Seagate Technology Holdings plc (NASDAQ:STX) Increases Dividend to $0.72 Per Share

Seagate Technology Holdings plc (NASDAQ:STX) announced a quarterly dividend on Tuesday, October 22nd, RTT News reports. Shareholders of record on Sunday, December 15th will be paid a dividend of 0.72 per share by the data storage provider on Monday, January 6th. This represents a $2.88 annualized dividend and a dividend yield of 2.56%. This is an increase from Seagate Technology’s previous quarterly dividend of $0.70.

Seagate Technology has raised its dividend payment by an average of 2.2% annually over the last three years. Seagate Technology has a dividend payout ratio of 40.5% meaning its dividend is sufficiently covered by earnings. Analysts expect Seagate Technology to earn $10.03 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 27.9%.

Seagate Technology Price Performance

STX stock opened at $112.64 on Wednesday. Seagate Technology has a 1-year low of $64.12 and a 1-year high of $115.32. The business has a 50-day moving average price of $104.92 and a 200 day moving average price of $99.52. The company has a market capitalization of $23.71 billion, a P/E ratio of 73.14 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, beating the consensus estimate of $1.30 by $0.28. The business had revenue of $2.17 billion during the quarter, compared to analyst estimates of $2.13 billion. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. The company’s quarterly revenue was up 49.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.34) EPS. On average, analysts anticipate that Seagate Technology will post 7.09 earnings per share for the current fiscal year.

Insider Transactions at Seagate Technology

In related news, CEO William D. Mosley sold 20,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $93.46, for a total value of $1,869,200.00. Following the transaction, the chief executive officer now owns 654,270 shares in the company, valued at approximately $61,148,074.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Ban Seng Teh sold 4,872 shares of the firm’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $110.00, for a total transaction of $535,920.00. Following the sale, the executive vice president now directly owns 9,969 shares of the company’s stock, valued at $1,096,590. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William D. Mosley sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $93.46, for a total value of $1,869,200.00. Following the completion of the transaction, the chief executive officer now directly owns 654,270 shares of the company’s stock, valued at $61,148,074.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 214,298 shares of company stock worth $22,814,576 over the last three months. 0.81% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

STX has been the topic of a number of analyst reports. Rosenblatt Securities lifted their price target on Seagate Technology from $125.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday. Susquehanna lifted their target price on Seagate Technology from $55.00 to $65.00 and gave the company a “negative” rating in a research note on Wednesday, July 24th. UBS Group increased their price target on shares of Seagate Technology from $110.00 to $120.00 and gave the company a “neutral” rating in a research report on Wednesday, July 24th. Barclays lifted their price objective on shares of Seagate Technology from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 24th. Finally, Loop Capital increased their target price on shares of Seagate Technology from $105.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $116.78.

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.