Western Digital Corp (NASDAQ:WDC) Receives $60.40 Average Target Price from Analysts

Shares of Western Digital Corp (NASDAQ:WDC) have earned an average rating of “Hold” from the thirty-two ratings firms that are covering the stock, Marketbeat.com reports. Four equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $60.10.

Several equities research analysts have recently weighed in on the company. Cleveland Research assumed coverage on Western Digital in a research note on Friday, June 7th. They set a “hold” rating for the company. Benchmark reissued a “sell” rating and set a $40.00 price objective on shares of Western Digital in a research note on Thursday, August 1st. Bank of America reissued a “buy” rating and set a $60.00 price objective (up from $55.00) on shares of Western Digital in a research note on Wednesday, April 24th. Stifel Nicolaus raised their price objective on Western Digital from $48.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, April 30th. Finally, Mizuho raised their price objective on Western Digital from $55.00 to $61.00 and gave the stock an “in-line” rating in a research note on Thursday, August 1st.

Several institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its position in Western Digital by 1.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,104,843 shares of the data storage provider’s stock worth $114,788,000 after purchasing an additional 43,310 shares in 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 worth $174,707,000 after purchasing an additional 179,818 shares in the last quarter. Thrivent Financial for Lutherans boosted its position in Western Digital by 1.8% in the 4th quarter. Thrivent Financial for Lutherans now owns 13,079 shares of the data storage provider’s stock worth $484,000 after purchasing an additional 230 shares in the last quarter. Macquarie Group Ltd. boosted its position in Western Digital by 6.8% in the 4th quarter. Macquarie Group Ltd. now owns 56,300 shares of the data storage provider’s stock worth $2,081,000 after purchasing an additional 3,600 shares in 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 worth $169,198,000 after purchasing an additional 1,540,813 shares in the last quarter. 88.25% of the stock is owned by institutional investors and hedge funds.

NASDAQ WDC traded down $0.94 on Wednesday, reaching $54.26. 3,458,597 shares of the stock traded hands, compared to its average volume of 6,317,401. The stock’s fifty day moving average price is $51.20. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.36 and a current ratio of 2.22. The company has a market capitalization of $15.48 billion, a P/E ratio of 14.24, a price-to-earnings-growth ratio of 14.57 and a beta of 1.87. Western Digital has a 12 month low of $33.83 and a 12 month high of $65.97.

Western Digital (NASDAQ:WDC) last released its quarterly earnings data on Wednesday, July 31st. The data storage provider reported $0.17 earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.22. The business had revenue of $3.63 billion during the quarter, compared to analyst estimates of $3.67 billion. Western Digital had a positive return on equity of 10.73% and a negative net margin of 4.55%. The company’s revenue was down 29.0% compared to the same quarter last year. During the same period last year, the company posted $3.61 EPS. Research analysts predict that Western Digital will post 1.81 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 22nd. Stockholders of record on Friday, October 4th will be given a $0.50 dividend. The ex-dividend date is Thursday, October 3rd. This represents a $2.00 annualized dividend and a dividend yield of 3.69%. Western Digital’s dividend payout ratio (DPR) is presently 52.49%.

About Western Digital

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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Analyst Recommendations for Western Digital (NASDAQ:WDC)

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