Western Digital (NASDAQ:WDC) Given New $78.00 Price Target at Citigroup

Western Digital (NASDAQ:WDC - Free Report) had its price target increased by Citigroup from $62.00 to $78.00 in a report issued on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the data storage provider's stock.

Several other research analysts have also issued reports on WDC. TD Securities cut their price target on Western Digital from $80.00 to $53.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Morgan Stanley increased their price target on Western Digital from $70.00 to $78.00 and gave the stock an "overweight" rating in a report on Tuesday, June 17th. The Goldman Sachs Group began coverage on Western Digital in a report on Thursday. They issued a "neutral" rating and a $70.00 price target on the stock. Mizuho cut their price target on Western Digital from $82.00 to $68.00 and set an "outperform" rating on the stock in a report on Thursday, April 10th. Finally, Rosenblatt Securities cut their price target on Western Digital from $76.00 to $50.00 and set a "buy" rating on the stock in a report on Tuesday, April 29th. Four equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $64.47.

Western Digital Trading Up 1.2%

Shares of WDC stock traded up $0.79 on Friday, hitting $66.93. The company had a trading volume of 5,100,170 shares, compared to its average volume of 6,615,004. The firm has a market cap of $23.35 billion, a P/E ratio of 12.68 and a beta of 1.54. The stock's 50-day moving average is $55.66 and its two-hundred day moving average is $53.03. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.31 and a current ratio of 1.56. Western Digital has a twelve month low of $28.83 and a twelve month high of $80.09.

Western Digital (NASDAQ:WDC - Get Free Report) last announced its earnings results on Wednesday, April 30th. The data storage provider reported $1.36 EPS for the quarter, beating the consensus estimate of $1.06 by $0.30. Western Digital had a return on equity of 20.58% and a net margin of 13.33%. The company had revenue of ($1,465.00) million for the quarter, compared to analyst estimates of $2.70 billion. During the same quarter in the prior year, the company earned $0.63 EPS. The firm's revenue for the quarter was down 33.6% compared to the same quarter last year. On average, equities research analysts anticipate that Western Digital will post 4.89 earnings per share for the current fiscal year.

Western Digital announced that its board has initiated a share repurchase plan on Tuesday, May 13th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the data storage provider to repurchase up to 11.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its stock is undervalued.

Western Digital Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th were paid a dividend of $0.10 per share. The ex-dividend date was Wednesday, June 4th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.60%. Western Digital's payout ratio is 7.58%.

Insiders Place Their Bets

In related news, SVP Gene M. Zamiska sold 1,729 shares of the business's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $54.88, for a total transaction of $94,887.52. Following the completion of the transaction, the senior vice president directly owned 40,089 shares in the company, valued at $2,200,084.32. The trade was a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Irving Tan sold 11,379 shares of the business's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $48.19, for a total value of $548,354.01. Following the transaction, the chief executive officer owned 605,481 shares of the company's stock, valued at approximately $29,178,129.39. The trade was a 1.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,353 shares of company stock worth $657,454. 0.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Western Digital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WDC. Zions Bancorporation National Association UT purchased a new position in shares of Western Digital in the 1st quarter worth about $29,000. Allworth Financial LP boosted its holdings in shares of Western Digital by 34.1% in the 1st quarter. Allworth Financial LP now owns 955 shares of the data storage provider's stock worth $38,000 after purchasing an additional 243 shares in the last quarter. Elequin Capital LP purchased a new position in shares of Western Digital in the 4th quarter worth about $40,000. MorganRosel Wealth Management LLC purchased a new position in shares of Western Digital in the 1st quarter worth about $40,000. Finally, Whittier Trust Co. of Nevada Inc. boosted its holdings in shares of Western Digital by 242.2% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 1,208 shares of the data storage provider's stock worth $49,000 after purchasing an additional 855 shares in the last quarter. 92.51% of the stock is currently owned by hedge funds and other institutional investors.

Western Digital Company Profile

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for desktop and notebook personal computers (PCs), gaming consoles, and set top boxes; and flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications.