Seagate Technology Holdings plc (NASDAQ:STX) Declares Quarterly Dividend of $0.70

Seagate Technology Holdings plc (NASDAQ:STXGet Rating) announced a quarterly dividend on Thursday, April 28th, Wall Street Journal reports. Investors of record on Friday, June 24th will be paid a dividend of 0.70 per share by the data storage provider on Thursday, July 7th. This represents a $2.80 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date of this dividend is Thursday, June 23rd.

Seagate Technology has raised its dividend payment by an average of 2.5% annually over the last three years and has increased its dividend every year for the last 3 years. Seagate Technology has a payout ratio of 28.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Seagate Technology to earn $9.26 per share next year, which means the company should continue to be able to cover its $2.80 annual dividend with an expected future payout ratio of 30.2%.

NASDAQ:STX opened at $82.17 on Friday. The firm has a market capitalization of $17.99 billion, a price-to-earnings ratio of 10.31, a price-to-earnings-growth ratio of 8.60 and a beta of 1.00. Seagate Technology has a twelve month low of $78.20 and a twelve month high of $117.67. The stock’s 50 day moving average price is $91.28 and its two-hundred day moving average price is $98.60. The company has a quick ratio of 1.06, a current ratio of 1.49 and a debt-to-equity ratio of 10.70.

Seagate Technology (NASDAQ:STXGet Rating) last posted its quarterly earnings results on Wednesday, April 27th. The data storage provider reported $1.81 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.74 by $0.07. The firm had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.81 billion. Seagate Technology had a return on equity of 322.33% and a net margin of 15.35%. The business’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.36 EPS. As a group, analysts anticipate that Seagate Technology will post 8.09 earnings per share for the current year.

In related news, Director Stephen J. Luczo sold 50,000 shares of Seagate Technology stock in a transaction that occurred on Friday, March 4th. The shares were sold at an average price of $103.26, for a total transaction of $5,163,000.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Holdings L.P. Valueact sold 272,297 shares of Seagate Technology stock in a transaction that occurred on Tuesday, February 22nd. The shares were sold at an average price of $108.01, for a total transaction of $29,410,798.97. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,076,597 shares of company stock worth $224,036,049. Insiders own 0.81% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Raleigh Capital Management Inc. acquired a new stake in Seagate Technology during the 4th quarter worth approximately $46,000. Salem Investment Counselors Inc. acquired a new stake in Seagate Technology during the 4th quarter worth approximately $77,000. Horizon Investments LLC acquired a new stake in Seagate Technology during the 4th quarter worth approximately $254,000. Forum Financial Management LP acquired a new stake in Seagate Technology during the 4th quarter worth approximately $294,000. Finally, Glenmede Trust Co. NA boosted its position in Seagate Technology by 23.6% during the 4th quarter. Glenmede Trust Co. NA now owns 3,162 shares of the data storage provider’s stock worth $357,000 after buying an additional 603 shares during the period. 81.67% of the stock is currently owned by institutional investors.

Several research analysts have weighed in on the company. Argus boosted their price target on Seagate Technology from $105.00 to $130.00 in a research report on Friday, January 28th. Robert W. Baird cut their target price on shares of Seagate Technology from $120.00 to $100.00 in a research note on Wednesday, March 16th. Summit Insights upgraded shares of Seagate Technology from a “hold” rating to a “buy” rating in a research note on Thursday, January 27th. Northland Securities cut their target price on shares of Seagate Technology from $122.00 to $113.00 and set an “outperform” rating for the company in a research note on Tuesday, March 22nd. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of Seagate Technology from $110.00 to $95.00 and set a “hold” rating for the company in a research note on Tuesday, April 19th. Twelve analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $103.04.

About Seagate Technology (Get Rating)

Seagate Technology Holdings plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. The company offers hard disk and solid state drives, including serial advanced technology attachment, serial attached SCSI, and non-volatile memory express products; solid state hybrid drives; and storage subsystems.

See Also

Dividend History for Seagate Technology (NASDAQ:STX)

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