Western Digital (WDC) Receives Outperform Rating from Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of Western Digital (NASDAQ:WDC) in a report released on Thursday, March 28th, Stock Target Advisor reports. They currently have a $55.00 price objective on the data storage provider’s stock.

Several other research firms have also recently commented on WDC. Benchmark reaffirmed a hold rating on shares of Western Digital in a report on Friday, March 1st. BidaskClub raised Western Digital from a sell rating to a hold rating in a report on Tuesday, February 5th. Cascend Securities raised Western Digital from a hold rating to a buy rating and set a $58.00 price target for the company in a report on Friday, February 22nd. Zacks Investment Research raised Western Digital from a strong sell rating to a hold rating in a report on Wednesday, March 20th. Finally, Goldman Sachs Group upped their price target on Western Digital from $42.00 to $49.00 and gave the company a neutral rating in a report on Wednesday, March 27th. Three research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and sixteen have assigned a buy rating to the company. Western Digital presently has an average rating of Hold and a consensus target price of $64.79.

Shares of NASDAQ WDC traded up $0.94 during trading hours on Thursday, hitting $55.39. 5,652,321 shares of the company’s stock were exchanged, compared to its average volume of 5,930,155. Western Digital has a 1-year low of $33.83 and a 1-year high of $91.55. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.45 and a current ratio of 2.24. The stock has a market capitalization of $16.11 billion, a PE ratio of 4.10, a P/E/G ratio of 0.63 and a beta of 1.48.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings data on Thursday, January 24th. The data storage provider reported $1.45 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.18. Western Digital had a return on equity of 28.88% and a net margin of 4.34%. The business had revenue of $4.23 billion during the quarter, compared to analysts’ expectations of $4.26 billion. During the same quarter in the previous year, the firm earned $3.95 EPS. The firm’s revenue was down 20.7% compared to the same quarter last year. As a group, equities research analysts forecast that Western Digital will post 4.64 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $2.00 dividend on an annualized basis and a yield of 3.61%. Western Digital’s dividend payout ratio (DPR) is presently 14.80%.

In related news, insider Mark P. Long sold 17,623 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $50.00, for a total transaction of $881,150.00. Following the sale, the insider now directly owns 158,744 shares in the company, valued at approximately $7,937,200. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.36% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WDC. Clearbridge Investments LLC boosted its position in Western Digital by 13.2% in the 3rd quarter. Clearbridge Investments LLC now owns 8,932,221 shares of the data storage provider’s stock valued at $522,892,000 after buying an additional 1,041,135 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its position in Western Digital by 6,696.6% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 8,203,643 shares of the data storage provider’s stock valued at $222,000 after buying an additional 8,082,941 shares during the last quarter. American International Group Inc. boosted its position in Western Digital by 1,949.8% in the 4th quarter. American International Group Inc. now owns 7,444,864 shares of the data storage provider’s stock valued at $275,237,000 after buying an additional 7,081,673 shares during the last quarter. Geode Capital Management LLC boosted its position in Western Digital by 4.0% in the 4th quarter. Geode Capital Management LLC now owns 4,730,731 shares of the data storage provider’s stock valued at $174,707,000 after buying an additional 179,818 shares during the last quarter. Finally, FMR LLC boosted its position in Western Digital by 50.8% in the 4th quarter. FMR LLC now owns 4,576,631 shares of the data storage provider’s stock valued at $169,198,000 after buying an additional 1,540,813 shares during the last quarter. Institutional investors and hedge funds own 85.40% of the company’s stock.

Western Digital Company Profile

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.

See Also: Sell-Side Analysts

Analyst Recommendations for Western Digital (NASDAQ:WDC)

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