Western Digital Corporation (WDC) Upgraded at Vetr Inc.

Vetr upgraded shares of Western Digital Corporation (NASDAQ:WDC) from a buy rating to a strong-buy rating in a report published on Monday. Vetr currently has $98.49 price target on the data storage provider’s stock.

Other equities research analysts also recently issued reports about the stock. UBS AG reiterated a neutral rating and set a $92.00 price objective (up from $90.00) on shares of Western Digital Corporation in a research note on Wednesday, June 28th. Maxim Group reiterated a buy rating and set a $108.00 price objective on shares of Western Digital Corporation in a research note on Wednesday, June 21st. Susquehanna Bancshares Inc reiterated a positive rating on shares of Western Digital Corporation in a research note on Friday, June 30th. FBN Securities boosted their price objective on shares of Western Digital Corporation from $105.00 to $115.00 and gave the stock an outperform rating in a research note on Friday, June 30th. Finally, Royal Bank Of Canada reiterated an outperform rating on shares of Western Digital Corporation in a research note on Thursday, July 13th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-four have given a buy rating and three have issued a strong buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $111.50.

Shares of Western Digital Corporation (WDC) traded up 1.66% during trading on Monday, reaching $86.90. 1,769,361 shares of the company’s stock traded hands. The stock has a 50-day moving average of $86.64 and a 200-day moving average of $87.56. The company has a market capitalization of $25.62 billion, a price-to-earnings ratio of 64.85 and a beta of 1.24. Western Digital Corporation has a 1-year low of $52.62 and a 1-year high of $95.77.

Western Digital Corporation (NASDAQ:WDC) last released its quarterly earnings data on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.51 by $0.42. Western Digital Corporation had a net margin of 2.08% and a return on equity of 21.23%. The company had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.82 billion. During the same period in the previous year, the firm earned $0.79 earnings per share. Western Digital Corporation’s revenue for the quarter was up 38.5% on a year-over-year basis. On average, equities analysts predict that Western Digital Corporation will post $12.40 EPS for the current fiscal year.

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The business also recently announced a quarterly dividend, which was paid on Monday, October 16th. Investors of record on Friday, September 29th were given a $0.50 dividend. The ex-dividend date was Thursday, September 28th. This represents a $2.00 dividend on an annualized basis and a yield of 2.34%. Western Digital Corporation’s dividend payout ratio is presently 156.25%.

In other news, insider Michael D. Cordano sold 9,404 shares of the firm’s stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $88.71, for a total transaction of $834,228.84. Following the completion of the transaction, the insider now owns 75,385 shares in the company, valued at approximately $6,687,403.35. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Mark P. Long sold 1,517 shares of the firm’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $80.97, for a total transaction of $122,831.49. Following the transaction, the chief financial officer now owns 88,207 shares of the company’s stock, valued at approximately $7,142,120.79. The disclosure for this sale can be found here. Insiders sold a total of 77,679 shares of company stock valued at $6,561,639 in the last quarter. 0.31% of the stock is currently owned by insiders.

Several large investors have recently bought and sold shares of WDC. Schroder Investment Management Group boosted its position in shares of Western Digital Corporation by 229.9% during the 1st quarter. Schroder Investment Management Group now owns 3,731 shares of the data storage provider’s stock valued at $313,000 after purchasing an additional 2,600 shares in the last quarter. SRS Capital Advisors Inc. boosted its position in shares of Western Digital Corporation by 26.7% during the 1st quarter. SRS Capital Advisors Inc. now owns 1,453 shares of the data storage provider’s stock valued at $119,000 after purchasing an additional 306 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Western Digital Corporation by 3.3% during the 1st quarter. Legal & General Group Plc now owns 1,325,881 shares of the data storage provider’s stock valued at $109,431,000 after purchasing an additional 42,579 shares in the last quarter. Banco BTG Pactual S.A. bought a new position in shares of Western Digital Corporation during the 1st quarter valued at about $743,000. Finally, Sentry Investment Management LLC boosted its position in shares of Western Digital Corporation by 9.9% during the 1st quarter. Sentry Investment Management LLC now owns 22,615 shares of the data storage provider’s stock valued at $1,866,000 after purchasing an additional 2,045 shares in the last quarter. Institutional investors own 82.29% of the company’s stock.

Western Digital Corporation Company Profile

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).

To view Vetr’s full report, visit Vetr’s official website.

Analyst Recommendations for Western Digital Corporation (NASDAQ:WDC)

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