Trading Report: Today, Western Digital Corp. (WDC) Upgrade at Vetr Inc.

Today, Western Digital Corp. (WDC) Upgrade at Vetr Inc.

Western Digital Corp. (NASDAQ:WDC) was upgraded by stock analysts at Vetr from a “buy” rating to a “strong-buy” rating in a research report issued on Tuesday. The firm currently has a $73.29 price target on the data storage provider’s stock. Vetr‘s target price indicates a potential upside of 20.07% from the company’s previous close.

WDC has been the subject of several other research reports. Stifel Nicolaus restated a “buy” rating and set a $75.00 price target on shares of Western Digital Corp. in a research report on Sunday, July 31st. Goldman Sachs Group Inc. lowered shares of Western Digital Corp. from a “neutral” rating to a “sell” rating and reduced their price target for the company from $47.00 to $38.00 in a research report on Wednesday, August 3rd. Maxim Group increased their price target on shares of Western Digital Corp. from $85.00 to $88.00 and gave the company a “buy” rating in a research report on Wednesday, October 12th. Argus restated a “buy” rating and set a $60.00 price target on shares of Western Digital Corp. in a research report on Tuesday, August 2nd. Finally, Cowen and Company increased their price target on shares of Western Digital Corp. from $50.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, July 29th. One analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company. Western Digital Corp. presently has a consensus rating of “Buy” and an average price target of $68.03.

Shares of Western Digital Corp. (NASDAQ:WDC) remained flat at $61.04 during mid-day trading on Tuesday. The firm has a 50 day moving average price of $57.21 and a 200-day moving average price of $50.31. Western Digital Corp. has a 12-month low of $34.99 and a 12-month high of $64.73. The stock’s market cap is $17.43 billion.

Western Digital Corp. (NASDAQ:WDC) last released its quarterly earnings data on Wednesday, October 26th. The data storage provider reported $1.18 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.05 by $0.13. Western Digital Corp. had a negative net margin of 2.73% and a positive return on equity of 11.74%. The firm had revenue of $4.71 billion for the quarter, compared to the consensus estimate of $4.51 billion. During the same quarter in the prior year, the company posted $1.56 earnings per share. The business’s revenue was up 40.3% on a year-over-year basis. Equities analysts predict that Western Digital Corp. will post $6.62 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 17th. Shareholders of record on Friday, December 30th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.28%. The ex-dividend date of this dividend is Wednesday, December 28th. Western Digital Corp.’s dividend payout ratio is currently -162.60%.

In other Western Digital Corp. news, insider Michael D. Cordano sold 7,185 shares of the company’s stock in a transaction dated Wednesday, September 21st. The shares were sold at an average price of $54.50, for a total transaction of $391,582.50. Following the transaction, the insider now owns 82,988 shares in the company, valued at approximately $4,522,846. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michael Charles Ray sold 6,183 shares of the company’s stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $60.00, for a total transaction of $370,980.00. Following the transaction, the executive vice president now owns 42,941 shares in the company, valued at approximately $2,576,460. The disclosure for this sale can be found here. Company insiders own 0.46% of the company’s stock.

A number of institutional investors have recently bought and sold shares of WDC. Huntington National Bank boosted its position in shares of Western Digital Corp. by 511.2% in the third quarter. Huntington National Bank now owns 2,017 shares of the data storage provider’s stock valued at $119,000 after buying an additional 1,687 shares during the period. Penserra Capital Management LLC raised its stake in Western Digital Corp. by 112.2% in the third quarter. Penserra Capital Management LLC now owns 2,122 shares of the data storage provider’s stock valued at $123,000 after buying an additional 1,122 shares in the last quarter. NEXT Financial Group Inc raised its stake in Western Digital Corp. by 724.6% in the third quarter. NEXT Financial Group Inc now owns 2,177 shares of the data storage provider’s stock valued at $127,000 after buying an additional 1,913 shares in the last quarter. Checchi Capital Advisers LLC raised its stake 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. Finally, Amica Retiree Medical Trust raised its stake in Western Digital Corp. by 28.9% in the second quarter. Amica Retiree Medical Trust now owns 2,203 shares of the data storage provider’s stock valued at $104,000 after buying an additional 494 shares in the last quarter. Institutional investors and hedge funds own 87.20% of the company’s stock.

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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