Western Digital Corp (WDC) is Reiterated by Mizuho to Neutral, Lowers Price Target to $ 40

Western Digital Corp (WDC) was Reiterated by Mizuho to “Neutral” while Lowering the Price Target of the company shares to $ 40 from a previous price target of $47 . Mizuho advised their investors in a research report released on May 18, 2016.

Many Wall Street Analysts have commented on Western Digital Corp. Western Digital Corp was Downgraded by BofA/Merrill to ” Underperform” on May 13, 2016. Shares were Downgraded by Robert W. Baird on Apr 29, 2016 to ” Neutral” and Lowered the Price Target to $ 50 from a previous price target of $55 .Shares were Reiterated by Maxim Group on Apr 25, 2016 to “Buy” and Lowered the Price Target to $ 75 from a previous price target of $101 .

On the company’s financial health, Western Digital Corp reported $1.21 EPS for the quarter, missing the analyst consensus estimate by $ -0.08 based on the information available during the earnings call on Apr 28, 2016. Analyst had a consensus of $1.29. The company had revenue of $2822.00 million for the quarter, compared to analysts expectations of $2879.53 million. The company’s revenue was down -20.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.87 EPS.

Western Digital Corp opened for trading at $35.43 and hit $35.85 on the upside on Monday, eventually ending the session at $35.57, with a gain of 0.37% or 0.13 points. The heightened volatility saw the trading volume jump to 66,21,623 shares. Company has a market cap of $8,288 M.

Investors should note that on May 4, 2016, Western Digital Corp announced a cash dividend of $0.5000. The company’s management has announced Jun 29, 2016 as the ex-dividend date and fixed the record date on Jul 1, 2016. The payable date has been fixed on Jul 15, 2016.

In a different news, on Dec 9, 2015, Michael Charles Ray (EVP, Chief Legal Officer & Sec) sold 1,863 shares at $63.59 per share price. According to the SEC, on Nov 10, 2015, Matthew E Massengill (director) sold 1,187 shares at $67.75 per share price. On Nov 4, 2015, Stephen D Milligan (Chief Executive Officer) sold 6,239 shares at $66.33 per share price, according to the Form-4 filing with the securities and exchange commission.

Western Digital Corporation is a data storage solutions company. The Company is a developer manufacturer and provider of data storage solutions that enable consumers businesses governments and other organizations to create manage experience and preserve digital content. The Company’s Technology product includes: Hard Disk Drives and Solid-State Drives. Hard Disk Drives provide non-volatile data storage. Solid-State Drives are semiconductor and non-volatile media. The Company offers solutions including: Enterprise Storage Solutions Client Desktop and Notebook PCs Branded Product Solutions Consumer Electronics Solutions. The Company’s products are marketed under the HGST WD and G-Technology brand names.

Western Digital Corp

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