Western Digital (WDC) Stock Rating Lowered by BMO Capital Markets

BMO Capital Markets lowered shares of Western Digital (NASDAQ:WDC) from an outperform rating to a market perform rating in a report issued on Thursday, Marketbeat.com reports. They currently have $90.00 price objective on the data storage provider’s stock, down from their previous price objective of $120.00.

Several other equities analysts have also commented on WDC. Benchmark reissued a buy rating and set a $135.00 price objective on shares of Western Digital in a research report on Thursday, September 7th. Vetr raised Western Digital from a buy rating to a strong-buy rating and set a $100.00 price objective for the company in a research report on Tuesday, September 12th. Royal Bank of Canada reissued a buy rating and set a $115.00 price objective on shares of Western Digital in a research report on Tuesday, September 12th. Summit Redstone reissued a hold rating on shares of Western Digital in a research report on Wednesday, September 13th. Finally, Longbow Research reissued a buy rating and set a $120.00 price objective on shares of Western Digital in a research report on Thursday, September 14th. Ten investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and three have issued a strong buy rating to the company’s stock. Western Digital presently has an average rating of Buy and an average price target of $112.10.

Western Digital (NASDAQ WDC) traded down $2.01 during trading hours on Thursday, reaching $80.68. 453,598 shares of the company traded hands, compared to its average volume of 4,310,000. The company has a current ratio of 2.64, a quick ratio of 2.13 and a debt-to-equity ratio of 1.07. The company has a market capitalization of $23,820.00, a PE ratio of 16.84, a P/E/G ratio of 0.27 and a beta of 1.12. Western Digital has a twelve month low of $69.10 and a twelve month high of $95.77.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings data on Thursday, October 26th. The data storage provider reported $3.56 EPS for the quarter, beating the consensus estimate of $3.01 by $0.55. The business had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.13 billion. Western Digital had a return on equity of 26.48% and a net margin of 7.38%. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.18 earnings per share. analysts predict that Western Digital will post 12.21 earnings per share for the current fiscal year.

Western Digital declared that its board has initiated a stock repurchase program on Thursday, November 9th that authorizes the company to repurchase $2.10 billion in shares. This repurchase authorization authorizes the data storage provider to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.48%. The ex-dividend date is Thursday, December 28th. Western Digital’s dividend payout ratio is presently 41.75%.

In other Western Digital news, insider Michael D. Cordano sold 1,401 shares of the business’s stock in a transaction dated Tuesday, December 19th. The stock was sold at an average price of $85.00, for a total value of $119,085.00. Following the completion of the transaction, the insider now owns 70,560 shares of the company’s stock, valued at approximately $5,997,600. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Michael D. Cordano sold 1,397 shares of the business’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $88.13, for a total value of $123,117.61. Following the completion of the transaction, the insider now directly owns 70,556 shares of the company’s stock, valued at approximately $6,218,100.28. The disclosure for this sale can be found here. In the last three months, insiders sold 16,039 shares of company stock valued at $1,400,999. 0.31% of the stock is owned by insiders.

A number of large investors have recently modified their holdings of the business. QUANTRES ASSET MANAGEMENT Ltd grew its stake in shares of Western Digital by 102.3% during the 4th quarter. QUANTRES ASSET MANAGEMENT Ltd now owns 8,900 shares of the data storage provider’s stock valued at $708,000 after purchasing an additional 4,500 shares during the period. Prudential Financial Inc. grew its stake in shares of Western Digital by 28.0% during the 3rd quarter. Prudential Financial Inc. now owns 952,984 shares of the data storage provider’s stock valued at $82,339,000 after purchasing an additional 208,494 shares during the period. Atlantic Trust Group LLC grew its stake in shares of Western Digital by 20.2% during the 3rd quarter. Atlantic Trust Group LLC now owns 19,241 shares of the data storage provider’s stock valued at $1,662,000 after purchasing an additional 3,232 shares during the period. Parametric Portfolio Associates LLC grew its stake in shares of Western Digital by 13.1% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 958,493 shares of the data storage provider’s stock valued at $82,814,000 after purchasing an additional 111,111 shares during the period. Finally, Coastline Trust Co grew its stake in shares of Western Digital by 16.6% during the 3rd quarter. Coastline Trust Co now owns 13,236 shares of the data storage provider’s stock valued at $1,144,000 after purchasing an additional 1,880 shares during the period. 83.78% of the stock is owned by institutional investors and hedge funds.

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About Western Digital

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).

Analyst Recommendations for Western Digital (NASDAQ:WDC)

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