stock had its “buy” rating reissued by research analysts at Argus in a note issued to investors on Saturday. They presently have a $60.00 price objective on the data storage provider’s stock. Argus’ price objective points to a potential upside of 16.30% from the company’s previous close.
Other analysts have also recently issued reports about the company. Bank of America Corp. reissued a “sell” rating on shares of Western Digital Corp. in a report on Saturday, May 14th. Morgan Stanley reissued a “hold” rating on shares of Western Digital Corp. in a report on Sunday, May 29th. Cowen and Company reissued a “buy” rating on shares of Western Digital Corp. in a report on Sunday, May 29th. BTIG Research lifted their price target on Western Digital Corp. from $60.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Royal Bank Of Canada reissued a “buy” rating on shares of Western Digital Corp. in a report on Thursday, June 2nd. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the stock. Western Digital Corp. has a consensus rating of “Buy” and an average price target of $62.28.
Western Digital Corp. (NASDAQ:WDC) opened at 51.59 on Friday. The stock’s 50 day moving average price is $47.45 and its 200 day moving average price is $45.85. The firm has a market cap of $14.67 billion, a price-to-earnings ratio of 51.59 and a beta of 1.37. Western Digital Corp. has a 52 week low of $34.99 and a 52 week high of $86.39.
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Western Digital Corp. (NASDAQ:WDC) last released its quarterly earnings results on Thursday, July 28th. The data storage provider reported $0.79 earnings per share for the quarter, topping 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. Western Digital Corp. had a return on equity of 12.42% and a net margin of 1.98%. The firm’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period last year, the firm posted $1.51 EPS. On average, equities research analysts predict that Western Digital Corp. will post $4.28 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.88%. The ex-dividend date is Wednesday, September 28th. Western Digital Corp.’s dividend payout ratio is currently 158.73%.
Several institutional investors have added to or reduced their stakes in the stock. Geode Capital Management LLC raised its position in 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 valued at $114,629,000 after buying an additional 244,462 shares in the last quarter. Legal & General Group Plc raised its position in Western Digital Corp. by 7.4% in the first quarter. Legal & General Group Plc now owns 1,027,165 shares of the data storage provider’s stock valued at $48,521,000 after buying an additional 71,094 shares in the last quarter. Americafirst Capital Management LLC acquired a new position in Western Digital Corp. during the second quarter valued at about $108,000. Gateway Investment Advisers LLC raised its position in Western Digital Corp. by 19.3% in the second quarter. Gateway Investment Advisers LLC now owns 19,945 shares of the data storage provider’s stock valued at $943,000 after buying an additional 3,222 shares in the last quarter. Finally, IMS Capital Management acquired a new position in Western Digital Corp. during the first quarter valued at about $811,000. 88.23% of the stock is 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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