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

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 paid 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 yield of 3.24%.

Seagate Technology has increased its dividend by an average of 2.2% per year over the last three years. Seagate Technology has a payout ratio of 55.4% indicating that its dividend is sufficiently covered by earnings. Equities 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 Price Performance

Shares of STX traded up $1.35 during trading hours on Tuesday, hitting $86.53. The company’s stock had a trading volume of 5,955,695 shares, compared to its average volume of 2,798,576. Seagate Technology has a 52-week low of $54.47 and a 52-week high of $101.26. The business has a 50 day simple moving average of $89.31 and a two-hundred day simple moving average of $82.47. The company has a market cap of $18.13 billion, a price-to-earnings ratio of -24.34, a PEG ratio of 681.49 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Wednesday, January 24th. The data storage provider reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.19. The business had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.56 billion. Research analysts predict that Seagate Technology will post 0.1 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on STX. Barclays decreased their target price on shares of Seagate Technology from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Monday. The Goldman Sachs Group lifted their price objective on Seagate Technology from $65.00 to $84.00 and gave the stock a “neutral” rating in a research report on Friday, January 26th. TD Cowen lifted their price target on shares of Seagate Technology from $85.00 to $110.00 and gave the company an “outperform” rating in a report on Thursday, January 25th. BNP Paribas lowered Seagate Technology from a “neutral” rating to an “underperform” rating and set a $65.00 target price for the company. in a research report on Thursday, January 11th. Finally, Morgan Stanley upgraded Seagate Technology from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $73.00 to $115.00 in a research report on Tuesday, March 26th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $91.73.

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.