In a surprising turn of events, Mackenzie Financial Corp has reported the acquisition of a new position in Seagate Technology Holdings plc during the first quarter of this year. According to their most recent 13F filing with the Securities and Exchange Commission, the fund has managed to secure 17,796 shares of the renowned data storage provider’s stock, with an approximate value of $1,177,000.

This move by Mackenzie Financial Corp has definitely caught the attention of industry experts and investors alike. It signifies a significant show of confidence in Seagate Technology and highlights the potential growth opportunities that lie ahead for the company. The decision to acquire such a substantial number of shares certainly indicates that Mackenzie Financial Corp sees great potential in Seagate Technology and believes it will continue to thrive in the market.

Seagate Technology is not only making waves in terms of its acquisition by Mackenzie Financial Corp but also in terms of its recent dividend announcement. The company recently disclosed a quarterly dividend that was paid on July 5th to shareholders who were registered as of June 21st. This dividend amounted to $0.70 per share.

It is noteworthy that Seagate Technology’s dividend payment represents a yield of 4.59% on an annualized basis. Additionally, their dividend payout ratio (DPR) is currently at an intriguing -333.33%. These figures are undoubtedly stirring up speculation among analysts and investors alike, as they ponder what this means for Seagate Technology’s future financial performance.

Equities analysts have also had their say on Seagate Technology recently, with several reports being issued regarding their stance on the company’s stock (NASDAQ:STX). Deutsche Bank Aktiengesellschaft dropped their price target from $60.00 to $55.00 while maintaining a “hold” rating on the stock in a research note released on April 21st. Similarly, UBS Group decreased their target price from $65.00 to $60.00 and maintained a “neutral” rating.

Morgan Stanley, on the other hand, downgraded Seagate Technology from an “overweight” rating to an “equal weight” rating, lowering their price objective from $72.00 to $60.00 in the process. Credit Suisse Group also got in on the action by lowering their target price from $69.00 to $54.00 and adopting a “neutral” rating for the company.

Interestingly, Susquehanna took a slightly different approach by boosting their target price from $32.00 to $33.00 in a research report released on June 14th. With two analysts giving the stock a sell rating, thirteen assigning it a hold rating, and ten providing a buy rating, there seems to be some division among experts regarding Seagate Technology’s current standing.

According to data from Bloomberg, Seagate Technology currently holds a consensus rating of “Hold” with an average target price of $65.88.Such figures demonstrate that while there may be varying opinions on the stock’s performance and potential growth prospects, the general consensus is that it is still worth keeping an eye on.

All in all, Mackenzie Financial Corp’s recent acquisition of shares in Seagate Technology Holdings Plc has certainly caused quite a stir within the market. This move signals faith in the company’s future success and presents an opportunity for others to consider following suit.

Additionally, Seagate Technology’s dividend announcement further piques interest as investors eagerly await developments regarding its financial performance moving forward. With conflicting reports from equities analysts, only time will tell which assessment proves accurate regarding this influential data storage provider.

As we move forward into July 18th, 2023, industry insiders await further news and developments that will undoubtedly impact Seagate Technology Holdings plc and shape its journey ahead in a constantly evolving market environment.

Word count: 581 words

Seagate Technology: Institutional Investors, Dividends, and Earnings Analysis

Seagate Technology: A Closer Look at Institutional Investors, Dividends, and Earnings

July 18, 2023

Seagate Technology Holdings plc (NASDAQ: STX) recently witnessed significant activity from institutional investors and hedge funds. These market players have actively engaged in buying and selling shares of the data storage provider, indicating their confidence in Seagate Technology’s future prospects.

One notable example is Corrado Advisors LLC, which acquired a new position in Seagate Technology during the fourth quarter of last year. This purchase was valued at $26,000 and demonstrates Corrado Advisors’ belief in the company’s potential growth. Another institutional investor that sees promise in Seagate Technology is Financial Management Professionals Inc., which purchased a new position worth approximately $26,000 in the first quarter of this year.

Furthermore, CI Investments Inc., a renowned investment management firm, increased its stake in Seagate Technology by 102.2% during the fourth quarter. The acquisition of an additional 273 shares brings their total ownership to 540 shares with an estimated value of $28,000. Additionally, Compagnie Lombard Odier SCmA joined the fold by buying a new stake worth roughly $28,000 during the same period.

State of Wyoming also seized an opportunity to invest in Seagate Technology by acquiring a new stake worth around $36,000 during the fourth quarter. These investments indicate that institutional investors and hedge funds now own a significant portion of the company’s stock – 87.37%, to be exact.

In other news that impacted shareholder sentiment, Senior Vice President Katherine Schuelke sold 3,487 shares of Seagate Technology on May 26th for an average price of $62.09 per share. This transaction amounted to a total value of $216,507.83. Following this sale, Schuelke now holds direct ownership of 28,658 shares with an approximate valuation of $1,779,375.22. This transaction was duly disclosed to the Securities & Exchange Commission and can be accessed on their website. As it stands, company insiders hold 1.00% of the stock.

Seagate Technology recently announced a quarterly dividend paid on July 5th to shareholders of record as of June 21st. Each shareholder received a dividend of $0.70 per share. With an annualized basis dividend payout ratio (DPR) currently at -333.33%, this translates into a $2.80 dividend yield, providing investors with long-term incentive.

At present, Seagate Technology’s stock is listed on NASDAQ under the ticker symbol STX, opening at $60.95 on Tuesday. Technical indicators show that its fifty-day simple moving average is $61.36, while its 200-day simple moving average stands at $62.18.

Considering its market capitalization of $12.62 billion and a beta value of 1.08, Seagate Technology Holdings plc has experienced fluctuations between its 12-month low of $47.47 and its previous high at $83.78.

Moving onto earnings performance, Seagate Technology’s latest results were reported on April 20th earlier this year, revealing an EPS (earnings per share) of ($0.28) for the quarter – missing consensus estimates by ($0.49). Although revenue amounted to $1.86 billion during this period, falling short compared to anticipated figures of approximately $1.98 billion.

During this same quarter in the preceding year, Seagate Technology earned an impressive EPS of $1.65 per share; however, their current negative net margin rests at 1.91%, leading to an unfavorable return on equity figure of -69%. The company’s revenue decreased by 33.6% YoY (year-over-year). Looking ahead, equities research analysts predict that Seagate Technology Holdings plc will post an EPS of -0.37 for the current year.

In conclusion, institutional investors and hedge funds have displayed robust interest in Seagate Technology, bolstering market sentiment with their substantial buy-in. As the company continues to navigate its financial performance and shareholder relations, its dividend yield attracts both short-term and long-term investors alike. Industry analysts will eagerly await Seagate’s upcoming earnings reports to assess the company’s ability to rebound from recent setbacks and deliver value for its shareholders.

The post Mackenzie Financial Corp’s Surprising Acquisition of Seagate Technology Holdings plc Sparks Interest and Speculation appeared first on Best Stocks.