Seagate Technology Holdings plc (NASDAQ:STX) Plans Quarterly Dividend of $0.72

Seagate Technology Holdings plc (NASDAQ:STX) declared a quarterly dividend on Wednesday, January 22nd,Wall Street Journal reports. Stockholders of record on Wednesday, March 19th will be given a dividend of 0.72 per share by the data storage provider on Wednesday, April 2nd. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date is Wednesday, March 19th.

Seagate Technology has raised its dividend payment by an average of 1.3% per year over the last three years. Seagate Technology has a dividend payout ratio of 30.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect Seagate Technology to earn $10.63 per share next year, which means the company should continue to be able to cover its $2.88 annual dividend with an expected future payout ratio of 27.1%.

Seagate Technology Stock Up 6.8 %

NASDAQ:STX opened at $108.18 on Thursday. Seagate Technology has a 12 month low of $82.31 and a 12 month high of $115.32. The firm has a market cap of $22.88 billion, a price-to-earnings ratio of 19.78 and a beta of 1.06. The company’s 50 day moving average is $94.55 and its 200-day moving average is $100.33.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.30 by $0.28. Seagate Technology had a net margin of 14.67% and a negative return on equity of 58.59%. The company had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same quarter last year, the firm posted ($0.34) earnings per share. The company’s quarterly revenue was up 49.1% compared to the same quarter last year. Research analysts predict that Seagate Technology will post 7.18 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on STX. Northland Securities restated an “outperform” rating and issued a $160.00 price objective (up previously from $144.00) on shares of Seagate Technology in a research note on Wednesday. Barclays raised their price objective on shares of Seagate Technology from $95.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Susquehanna raised their price objective on shares of Seagate Technology from $65.00 to $68.00 and gave the stock a “negative” rating in a research note on Wednesday. Mizuho decreased their price target on shares of Seagate Technology from $130.00 to $110.00 and set an “outperform” rating on the stock in a research note on Friday, January 10th. Finally, The Goldman Sachs Group decreased their price target on shares of Seagate Technology from $112.00 to $99.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. One analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $122.56.

Insider Activity at Seagate Technology

In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $99.53, for a total transaction of $1,990,600.00. Following the completion of the sale, the chief executive officer now directly owns 642,497 shares of the company’s stock, valued at approximately $63,947,726.41. The trade was a 3.02 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Yolanda Lee Conyers sold 750 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $101.82, for a total value of $76,365.00. Following the sale, the director now directly owns 6,555 shares of the company’s stock, valued at $667,430.10. This represents a 10.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 50,073 shares of company stock valued at $5,106,149 over the last ninety days. 0.81% of the stock is owned by 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.