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

Seagate Technology Holdings plc (NASDAQ:STX) announced 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 annualized dividend and a yield of 3.22%.

Seagate Technology has increased its dividend by an average of 2.2% annually over the last three years. Seagate Technology has a payout ratio of 55.4% meaning 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 Trading Up 0.5 %

Seagate Technology stock opened at $87.00 on Wednesday. The company has a fifty day simple moving average of $89.29 and a 200 day simple moving average of $82.61. Seagate Technology has a 1-year low of $54.47 and a 1-year high of $101.26. The company has a market cap of $18.23 billion, a P/E ratio of -24.72, a price-to-earnings-growth ratio of 703.97 and a beta of 1.04.

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

Analyst Ratings Changes

Several analysts have issued reports on STX shares. Wedbush restated a “neutral” rating and issued a $100.00 price objective on shares of Seagate Technology in a research note on Wednesday. BNP Paribas lowered shares of Seagate Technology from a “neutral” rating to an “underperform” rating and set a $65.00 price objective on the stock. in a research report on Thursday, January 11th. The Goldman Sachs Group lifted their target price on shares of Seagate Technology from $65.00 to $84.00 and gave the stock a “neutral” rating in a report on Friday, January 26th. Wells Fargo & Company increased their price target on shares of Seagate Technology from $80.00 to $90.00 and gave the company an “equal weight” rating in a report on Thursday, February 1st. Finally, Evercore ISI initiated coverage on Seagate Technology in a report on Tuesday, February 27th. They set an “outperform” rating and a $110.00 price objective for the company. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target 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.