Published On: Thu, Sep 8th, 2016

Western Digital Corp. (WDC) Given New $67.00 Price Target at Craig Hallum

Western Digital Corp. (NASDAQ:WDC) had its price objective raised by research analysts at Craig Hallum to $67.00 in a note issued to investors on Thursday. Craig Hallum’s target price indicates a potential upside of 25.70% from the stock’s previous close.
Other equities research analysts have also issued research reports about the stock. Citigroup Inc. dropped their price objective on shares of Western Digital Corp. from $60.00 to $53.00 and set a “buy” rating on the stock in a research note on Friday, May 27th. Vetr lowered shares of Western Digital Corp. from a “strong-buy” rating to a “buy” rating and set a $48.74 price target on the stock. in a research note on Tuesday, May 31st. Barclays PLC raised their price target on shares of Western Digital Corp. from $60.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, August 16th. Bank of America Corp. lowered shares of Western Digital Corp. from a “buy” rating to an “underperform” rating and set a $30.00 price target on the stock. in a research note on Thursday, May 26th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $75.00 price objective on shares of Western Digital Corp. in a report on Sunday, July 31st. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $63.15.
Shares of Western Digital Corp. (NASDAQ:WDC) traded up 0.4882% during midday trading on Thursday, hitting $53.5602. The stock had a trading volume of 3,472,570 shares. The company has a market cap of $15.23 billion and a P/E ratio of 53.5602. Western Digital Corp. has a one year low of $34.99 and a one year high of $86.39. The firm has a 50 day moving average of $47.23 and a 200-day moving average of $45.68.

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Western Digital Corp. (NASDAQ:WDC) last issued its earnings results 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. During the same quarter last year, the company posted $1.51 EPS. The company earned $3.50 billion during the quarter, compared to analyst estimates of $3.44 billion. The business’s revenue for the quarter was up 9.5% compared to the same quarter last year. On average, analysts forecast that Western Digital Corp. will post $4.28 earnings per share for the current fiscal year.
The company 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 dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.75%. The ex-dividend date of this dividend is Wednesday, September 28th.
Several institutional investors recently modified their holdings of WDC. Edmond DE Rothschild Holding S.A. increased its position in 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 during the period. Checchi Capital Advisers LLC increased its stake 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 worth $104,000 after buying an additional 107 shares during the last quarter. Cornerstone Advisors Inc. increased its stake 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 worth $106,000 after buying an additional 121 shares during the last quarter. Americafirst Capital Management LLC purchased a new stake in shares of Western Digital Corp. during the second quarter worth about $108,000. Finally, Sumitomo Life Insurance Co. purchased a new stake in shares of Western Digital Corp. during the second quarter worth 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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