Today: The Western Digital Corp. (WDC) Upgraded to Strong-Buy at Vetr Inc.

The Western Digital Corp. (WDC) Upgraded to Strong-Buy at Vetr Inc.

Vetr upgraded shares of Western Digital Corp. (NASDAQ:WDC) from a buy rating to a strong-buy rating in a research report sent to investors on Tuesday morning. Vetr currently has $73.29 price objective on the data storage provider’s stock.

A number of other research analysts have also weighed in on the company. Stifel Nicolaus reaffirmed a buy rating and set a $75.00 price objective on shares of Western Digital Corp. in a report on Sunday, July 31st. Goldman Sachs Group Inc. lowered Western Digital Corp. from a neutral rating to a sell rating and dropped their price objective for the stock from $47.00 to $38.00 in a report on Wednesday, August 3rd. Maxim Group upped their price objective on Western Digital Corp. from $85.00 to $88.00 and gave the stock a buy rating in a report on Wednesday, October 12th. Argus reaffirmed a buy rating and set a $60.00 price objective on shares of Western Digital Corp. in a report on Tuesday, August 2nd. Finally, Cowen and Company boosted their target price on Western Digital Corp. from $50.00 to $55.00 and gave the stock an outperform rating in a research report on Friday, July 29th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $68.03.

Shares of Western Digital Corp. (NASDAQ:WDC) opened at 61.59 on Tuesday. The firm has a 50 day moving average price of $57.25 and a 200-day moving average price of $50.49. Western Digital Corp. has a 52 week low of $34.99 and a 52 week high of $64.73. The firm’s market capitalization is $17.58 billion.

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

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 17th. Stockholders of record on Friday, December 30th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.25%. The ex-dividend date is Wednesday, December 28th. Western Digital Corp.’s dividend payout ratio (DPR) is presently -162.60%.

In other news, insider Michael D. Cordano sold 7,185 shares of Western Digital Corp. stock in a transaction on Wednesday, September 21st. The stock was sold at an average price of $54.50, for a total transaction of $391,582.50. Following the transaction, the insider now directly owns 82,988 shares in the company, valued at approximately $4,522,846. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Matthew E. Massengill sold 2,187 shares of Western Digital Corp. stock in a transaction on Monday, November 7th. The shares were sold at an average price of $57.31, for a total value of $125,336.97. Following the transaction, the director now owns 15,579 shares in the company, valued at $892,832.49. The disclosure for this sale can be found here. Insiders own 0.46% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Western Digital Corp. by 24.7% in the second quarter. Vanguard Group Inc. now owns 24,858,936 shares of the data storage provider’s stock valued at $1,174,834,000 after buying an additional 4,925,997 shares during the period. State Street Corp boosted its position in shares of Western Digital Corp. by 7.7% in the second quarter. State Street Corp now owns 10,767,538 shares of the data storage provider’s stock valued at $508,875,000 after buying an additional 772,439 shares during the period. American International Group Inc. boosted its position in shares of Western Digital Corp. by 5.1% in the third quarter. American International Group Inc. now owns 10,109,982 shares of the data storage provider’s stock valued at $591,131,000 after buying an additional 489,981 shares during the period. BlackRock Institutional Trust Company N.A. boosted its position in shares of Western Digital Corp. by 3.2% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 7,453,878 shares of the data storage provider’s stock valued at $435,828,000 after buying an additional 228,046 shares during the period. Finally, BlackRock Fund Advisors boosted its position in shares of Western Digital Corp. by 4.7% in the third quarter. BlackRock Fund Advisors now owns 4,843,732 shares of the data storage provider’s stock valued at $283,213,000 after buying an additional 218,012 shares during the period. Institutional investors 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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