Published On: Wed, Sep 7th, 2016

Western Digital Corp.’s (WDC) “Outperform” Rating Reaffirmed at Robert W. Baird

Western Digital Corp. (NASDAQ:WDC)‘s stock had its “outperform” rating restated by Robert W. Baird in a report released on Wednesday. They presently have a $65.00 price target on the data storage provider’s stock. Robert W. Baird’s target price would indicate a potential upside of 36.70% from the stock’s current price.
WDC has been the subject of several other research reports. Bank of America Corp. downgraded shares of Western Digital Corp. from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $61.00 to $30.00 in a research note on Friday, May 13th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Western Digital Corp. in a research note on Wednesday, June 22nd. Susquehanna reaffirmed a “positive” rating and issued a $80.00 target price on shares of Western Digital Corp. in a research note on Saturday, August 13th. BTIG Research reaffirmed a “buy” rating and issued a $55.00 target price on shares of Western Digital Corp. in a research note on Thursday, May 19th. Finally, Citigroup initiated coverage on shares of Western Digital Corp. in a research note on Tuesday, May 31st. They issued a “hold” rating for the company. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company. Western Digital Corp. currently has an average rating of “Buy” and an average target price of $65.02.
Shares of Western Digital Corp. (NASDAQ:WDC) traded up 12.023% during midday trading on Wednesday, hitting $53.267. 10,860,457 shares of the company’s stock were exchanged. The company has a 50-day moving average of $47.35 and a 200-day moving average of $45.70. The firm has a market cap of $15.14 billion and a price-to-earnings ratio of 53.267. 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 posted its quarterly earnings results on Thursday, July 28th. The data storage provider reported $0.79 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.08. The business had revenue of $3.50 billion for the quarter, compared to the consensus estimate of $3.44 billion. The company’s quarterly revenue was up 9.5% on a year-over-year basis. During the same period last year, the firm earned $1.51 earnings per share. Equities research analysts expect that Western Digital Corp. will post $4.28 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 4.21%. The ex-dividend date of this dividend is Wednesday, September 28th.
A number of institutional investors have recently added to or reduced their stakes in the stock. Boothbay Fund Management LLC raised its position in Western Digital Corp. by 1.2% in the first quarter. Boothbay Fund Management LLC now owns 5,998 shares of the data storage provider’s stock valued at $283,000 after buying an additional 72 shares in the last quarter. Charter Trust Co. raised its position in Western Digital Corp. by 2.3% in the second quarter. Charter Trust Co. now owns 4,591 shares of the data storage provider’s stock valued at $217,000 after buying an additional 105 shares in the last quarter. Checchi Capital Advisers LLC raised its position in 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. raised its position in 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. Finally, Raymond James Trust N.A. raised its position in Western Digital Corp. by 3.5% in the second quarter. Raymond James Trust N.A. now owns 5,516 shares of the data storage provider’s stock valued at $260,000 after buying an additional 184 shares in the last quarter.
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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