Western Digital Corporation (NASDAQ:WDC)‘s stock had its “outperform” rating reissued by stock analysts at RBC Capital Markets in a research report issued to clients and investors on Monday. They currently have a $80.00 price target on the data storage provider’s stock. RBC Capital Markets’ target price indicates a potential upside of 5.25% from the company’s current price.
WDC has been the topic of a number of other research reports. Susquehanna reissued a “buy” rating and set a $80.00 price objective on shares of Western Digital Corporation in a report on Friday, October 7th. BMO Capital Markets raised Western Digital Corporation from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $66.00 to $90.00 in a report on Thursday, January 5th. Barclays PLC reissued an “overweight” rating and set a $75.00 price objective (up previously from $72.00) on shares of Western Digital Corporation in a report on Thursday, December 8th. Zacks Investment Research raised Western Digital Corporation from a “hold” rating to a “buy” rating and set a $60.00 price objective on the stock in a report on Wednesday, October 19th. Finally, Needham & Company LLC increased their price objective on Western Digital Corporation from $67.00 to $69.00 and gave the company a “strong-buy” rating in a report on Thursday, October 27th. Nine investment analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $75.61.
Shares of Western Digital Corporation (NASDAQ:WDC) opened at 76.01 on Monday. Western Digital Corporation has a one year low of $34.99 and a one year high of $76.52. The company’s market capitalization is $21.70 billion. The stock has a 50 day moving average price of $69.36 and a 200-day moving average price of $57.28.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 17th. Shareholders of record on Friday, December 30th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date of this dividend was Wednesday, December 28th. Western Digital Corporation’s dividend payout ratio (DPR) is presently -162.60%.
In related news, insider Michael D. Cordano sold 889 shares of the business’s stock in a transaction that occurred on Monday, November 7th. The stock was sold at an average price of $56.41, for a total value of $50,148.49. Following the completion of the sale, the insider now directly owns 55,772 shares in the company, valued at $3,146,098.52. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Michael D. Cordano sold 7,753 shares of the business’s stock in a transaction that occurred on Wednesday, December 7th. The shares were sold at an average price of $66.91, for a total value of $518,753.23. Following the completion of the sale, the insider now owns 54,014 shares of the company’s stock, valued at $3,614,076.74. The disclosure for this sale can be found here. In the last three months, insiders have sold 158,859 shares of company stock worth $10,729,219. Company insiders own 0.46% of the company’s stock.
Several large investors have recently modified their holdings of WDC. American International Group Inc. boosted its stake in shares of Western Digital Corporation by 8,124.5% in the second quarter. American International Group Inc. now owns 9,620,001 shares of the data storage provider’s stock valued at $454,641,000 after buying an additional 9,503,034 shares during the period. Neuberger Berman Group LLC boosted its stake in shares of Western Digital Corporation by 103.1% in the second quarter. Neuberger Berman Group LLC now owns 3,393,531 shares of the data storage provider’s stock valued at $160,379,000 after buying an additional 1,722,928 shares during the period. Appaloosa LP bought a new stake in shares of Western Digital Corporation during the second quarter valued at about $68,527,000. Miller Howard Investments Inc. NY bought a new stake in shares of Western Digital Corporation during the third quarter valued at about $77,016,000. Finally, Primecap Management Co. CA bought a new stake in shares of Western Digital Corporation during the second quarter valued at about $61,099,000. Institutional investors and hedge funds own 87.02% of the company’s stock.
About Western Digital Corporation
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage devices and solutions that address the needs of the information technology (IT) industry and the infrastructure that enables the proliferation of data in virtually every industry. The Company’s portfolio of offerings addresses three categories: Datacenter Devices and Solutions (capacity and performance enterprise hard disk drives (HDDs), enterprise solid state drives (SSDs), datacenter software and system solutions); Client Devices (mobile, desktop, gaming and digital video hard drives, client SSDs, embedded products and wafers), and Client Solutions (removable products, hard drive content solutions and flash content solutions).