Western Digital (WDC) Receives $111.44 Average PT from Analysts

Western Digital (NASDAQ:WDC) has earned a consensus recommendation of “Buy” from the thirty-four analysts that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, eight have assigned a hold recommendation, twenty-three have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $111.92.

WDC has been the topic of several recent analyst reports. Craig Hallum boosted their price objective on shares of Western Digital from $110.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, March 5th. BidaskClub lowered shares of Western Digital from a “strong-buy” rating to a “buy” rating in a research note on Thursday, April 26th. Cowen set a $117.00 price objective on shares of Western Digital and gave the stock an “outperform” rating in a research note on Tuesday, January 23rd. Benchmark restated a “buy” rating and set a $130.00 price objective on shares of Western Digital in a research note on Friday, April 27th. Finally, BTIG Research restated a “buy” rating on shares of Western Digital in a research note on Sunday, April 29th.

Shares of Western Digital stock traded down $0.67 during trading on Monday, hitting $86.35. 174,624 shares of the stock were exchanged, compared to its average volume of 4,083,709. The firm has a market capitalization of $24.83 billion, a PE ratio of 10.98, a P/E/G ratio of 0.33 and a beta of 1.04. Western Digital has a 1-year low of $83.52 and a 1-year high of $85.97. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.39 and a quick ratio of 1.76.

Western Digital (NASDAQ:WDC) last released its quarterly earnings data on Thursday, April 26th. The data storage provider reported $3.63 earnings per share for the quarter, topping the consensus estimate of $3.31 by $0.32. The company had revenue of $5.01 billion for the quarter, compared to analyst estimates of $4.93 billion. Western Digital had a net margin of 0.98% and a return on equity of 34.22%. Western Digital’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period in the previous year, the business earned $2.39 EPS. analysts expect that Western Digital will post 13.39 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 16th. Shareholders of record on Friday, June 29th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, June 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.32%. Western Digital’s payout ratio is presently 25.32%.

In other news, CEO Stephen D. Milligan sold 23,155 shares of the company’s stock in a transaction that occurred on Wednesday, March 7th. The shares were sold at an average price of $94.49, for a total transaction of $2,187,915.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael Charles Ray sold 4,386 shares of the company’s stock in a transaction that occurred on Friday, May 4th. The stock was sold at an average price of $76.64, for a total transaction of $336,143.04. Following the sale, the executive vice president now directly owns 99,812 shares of the company’s stock, valued at approximately $7,649,591.68. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 141,014 shares of company stock worth $13,277,976. Company insiders own 0.31% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. LS Investment Advisors LLC lifted its holdings in shares of Western Digital by 6.5% during the 1st quarter. LS Investment Advisors LLC now owns 11,485 shares of the data storage provider’s stock worth $1,060,000 after acquiring an additional 702 shares during the period. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Western Digital by 1.6% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 46,029 shares of the data storage provider’s stock worth $3,661,000 after acquiring an additional 736 shares during the period. Hourglass Capital LLC lifted its holdings in shares of Western Digital by 26.7% during the 1st quarter. Hourglass Capital LLC now owns 3,800 shares of the data storage provider’s stock worth $351,000 after acquiring an additional 800 shares during the period. Harwood Advisory Group LLC lifted its holdings in shares of Western Digital by 7.5% during the 4th quarter. Harwood Advisory Group LLC now owns 11,657 shares of the data storage provider’s stock worth $927,000 after acquiring an additional 814 shares during the period. Finally, Atria Investments LLC lifted its stake in Western Digital by 9.5% in the 4th quarter. Atria Investments LLC now owns 9,432 shares of the data storage provider’s stock valued at $750,000 after purchasing an additional 822 shares during the last quarter. 85.69% of the stock is owned by institutional investors.

Western Digital Company Profile

Western Digital Corporation, together with its subsidiaries, develops, manufactures, and sells data storage devices and solutions worldwide. It offers performance hard disk drives (HDDs) that are used in enterprise servers, data analysis, and other enterprise applications; capacity HDDs and drive configurations for use in data storage systems and tiered storage models; and enterprise solid state drives (SSDs), including NAND-flash SSDs and software solutions that are designed to enhance the performance in various enterprise workload environments.

Analyst Recommendations for Western Digital (NASDAQ:WDC)

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