JPMorgan Chase assumed coverage on shares of Western Digital (NASDAQ:WDC) in a research note released on Monday, Marketbeat Ratings reports. The firm issued an overweight rating and a $120.00 price target on the data storage provider’s stock.
Several other analysts have also recently issued reports on WDC. ValuEngine raised shares of Western Digital from a buy rating to a strong-buy rating in a research note on Saturday, March 17th. Robert W. Baird raised shares of Western Digital from a neutral rating to an outperform rating in a research note on Friday, March 16th. BidaskClub raised shares of Western Digital from a buy rating to a strong-buy rating in a research note on Saturday, March 10th. Barclays boosted their price objective on shares of Western Digital from $110.00 to $120.00 and gave the company an overweight rating in a research note on Tuesday, March 27th. Finally, Zacks Investment Research raised shares of Western Digital from a hold rating to a strong-buy rating and set a $108.00 price objective for the company in a research note on Friday, March 30th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $111.40.
Shares of Western Digital opened at $86.52 on Monday, according to Marketbeat Ratings. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.39 and a quick ratio of 1.76. The firm has a market capitalization of $24.83 billion, a price-to-earnings ratio of 10.95, a price-to-earnings-growth ratio of 0.33 and a beta of 1.04. Western Digital has a fifty-two week low of $83.52 and a fifty-two week high of $85.97.
Western Digital (NASDAQ:WDC) last issued its quarterly earnings results on Thursday, April 26th. The data storage provider reported $3.63 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $3.31 by $0.32. The company had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.93 billion. Western Digital had a return on equity of 34.22% and a net margin of 0.98%. Western Digital’s revenue was up 7.8% on a year-over-year basis. During the same period in the previous year, the firm posted $2.39 EPS. analysts forecast that Western Digital will post 13.39 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 16th. Shareholders of record on Friday, June 29th will be issued a $0.50 dividend. The ex-dividend date is Thursday, June 28th. This represents a $2.00 dividend on an annualized basis and a yield of 2.31%. Western Digital’s dividend payout ratio is currently 25.32%.
In other Western Digital news, CEO Stephen D. Milligan sold 23,155 shares of the business’s stock in a transaction on Wednesday, March 7th. The shares were sold at an average price of $94.49, for a total value of $2,187,915.95. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Michael Charles Ray sold 10,767 shares of the business’s stock in a transaction on Tuesday, March 13th. The stock was sold at an average price of $104.39, for a total transaction of $1,123,967.13. Following the completion of the transaction, the executive vice president now owns 95,426 shares in the company, valued at approximately $9,961,520.14. The disclosure for this sale can be found here. Insiders sold a total of 141,014 shares of company stock worth $13,277,976 in the last quarter. 0.31% of the stock is currently owned by company insiders.
Several institutional investors have recently modified their holdings of WDC. Amerigo Asset Management acquired a new stake in shares of Western Digital in the 1st quarter valued at about $238,104,000. Two Sigma Investments LP raised its stake in shares of Western Digital by 23,509.1% in the 4th quarter. Two Sigma Investments LP now owns 1,582,516 shares of the data storage provider’s stock valued at $125,857,000 after purchasing an additional 1,575,813 shares in the last quarter. Two Sigma Advisers LP raised its stake in shares of Western Digital by 1,864.6% in the 4th quarter. Two Sigma Advisers LP now owns 1,186,316 shares of the data storage provider’s stock valued at $94,348,000 after purchasing an additional 1,125,930 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Western Digital by 67.1% in the 4th quarter. Renaissance Technologies LLC now owns 2,431,182 shares of the data storage provider’s stock valued at $193,352,000 after purchasing an additional 976,433 shares in the last quarter. Finally, Bank of Montreal Can raised its stake in shares of Western Digital by 267.4% in the 4th quarter. Bank of Montreal Can now owns 1,232,616 shares of the data storage provider’s stock valued at $98,029,000 after purchasing an additional 897,108 shares in the last quarter. Institutional investors and hedge funds own 85.69% of the company’s stock.
About Western Digital
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.
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