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

Seagate Technology Holdings plc (NASDAQ:STX) announced 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 annualized dividend and a yield of 2.56%. The ex-dividend date is Monday, September 23rd.

Seagate Technology has raised its dividend by an average of 2.2% per year over the last three years. Seagate Technology has a dividend payout ratio of 48.9% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Seagate Technology to earn $7.82 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 35.8%.

Seagate Technology Price Performance

STX stock opened at $109.53 on Thursday. The company has a 50 day moving average price of $101.03 and a 200 day moving average price of $92.83. The stock has a market capitalization of $23.00 billion, a PE ratio of -84.91 and a beta of 1.02. Seagate Technology has a fifty-two week low of $57.32 and a fifty-two week high of $113.57.

Seagate Technology (NASDAQ:STX) last issued 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 company had revenue of $1.89 billion for 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 8.05%. The company’s revenue for the quarter was up 17.8% on a year-over-year basis. During the same quarter last year, the firm earned ($0.29) EPS. As a group, equities analysts expect that Seagate Technology will post 5.11 earnings per share for the current fiscal year.

Insider Buying and Selling at Seagate Technology

In related news, SVP John Christopher Morris sold 11,158 shares of Seagate Technology stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $90.00, for a total transaction of $1,004,220.00. Following the completion of the sale, the senior vice president now directly owns 17,767 shares of the company’s stock, valued at approximately $1,599,030. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Seagate Technology news, SVP John Christopher Morris sold 11,158 shares of Seagate Technology stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $90.00, for a total value of $1,004,220.00. Following the completion of the sale, the senior vice president now owns 17,767 shares in the company, valued at approximately $1,599,030. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ban Seng Teh sold 9,703 shares of the company’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $95.00, for a total value of $921,785.00. Following the sale, the executive vice president now owns 15,185 shares of the company’s stock, valued at $1,442,575. The disclosure for this sale can be found here. Insiders have sold a total of 37,531 shares of company stock worth $3,592,946 over the last ninety days. Insiders own 0.89% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on STX shares. Benchmark reissued a “hold” rating on shares of Seagate Technology in a research note on Wednesday. Evercore ISI lifted their price objective on shares of Seagate Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 16th. Rosenblatt Securities upped their target price on shares of Seagate Technology from $115.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday. Loop Capital lifted their price target on shares of Seagate Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, The Goldman Sachs Group upped their price objective on shares of Seagate Technology from $96.00 to $107.00 and gave the company a “neutral” rating in a research report on Wednesday. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, Seagate Technology has a consensus rating of “Hold” and a consensus target price of $115.94.

About Seagate Technology

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.