Susquehanna Bancshares reissued their neutral rating on shares of Western Digital (NASDAQ:WDC) in a research report released on Tuesday, Marketbeat Ratings reports. The brokerage currently has a $44.00 price target on the data storage provider’s stock, down from their previous price target of $120.00.
Several other equities research analysts have also recently weighed in on WDC. Maxim Group reiterated a buy rating and issued a $126.00 target price on shares of Western Digital in a report on Friday, July 27th. Royal Bank of Canada lowered their target price on Western Digital to $95.00 and set an in-line rating for the company in a report on Friday, July 27th. Cowen lowered their target price on Western Digital from $105.00 to $100.00 and set an outperform rating for the company in a report on Friday, July 27th. Stifel Nicolaus lowered their target price on Western Digital from $114.00 to $93.00 and set a buy rating for the company in a report on Friday, July 27th. Finally, Cross Research cut Western Digital from a buy rating to a hold rating in a report on Friday, July 27th. Four research analysts have rated the stock with a sell rating, fifteen have given a hold rating and thirteen have issued a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $82.50.
Shares of Western Digital stock opened at $46.90 on Tuesday. The firm has a market capitalization of $13.22 billion, a price-to-earnings ratio of 3.47, a price-to-earnings-growth ratio of 0.39 and a beta of 1.17. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.70 and a current ratio of 2.41. Western Digital has a 52 week low of $40.58 and a 52 week high of $106.96.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 14th. Investors of record on Friday, December 28th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.26%. The ex-dividend date of this dividend is Thursday, December 27th. Western Digital’s dividend payout ratio (DPR) is currently 14.80%.
Western Digital announced that its Board of Directors has authorized a share repurchase program on Thursday, July 26th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the data storage provider to repurchase up to 22.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
In related news, Director Matthew E. Massengill sold 1,681 shares of the company’s stock in a transaction on Monday, November 5th. The stock was sold at an average price of $47.68, for a total transaction of $80,150.08. Following the completion of the sale, the director now directly owns 17,848 shares in the company, valued at approximately $850,992.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.36% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. Ruggie Capital Group purchased a new stake in Western Digital in the second quarter valued at about $100,000. Migdal Insurance & Financial Holdings Ltd. raised its stake in Western Digital by 16,520.0% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,662 shares of the data storage provider’s stock valued at $129,000 after buying an additional 1,652 shares during the last quarter. TRUE Private Wealth Advisors purchased a new stake in Western Digital in the third quarter valued at about $107,000. Captrust Financial Advisors raised its stake in Western Digital by 387.0% in the third quarter. Captrust Financial Advisors now owns 1,836 shares of the data storage provider’s stock valued at $108,000 after buying an additional 1,459 shares during the last quarter. Finally, NEXT Financial Group Inc purchased a new stake in Western Digital in the third quarter valued at about $109,000. Institutional investors own 86.20% 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.
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