Western Digital Corporation (WDC) Coverage Initiated by Analysts at Loop Capital

Alain Brian
Août 12, 2017

On July 24 analysts at Loop Capital added the stock to its research portfolio by announcing an initial rating of "Buy". They now have a $120.00 price objective on the data storage provider's stock.

More notable recent Western Digital Corp (NASDAQ:WDC) news were published by: Investorplace.com which released: "Western Digital Corp (WDC) Stock Holders Will Win the Brawl With Toshiba" on August 11, 2017, also Benzinga.com with their article: "How Western Digital Shares Could Rise 48% Over The Next Year" published on July 25, 2017, Nasdaq.com published: "Western Digital Corp Bottom Line Rises 228% In Q4" on July 27, 2017. Evercore ISI Group started covering the stock setting a rating of "Buy". Jefferies maintained Western Digital Corp (NASDAQ:WDC) rating on Tuesday, July 4. State Of Wisconsin Inv Board stated it has 0.09% of its portfolio in Western Digital Corp (NASDAQ:WDC).

Among 11 analysts covering Robert Half International (NYSE:RHI), 2 have Buy rating, 2 Sell and 7 Hold. Connecticut-based Hartford Invest Mgmt has invested 0.09% in Western Digital Corp (NASDAQ:WDC).

The P/E ratio is 59.496 and market cap is 23.28B. Western Digital Corporation has a 12 month low of $43.60 and a 12 month high of $95.77. The company has a 50-day moving average price of $89.25 and a 200-day moving average price of $84.32. The value of the total investment in Western Digital Corporation went from $37,909,000 to $41,193,000 a change of 8.7% quarter to quarter. The data storage provider reported $2.93 earnings per share for the quarter, beating analysts' consensus estimates of $2.51 by $0.42.

Western Digital Corporation (NASDAQ:WDC) had an increase of 6.21% in short interest. The business had revenue of $4.84 billion during the quarter, compared to analysts' expectations of $4.82 billion. The business's revenue for the quarter was up 38.5% compared to the same quarter a year ago. The business's revenue for the quarter was up 38.5% on a year-over-year basis. In the last earnings report the EPS was $1.34 and is projected to be $12.58 for the current year with 292,000,000 shares presently outstanding.

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The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $2.00 annualized dividend and a yield of 2.53%. Western Digital Corporation's payout ratio is now 156.25%.

In other news, EVP Michael Charles Ray sold 1,365 shares of the company's stock in a transaction on Monday, May 15th. The shares were sold at an average price of $94.24, for a total transaction of $2,693,850.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The stock was sold at an average price of $89.54, for a total value of $122,222.10. Following the completion of the sale, the executive vice president now owns 75,467 shares of the company's stock, valued at approximately $6,398,846.93. The disclosure for this sale can be found here. Seizert Capital Partners Llc sold 90,918 shares as the company's stock rose 15.69% with the market. Western Digital Corporation makes up about 3.8% of Alpha Cubed Investments LLC's holdings, making the stock its 2nd largest position.

Nomura Asset Management Company Ltd increased Western Digital Corp (WDC) stake by 120.93% reported in 2016Q4 SEC filing. The fund owned 27,114 shares of the data storage provider's stock after selling 2,100 shares during the period.

As of quarter end Ubs Asset Management Americas Inc had bought 6,876 shares growing its holdings by 3.0%. The Fairpointe Capital Llc holds 572,600 shares with $7.52 million value, up from 386,415 last quarter. Ameriprise Financial Inc. now owns 4,443,866 shares of the data storage provider's stock valued at $393,778,000 after buying an additional 405,293 shares during the last quarter. Geode Capital Management LLC raised its position in Western Digital Corporation by 9.6% in the first quarter.

Fairpointe Capital Llc decreased Transocean Ltd (NYSE:RIG) stake by 2.19M shares to 4.08 million valued at $60.11 million in 2016Q4. The Montana-based First Interstate Bancorporation has invested 0% in Western Digital Corp (NASDAQ:WDC). Dimensional Fund Advisors LP now owns 2,978,975 shares of the data storage provider's stock valued at $245,876,000 after buying an additional 7,910 shares during the last quarter.

Western Digital Corporation is a developer, maker and well-known 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.

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