Seagate Technology Holdings PLC (NASDAQ:STX) Shares Purchased by Sound View Wealth Advisors Group LLC

Key Points

• Sound View Wealth Advisors Group LLC increased its stake in Seagate Technology by 19.2%, owning 16,451 shares valued at approximately $1.4 million.
• Seagate reported earnings of $2.59 per share for the last quarter, surpassing analyst expectations, with revenue up 29.5% year-over-year.
• The company announced a quarterly dividend of $0.72 per share, representing an annualized dividend yield of 1.8% and a payout ratio of 42.54%.

Sound View Wealth Advisors Group LLC boosted its stake in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 19.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,451 shares of the data storage provider's stock after purchasing an additional 2,655 shares during the period. Sound View Wealth Advisors Group LLC's holdings in Seagate Technology were worth $1,398,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Capital Research Global Investors raised its holdings in Seagate Technology by 56.5% in the fourth quarter. Capital Research Global Investors now owns 15,621,162 shares of the data storage provider's stock valued at $1,348,262,000 after buying an additional 5,640,443 shares during the period. Marshall Wace LLP purchased a new stake in Seagate Technology during the fourth quarter worth approximately $77,341,000. Junto Capital Management LP acquired a new stake in shares of Seagate Technology in the fourth quarter worth $60,303,000. Janus Henderson Group PLC raised its stake in shares of Seagate Technology by 2,853.4% in the 4th quarter. Janus Henderson Group PLC now owns 670,976 shares of the data storage provider's stock valued at $57,925,000 after acquiring an additional 648,257 shares during the period. Finally, Wedge Capital Management L L P NC acquired a new position in shares of Seagate Technology during the 1st quarter valued at $50,792,000. Institutional investors and hedge funds own 92.87% of the company's stock.

Seagate Technology Stock Up 6.5%

NASDAQ:STX opened at $157.01 on Friday. The company has a market cap of $33.32 billion, a PE ratio of 23.19 and a beta of 1.45. The business's 50 day moving average is $136.48 and its two-hundred day moving average is $106.78. Seagate Technology Holdings PLC has a 52 week low of $63.19 and a 52 week high of $157.45.

Seagate Technology (NASDAQ:STX - Get Free Report) last posted its quarterly 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. The business had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.40 billion. Seagate Technology had a negative return on equity of 169.60% and a net margin of 16.15%. The business's revenue was up 29.5% compared to the same quarter last year. During the same period in the prior year, the company posted $1.05 EPS. As a group, sell-side analysts expect that Seagate Technology Holdings PLC will post 6.83 EPS for the current fiscal year.

Seagate Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Tuesday, September 30th will be issued a $0.72 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $2.88 annualized dividend and a dividend yield of 1.8%. Seagate Technology's payout ratio is 42.54%.

Seagate Technology announced that its Board of Directors has authorized a stock buyback program on Thursday, May 22nd that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the data storage provider to repurchase up to 21.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several brokerages recently issued reports on STX. Citigroup increased their price target on Seagate Technology from $140.00 to $170.00 and gave the company a "buy" rating in a report on Friday, July 11th. Barclays upped their target price on Seagate Technology from $90.00 to $125.00 and gave the stock an "equal weight" rating in a research report on Wednesday. Rosenblatt Securities raised their target price on Seagate Technology from $185.00 to $200.00 and gave the company a "buy" rating in a report on Wednesday. BNP Paribas Exane raised Seagate Technology from an "underperform" rating to a "neutral" rating and set a $100.00 price target on the stock in a research report on Friday, May 16th. Finally, Susquehanna increased their price objective on shares of Seagate Technology from $68.00 to $80.00 and gave the company a "negative" rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $151.44.

Insider Buying and Selling at Seagate Technology

In other news, CFO Gianluca Romano sold 26,816 shares of the company's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $117.58, for a total transaction of $3,153,025.28. Following the completion of the transaction, the chief financial officer directly owned 38,082 shares of the company's stock, valued at approximately $4,477,681.56. This represents a 41.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William D. Mosley sold 70,000 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $109.47, for a total value of $7,662,900.00. Following the completion of the sale, the chief executive officer directly owned 485,677 shares in the company, valued at approximately $53,167,061.19. This trade represents a 12.60% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 395,516 shares of company stock valued at $47,831,398. Corporate insiders own 0.81% of the company's stock.

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.

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