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

Seagate Technology Holdings plc (NASDAQ:STX) announced a quarterly dividend on Tuesday, April 23rd, RTT News reports. Investors of record on Thursday, June 20th will be given a dividend of 0.70 per share by the data storage provider on Friday, July 5th. This represents a $2.80 annualized dividend and a dividend yield of 3.22%.

Seagate Technology has increased its dividend payment by an average of 2.2% per year over the last three years. Seagate Technology has a dividend payout ratio of 55.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect Seagate Technology to earn $4.23 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 66.2%.

Seagate Technology Stock Performance

STX opened at $87.00 on Wednesday. The company’s 50-day simple moving average is $89.29 and its two-hundred day simple moving average is $82.61. The stock has a market capitalization of $18.23 billion, a P/E ratio of -24.72, a P/E/G ratio of 703.97 and a beta of 1.04. Seagate Technology has a 52-week low of $54.47 and a 52-week high of $101.26.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. The company had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the prior year, the business posted ($0.43) earnings per share. Seagate Technology’s revenue for the quarter was down 11.0% compared to the same quarter last year. Research analysts forecast that Seagate Technology will post 0.1 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on STX. Morgan Stanley raised Seagate Technology from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $73.00 to $115.00 in a report on Tuesday, March 26th. Robert W. Baird boosted their price objective on shares of Seagate Technology from $70.00 to $100.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. Barclays decreased their price objective on Seagate Technology from $85.00 to $80.00 and set an “equal weight” rating for the company in a report on Monday. Mizuho reaffirmed a “buy” rating and set a $100.00 target price on shares of Seagate Technology in a report on Tuesday, April 9th. Finally, Wedbush reiterated a “neutral” rating and set a $100.00 price objective on shares of Seagate Technology in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $92.07.

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.