Western Digital Corp (NASDAQ:WDC) Receives $60.40 Average Target Price from Brokerages
Western Digital Corp (NASDAQ:WDC) has been assigned a consensus rating of “Hold” from the thirty-two ratings firms that are currently covering the company, Marketbeat.com reports. Four research analysts have rated the stock with a sell recommendation, thirteen have issued a hold recommendation, thirteen have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $60.10.
WDC has been the topic of a number of analyst reports. Zacks Investment Research lowered Western Digital from a “hold” rating to a “sell” rating in a research note on Thursday, April 18th. Citigroup decreased their price objective on Western Digital from $63.00 to $59.00 and set a “buy” rating on the stock in a research note on Tuesday, April 30th. Maxim Group reiterated a “buy” rating and set a $126.00 price objective on shares of Western Digital in a research note on Friday, July 26th. Cowen reiterated a “market perform” rating and set a $45.00 price objective (up from $40.00) on shares of Western Digital in a research note on Thursday, August 1st. Finally, Wedbush upgraded Western Digital from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $32.50 to $54.50 in a research note on Thursday, August 1st.
Institutional investors and hedge funds have recently bought and sold shares of the company. Winslow Evans & Crocker Inc. boosted its holdings in shares of Western Digital by 7.1% in the 1st quarter. Winslow Evans & Crocker Inc. now owns 7,350 shares of the data storage provider’s stock worth $356,000 after purchasing an additional 490 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in shares of Western Digital by 6.4% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 244,115 shares of the data storage provider’s stock worth $11,608,000 after purchasing an additional 14,760 shares in the last quarter. Barnett & Company Inc. lifted its stake in shares of Western Digital by 269.7% in the 2nd quarter. Barnett & Company Inc. now owns 23,933 shares of the data storage provider’s stock valued at $1,138,000 after acquiring an additional 17,460 shares during the last quarter. Intrust Bank NA bought a new stake in shares of Western Digital in the 1st quarter valued at about $247,000. Finally, Norinchukin Bank The lifted its stake in shares of Western Digital by 3.9% in the 1st quarter. Norinchukin Bank The now owns 57,853 shares of the data storage provider’s stock valued at $2,780,000 after acquiring an additional 2,192 shares during the last quarter. Hedge funds and other institutional investors own 88.17% of the company’s stock.
Western Digital (NASDAQ:WDC) last released its quarterly earnings data on Wednesday, July 31st. The data storage provider reported $0.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.22. Western Digital had a positive return on equity of 10.73% and a negative net margin of 4.55%. The company had revenue of $3.63 billion for the quarter, compared to analyst estimates of $3.67 billion. During the same period in the previous year, the company posted $3.61 EPS. The firm’s revenue for the quarter was down 29.0% compared to the same quarter last year. As a group, equities analysts anticipate that Western Digital will post 1.81 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 22nd. Investors of record on Friday, October 4th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.67%. The ex-dividend date is Thursday, October 3rd. Western Digital’s payout ratio is 52.49%.
About Western Digital
Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.
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