Seagate Technology Holdings plc (STX) to Issue Quarterly Dividend of $0.70 on October 7th

Seagate Technology Holdings plc (NASDAQ:STX) declared a quarterly dividend on Tuesday, July 23rd, Zacks reports. Shareholders of record on Monday, September 23rd will be given a dividend of 0.70 per share by the data storage provider on Monday, October 7th. This represents a $2.80 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date is Monday, September 23rd.

Seagate Technology has raised its dividend by an average of 2.2% annually over the last three years. Seagate Technology has a payout ratio of 40.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect Seagate Technology to earn $9.95 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 28.1%.

Seagate Technology Price Performance

Shares of Seagate Technology stock opened at $104.74 on Friday. Seagate Technology has a 1 year low of $63.32 and a 1 year high of $113.57. The firm has a market cap of $22.05 billion, a price-to-earnings ratio of -81.19 and a beta of 1.03. The company has a 50-day moving average of $101.15 and a 200 day moving average of $96.54.

Seagate Technology (NASDAQ:STX) last released its earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.29. The firm had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.87 billion. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. The business’s revenue was up 17.8% on a year-over-year basis. During the same period last year, the business earned ($0.29) earnings per share. On average, equities analysts anticipate that Seagate Technology will post 6.72 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Robert W. Baird increased their target price on Seagate Technology from $100.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. UBS Group increased their price objective on Seagate Technology from $110.00 to $120.00 and gave the company a “neutral” rating in a research report on Wednesday, July 24th. Northland Securities upped their target price on shares of Seagate Technology from $119.00 to $142.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Wedbush lifted their price target on shares of Seagate Technology from $100.00 to $130.00 and gave the stock an “outperform” rating in a research note on Monday, July 22nd. Finally, Evercore ISI increased their price objective on shares of Seagate Technology from $110.00 to $125.00 and gave the company an “outperform” rating in a research report on Tuesday, July 16th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Seagate Technology currently has an average rating of “Hold” and a consensus target price of $115.94.

Insider Buying and Selling

In related news, Director Yolanda Lee Conyers sold 750 shares of Seagate Technology stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $96.10, for a total transaction of $72,075.00. Following the sale, the director now owns 3,034 shares of the company’s stock, valued at approximately $291,567.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Seagate Technology news, Director Yolanda Lee Conyers sold 750 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $96.10, for a total value of $72,075.00. Following the sale, the director now owns 3,034 shares in the company, valued at approximately $291,567.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Ban Seng Teh sold 10,117 shares of the stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $110.00, for a total transaction of $1,112,870.00. Following the transaction, the executive vice president now directly owns 5,387 shares of the company’s stock, valued at approximately $592,570. The disclosure for this sale can be found here. In the last ninety days, insiders sold 56,627 shares of company stock valued at $5,489,495. 0.89% of the stock is owned by corporate insiders.

Seagate Technology Company Profile

Seagate Technology Holdings plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It provides mass capacity storage products, including enterprise nearline hard disk drives (HDDs), enterprise nearline solid state drives (SSDs), enterprise nearline systems, video and image HDDs, and network-attached storage drives.