Mackenzie Financial Corp Increases Stake in Seagate Technology Holdings PLC (NASDAQ:STX)

Key Points

• Mackenzie Financial Corp increased its holdings in Seagate Technology by 759.0% in the first quarter, now owning 169,834 shares worth approximately $14.4 million.
• Seagate Technology's stock received multiple upgrades from analysts, with price targets raised significantly, including $165.00 by Benchmark and $175.00 by Cantor Fitzgerald.
• The company announced a quarterly dividend of $0.72 per share, with a buyback program initiated to repurchase up to $5 billion in shares as part of its strategy to enhance shareholder value.

Mackenzie Financial Corp boosted its stake in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 759.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 169,834 shares of the data storage provider's stock after acquiring an additional 150,064 shares during the period. Mackenzie Financial Corp owned 0.08% of Seagate Technology worth $14,427,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. TCW Group Inc. boosted its holdings in shares of Seagate Technology by 16.4% during the 1st quarter. TCW Group Inc. now owns 410,871 shares of the data storage provider's stock worth $34,903,000 after buying an additional 57,969 shares in the last quarter. LPL Financial LLC boosted its holdings in shares of Seagate Technology by 16.7% during the 1st quarter. LPL Financial LLC now owns 198,282 shares of the data storage provider's stock worth $16,844,000 after buying an additional 28,364 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Seagate Technology by 7.7% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 43,404 shares of the data storage provider's stock worth $3,687,000 after buying an additional 3,102 shares in the last quarter. Valley Wealth Managers Inc. bought a new position in shares of Seagate Technology during the 1st quarter worth approximately $17,546,000. Finally, HB Wealth Management LLC boosted its holdings in shares of Seagate Technology by 17.6% during the 1st quarter. HB Wealth Management LLC now owns 4,119 shares of the data storage provider's stock worth $350,000 after buying an additional 617 shares in the last quarter. 92.87% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Mizuho cut their price target on Seagate Technology from $115.00 to $95.00 and set an "outperform" rating on the stock in a report on Thursday, April 10th. Wedbush reissued an "outperform" rating and issued a $140.00 price target on shares of Seagate Technology in a research report on Wednesday, May 21st. Rosenblatt Securities boosted their price target on shares of Seagate Technology from $185.00 to $200.00 and gave the company a "buy" rating in a research note on Wednesday. TD Cowen lifted their price objective on shares of Seagate Technology from $135.00 to $175.00 and gave the company a "buy" rating in a report on Wednesday. Finally, UBS Group boosted their target price on shares of Seagate Technology from $85.00 to $155.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. One research analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, Seagate Technology presently has an average rating of "Moderate Buy" and a consensus target price of $151.44.

Seagate Technology Stock Down 1.4%

Seagate Technology stock traded down $2.20 during midday trading on Friday, hitting $154.81. 3,827,283 shares of the stock were exchanged, compared to its average volume of 4,170,483. Seagate Technology Holdings PLC has a 52-week low of $63.19 and a 52-week high of $157.45. The stock has a market capitalization of $32.85 billion, a price-to-earnings ratio of 22.87, a price-to-earnings-growth ratio of 1.00 and a beta of 1.50. The business's 50-day moving average price is $138.28 and its 200-day moving average price is $107.69.

Seagate Technology (NASDAQ:STX - Get Free Report) last announced its earnings results on Tuesday, July 29th. The data storage provider reported $2.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.45 by $0.14. Seagate Technology had a negative return on equity of 169.60% and a net margin of 16.15%. The firm had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.40 billion. During the same period last year, the firm posted $1.05 EPS. The business's revenue was up 29.5% compared to the same quarter last year. On average, sell-side analysts predict that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current fiscal year.

Seagate Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.72 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $2.88 annualized dividend and a dividend yield of 1.9%. Seagate Technology's dividend payout ratio (DPR) is currently 42.54%.

Seagate Technology announced that its Board of Directors has initiated a share buyback plan on Thursday, May 22nd that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the data storage provider to reacquire up to 21.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.

Insider Activity

In other news, Director Stephanie Tilenius sold 2,693 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $128.04, for a total transaction of $344,811.72. Following the completion of the transaction, the director owned 12,244 shares in the company, valued at approximately $1,567,721.76. This represents a 18.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Ban Seng Teh sold 1,725 shares of the stock in a transaction on Friday, July 11th. The stock was sold at an average price of $144.00, for a total value of $248,400.00. Following the transaction, the executive vice president owned 12,052 shares of the company's stock, valued at $1,735,488. The trade was a 12.52% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 395,516 shares of company stock valued at $47,831,398 in the last ninety days. 0.81% of the stock is currently owned by insiders.

Seagate Technology 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.