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

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

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 Stock Performance

Shares of Seagate Technology stock opened at $87.11 on Thursday. The stock has a market cap of $18.25 billion, a price-to-earnings ratio of -67.53, a price-to-earnings-growth ratio of 715.12 and a beta of 1.04. The stock has a 50 day moving average price of $89.30 and a 200-day moving average price of $82.64. Seagate Technology has a one year low of $54.47 and a one year 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 analysts’ expectations of $1.68 billion. During the same quarter last year, the firm posted ($0.43) EPS. Seagate Technology’s revenue for the quarter was down 11.0% compared to the same quarter last year. Sell-side analysts predict that Seagate Technology will post 0.1 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

STX has been the subject of a number of research analyst reports. Barclays decreased their price target on Seagate Technology from $85.00 to $80.00 and set an “equal weight” rating for the company in a research note on Monday. Rosenblatt Securities lifted their price target on Seagate Technology from $100.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, January 25th. Susquehanna lifted their price target on Seagate Technology from $50.00 to $55.00 and gave the company a “negative” rating in a report on Wednesday, April 10th. Robert W. Baird lifted their price target on Seagate Technology from $70.00 to $100.00 and gave the company an “outperform” rating in a report on Thursday, January 25th. Finally, Cantor Fitzgerald lifted their price target on Seagate Technology from $95.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $94.53.

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.