Western Digital Corp (NASDAQ:WDC) has been given a consensus rating of “Hold” by the thirty-two analysts that are covering the company, MarketBeat.com reports. Four equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and twelve have issued a buy rating on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $58.64.
WDC has been the topic of several research analyst reports. Loop Capital increased their target price on shares of Western Digital to $53.00 and gave the stock an “average” rating in a research note on Tuesday, April 9th. Deutsche Bank raised shares of Western Digital from a “hold” rating to a “buy” rating and increased their target price for the stock from $45.00 to $60.00 in a research note on Monday, April 15th. Longbow Research raised shares of Western Digital from a “neutral” rating to a “buy” rating and set a $65.00 target price on the stock in a research note on Monday, April 15th. Bank of America reissued a “buy” rating and set a $60.00 target price (up from $55.00) on shares of Western Digital in a research note on Wednesday, April 24th. Finally, Citigroup cut their target price on shares of Western Digital from $63.00 to $59.00 and set a “buy” rating on the stock in a research note on Tuesday, April 30th.
Institutional investors have recently added to or reduced their stakes in the business. Amundi Pioneer Asset Management Inc. lifted its position in shares of Western Digital by 8.5% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 291,747 shares of the data storage provider’s stock valued at $14,022,000 after purchasing an additional 22,751 shares in the last quarter. Redwood Investment Management LLC purchased a new stake in Western Digital during the first quarter worth about $3,006,000. Cleararc Capital Inc. purchased a new stake in Western Digital during the first quarter worth about $234,000. Hendley & Co. Inc. increased its holdings in Western Digital by 0.6% during the first quarter. Hendley & Co. Inc. now owns 55,395 shares of the data storage provider’s stock worth $2,662,000 after buying an additional 320 shares during the last quarter. Finally, Allstate Corp purchased a new stake in Western Digital during the first quarter worth about $716,000. 87.64% of the stock is currently owned by hedge funds and other institutional investors.
NASDAQ WDC traded up $0.07 on Tuesday, hitting $41.10. 5,220,686 shares of the company were exchanged, compared to its average volume of 6,677,296. The stock has a market capitalization of $12.16 billion, a P/E ratio of 3.04, a PEG ratio of 4.98 and a beta of 1.67. Western Digital has a 12 month low of $33.83 and a 12 month high of $80.12. The stock’s fifty day moving average is $40.64. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.30 and a current ratio of 2.11.
Western Digital (NASDAQ:WDC) last issued its earnings results on Monday, April 29th. The data storage provider reported $0.17 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.46 by ($0.29). The company had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.68 billion. Western Digital had a return on equity of 19.87% and a net margin of 1.10%. The firm’s revenue was down 26.7% compared to the same quarter last year. During the same period in the prior year, the company earned $3.63 earnings per share. As a group, research analysts anticipate that Western Digital will post 4.02 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.87%. The ex-dividend date is Thursday, June 27th. Western Digital’s dividend payout ratio (DPR) is 14.80%.
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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