Seagate Technology Holdings plc (STX) to Distribute Quarterly Dividend of $0.70 on July 5th

Seagate Technology Holdings plc (NASDAQ:STX) declared a quarterly dividend on Tuesday, April 23rd, RTT News reports. Shareholders 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 dividend on an annualized basis and a dividend yield of 3.21%.

Seagate Technology has raised its dividend by an average of 2.2% annually over the last three years. Seagate Technology has a dividend payout ratio of 55.4% indicating that its dividend is sufficiently covered by earnings. Research 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 Up 0.7 %

Shares of NASDAQ:STX opened at $87.11 on Thursday. Seagate Technology has a twelve month low of $54.47 and a twelve month high of $101.26. The stock’s 50 day moving average is $89.30 and its 200-day moving average is $82.64. The firm has a market capitalization of $18.25 billion, a price-to-earnings ratio of -67.53, a PEG ratio of 715.12 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. The firm had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same period in the previous year, the company earned ($0.43) earnings per share. Seagate Technology’s revenue for the quarter was down 11.0% compared to the same quarter last year. Equities research analysts anticipate that Seagate Technology will post 0.1 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

STX has been the topic of a number of research reports. TD Cowen upped their target price on Seagate Technology from $85.00 to $110.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. Susquehanna increased their price target on Seagate Technology from $50.00 to $55.00 and gave the company a “negative” rating in a research report on Wednesday, April 10th. The Goldman Sachs Group increased their price target on Seagate Technology from $84.00 to $96.00 and gave the company a “neutral” rating in a research report on Wednesday. Robert W. Baird increased their price target on Seagate Technology from $70.00 to $100.00 and gave the company an “outperform” rating in a research report on Thursday, January 25th. Finally, Mizuho reissued a “buy” rating and issued a $100.00 price target on shares of Seagate Technology in a research report on Tuesday, April 9th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Seagate Technology currently has a consensus rating of “Hold” and an average price target of $94.53.

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.