The Susquehanna Reaffirms Buy Rating for Western Digital Corp. (WDC)

The Susquehanna Reaffirms Buy Rating for Western Digital Corp. (WDC)

Susquehanna restated their buy rating on shares of Western Digital Corp. (NASDAQ:WDC) in a research note released on Friday morning. Susquehanna currently has a $80.00 price objective on the data storage provider’s stock.

Several other brokerages have also recently weighed in on WDC. Vetr upgraded shares of Western Digital Corp. from a hold rating to a buy rating and set a $63.25 price objective on the stock in a research note on Monday, October 3rd. Royal Bank Of Canada raised their target price on shares of Western Digital Corp. from $60.00 to $65.00 and gave the stock an outperform rating in a research note on Monday, October 3rd. Mizuho restated a buy rating and set a $60.00 target price on shares of Western Digital Corp. in a research note on Monday, October 3rd. RBC Capital Markets restated an outperform rating and set a $65.00 target price (up previously from $60.00) on shares of Western Digital Corp. in a research note on Monday, October 3rd. Finally, Barclays PLC restated a top pick rating and set a $71.00 target price (up previously from $61.00) on shares of Western Digital Corp. in a research note on Thursday, September 29th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-three have given a buy rating and two have assigned a strong buy rating to the stock. The company has an average rating of Buy and a consensus target price of $64.85.

Shares of Western Digital Corp. (NASDAQ:WDC) opened at 56.62 on Friday. Western Digital Corp. has a 12-month low of $34.99 and a 12-month high of $86.39. The firm has a market capitalization of $16.10 billion, a PE ratio of 56.62 and a beta of 1.28. The firm has a 50-day moving average of $53.35 and a 200-day moving average of $47.32.

Western Digital Corp. (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, July 28th. The data storage provider reported $0.79 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.08. Western Digital Corp. had a net margin of 1.98% and a return on equity of 12.42%. The firm had revenue of $3.50 billion for the quarter, compared to analysts’ expectations of $3.44 billion. During the same quarter in the prior year, the business earned $1.51 EPS. The business’s quarterly revenue was up 9.5% on a year-over-year basis. Equities analysts anticipate that Western Digital Corp. will post $4.60 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be paid a dividend of $0.50 per share. The ex-dividend date is Wednesday, September 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.53%. Western Digital Corp.’s payout ratio is 158.73%.

In related news, insider Michael D. Cordano sold 18,250 shares of the company’s stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $59.15, for a total value of $1,079,487.50. Following the sale, the insider now owns 58,153 shares in the company, valued at $3,439,749.95. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Michael Charles Ray sold 2,719 shares of the company’s stock in a transaction that occurred on Tuesday, September 27th. The shares were sold at an average price of $58.63, for a total value of $159,414.97. Following the completion of the sale, the executive vice president now owns 51,843 shares in the company, valued at approximately $3,039,555.09. The disclosure for this sale can be found here. Insiders own 0.46% of the company’s stock.

Large investors have recently modified their holdings of the stock. Canada Pension Plan Investment Board raised its stake in shares of Western Digital Corp. by 164.5% in the first quarter. Canada Pension Plan Investment Board now owns 540,297 shares of the data storage provider’s stock worth $25,524,000 after buying an additional 336,000 shares in the last quarter. Menta Capital LLC raised its stake in shares of Western Digital Corp. by 526.8% in the first quarter. Menta Capital LLC now owns 25,700 shares of the data storage provider’s stock worth $1,214,000 after buying an additional 21,600 shares in the last quarter. C M Bidwell & Associates Ltd. raised its stake in shares of Western Digital Corp. by 18.3% in the first quarter. C M Bidwell & Associates Ltd. now owns 75,565 shares of the data storage provider’s stock worth $3,570,000 after buying an additional 11,690 shares in the last quarter. Blue Rock Advisors LLC purchased a new stake in shares of Western Digital Corp. during the first quarter worth approximately $134,000. Finally, Advisor Partners LLC raised its stake in shares of Western Digital Corp. by 24.8% in the first quarter. Advisor Partners LLC now owns 4,912 shares of the data storage provider’s stock worth $232,000 after buying an additional 976 shares in the last quarter. Hedge funds and other institutional investors own 86.77% of the company’s stock.

Western Digital Corp. Company Profile

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