Western Digital Corp (WDC) Price Target Increased to $92.00 by Analysts at Royal Bank of Canada

Western Digital Corp (NASDAQ:WDC) had its price target upped by research analysts at Royal Bank of Canada to $92.00 in a research note issued on Tuesday. Royal Bank of Canada’s target price points to a potential upside of 20.39% from the company’s previous close.

A number of other research firms have also recently issued reports on WDC. Vetr cut shares of Western Digital Corp from a “strong-buy” rating to a “buy” rating and set a $67.67 target price for the company. in a research note on Monday, November 21st. Citigroup Inc set a $80.00 target price on shares of Western Digital Corp and gave the stock a “buy” rating in a research note on Wednesday, November 30th. BTIG Research restated a “buy” rating and set a $66.00 target price on shares of Western Digital Corp in a research note on Friday, December 2nd. Susquehanna Bancshares Inc set a $88.00 target price on shares of Western Digital Corp and gave the stock a “buy” rating in a research note on Sunday, December 4th. Finally, Cowen and Company set a $70.00 target price on shares of Western Digital Corp and gave the stock a “buy” rating in a research note on Monday, December 5th. Six equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company. Western Digital Corp presently has a consensus rating of “Buy” and a consensus price target of $82.54.

Analyst Recommendations for Western Digital Corp (NASDAQ:WDC)

Western Digital Corp (NASDAQ:WDC) opened at 76.42 on Tuesday. The firm’s market capitalization is $22.01 billion. Western Digital Corp has a 52-week low of $34.99 and a 52-week high of $81.67. The firm has a 50-day moving average of $76.95 and a 200-day moving average of $65.18.

Western Digital Corp (NASDAQ:WDC) last announced its quarterly earnings results on Wednesday, January 25th. The data storage provider reported $2.30 EPS for the quarter, beating analysts’ consensus estimates of $2.12 by $0.18. The firm earned $4.89 billion during the quarter, compared to analysts’ expectations of $4.76 billion. Western Digital Corp had a negative net margin of 2.56% and a positive return on equity of 13.38%. The company’s revenue for the quarter was up 47.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.60 earnings per share. On average, equities research analysts forecast that Western Digital Corp will post $8.06 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, April 17th. Stockholders of record on Friday, March 31st will be paid a $0.50 dividend. The ex-dividend date is Wednesday, March 29th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.62%. Western Digital Corp’s payout ratio is currently -133.33%.

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In related news, EVP Manish H. Bhatia sold 34,734 shares of Western Digital Corp stock in a transaction that occurred on Monday, February 27th. The shares were sold at an average price of $75.18, for a total transaction of $2,611,302.12. Following the sale, the executive vice president now directly owns 81,948 shares in the company, valued at approximately $6,160,850.64. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Stephen D. Milligan sold 68,419 shares of Western Digital Corp stock in a transaction that occurred on Wednesday, January 25th. The stock was sold at an average price of $77.04, for a total transaction of $5,270,999.76. Following the sale, the chief executive officer now owns 120,866 shares in the company, valued at $9,311,516.64. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 114,945 shares of company stock worth $8,766,112. 0.46% of the stock is currently owned by corporate insiders.

Large investors have recently bought and sold shares of the company. Amerigo Asset Management acquired a new stake in Western Digital Corp during the third quarter valued at approximately $40,956,000. Nexus Investment Management Inc. increased its stake in Western Digital Corp by 4.7% in the third quarter. Nexus Investment Management Inc. now owns 243,750 shares of the data storage provider’s stock valued at $14,252,000 after buying an additional 10,950 shares in the last quarter. CenturyLink Investment Management Co increased its stake in Western Digital Corp by 200.7% in the third quarter. CenturyLink Investment Management Co now owns 19,131 shares of the data storage provider’s stock valued at $1,119,000 after buying an additional 12,768 shares in the last quarter. Capstone Asset Management Co. increased its stake in Western Digital Corp by 4.6% in the third quarter. Capstone Asset Management Co. now owns 27,235 shares of the data storage provider’s stock valued at $1,592,000 after buying an additional 1,207 shares in the last quarter. Finally, Creative Planning increased its stake in Western Digital Corp by 6.2% in the third quarter. Creative Planning now owns 41,400 shares of the data storage provider’s stock valued at $2,421,000 after buying an additional 2,422 shares in the last quarter. Institutional investors and hedge funds own 88.22% of the company’s stock.

Western Digital Corp 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).

5 Day Chart for NASDAQ:WDC

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