BidaskClub upgraded shares of Western Digital Corporation (NASDAQ:WDC) from a hold rating to a buy rating in a research note issued to investors on Tuesday.

Several other brokerages have also issued reports on WDC. Summit Redstone restated a buy rating on shares of Western Digital Corporation in a research note on Saturday, July 22nd. Loop Capital initiated coverage on Western Digital Corporation in a report on Monday, July 24th. They set a buy rating and a $140.00 price objective on the stock. BTIG Research reaffirmed a buy rating and set a $120.00 price objective on shares of Western Digital Corporation in a report on Friday, July 14th. Mizuho reaffirmed a buy rating and set a $105.00 price objective on shares of Western Digital Corporation in a report on Monday, July 17th. Finally, Vetr downgraded Western Digital Corporation from a strong-buy rating to a buy rating and set a $102.77 price objective on the stock. in a report on Wednesday, July 12th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have issued a buy rating and three have issued a strong buy rating to the company. The company presently has a consensus rating of Buy and an average price target of $111.50.

Western Digital Corporation (WDC) traded down 1.04% on Tuesday, reaching $84.89. The company’s stock had a trading volume of 459,476 shares. The firm has a market capitalization of $25.03 billion, a PE ratio of 63.35 and a beta of 1.24. The stock’s 50 day moving average is $87.05 and its 200-day moving average is $87.55. Western Digital Corporation has a 52 week low of $52.10 and a 52 week high of $95.77.

Western Digital Corporation (NASDAQ:WDC) last issued its quarterly earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.51 by $0.42. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. The firm had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.82 billion. During the same period in the previous year, the company posted $0.79 earnings per share. The company’s quarterly revenue was up 38.5% compared to the same quarter last year. Analysts predict that Western Digital Corporation will post $12.40 EPS for the current year.

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The company also recently disclosed a quarterly dividend, which was paid on Monday, October 16th. Investors of record on Friday, September 29th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date of this dividend was Thursday, September 28th. Western Digital Corporation’s dividend payout ratio is currently 156.25%.

In related news, insider Michael D. Cordano sold 9,404 shares of the company’s stock in a transaction on Monday, September 18th. The shares were sold at an average price of $88.71, for a total value of $834,228.84. Following the completion of the sale, the insider now owns 75,385 shares in the company, valued at approximately $6,687,403.35. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Mark P. Long sold 28,585 shares of the company’s stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $94.24, for a total transaction of $2,693,850.40. Following the completion of the sale, the insider now owns 53,551 shares of the company’s stock, valued at approximately $5,046,646.24. The disclosure for this sale can be found here. In the last 90 days, insiders sold 111,218 shares of company stock valued at $9,726,020. 0.31% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. Accredited Investors Inc. increased its holdings in Western Digital Corporation by 0.4% during the 2nd quarter. Accredited Investors Inc. now owns 2,713 shares of the data storage provider’s stock worth $240,000 after purchasing an additional 11 shares in the last quarter. Cookson Peirce & Co. Inc. increased its holdings in Western Digital Corporation by 0.6% during the 2nd quarter. Cookson Peirce & Co. Inc. now owns 3,600 shares of the data storage provider’s stock worth $319,000 after purchasing an additional 20 shares in the last quarter. Honkamp Krueger Financial Services Inc. increased its holdings in Western Digital Corporation by 0.5% during the 2nd quarter. Honkamp Krueger Financial Services Inc. now owns 4,571 shares of the data storage provider’s stock worth $405,000 after purchasing an additional 25 shares in the last quarter. Barry Investment Advisors LLC increased its holdings in Western Digital Corporation by 0.4% during the 2nd quarter. Barry Investment Advisors LLC now owns 6,331 shares of the data storage provider’s stock worth $561,000 after purchasing an additional 26 shares in the last quarter. Finally, People s United Financial Inc. increased its holdings in Western Digital Corporation by 0.3% during the 2nd quarter. People s United Financial Inc. now owns 12,689 shares of the data storage provider’s stock worth $1,124,000 after purchasing an additional 41 shares in the last quarter. Hedge funds and other institutional investors own 82.29% of the company’s stock.

Western Digital Corporation Company Profile

Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage devices and solutions that address the needs of the information technology (IT) industry and the infrastructure that enables the proliferation of data in virtually every industry. The Company’s portfolio of offerings addresses three categories: Datacenter Devices and Solutions (capacity and performance enterprise hard disk drives (HDDs), enterprise solid state drives (SSDs), datacenter software and system solutions); Client Devices (mobile, desktop, gaming and digital video hard drives, client SSDs, embedded products and wafers), and Client Solutions (removable products, hard drive content solutions and flash content solutions).

Analyst Recommendations for Western Digital Corporation (NASDAQ:WDC)

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