Seagate Technology (STX) Raises Quarterly Dividend 25.6% to $0.54; 4% Yield

Seagate Technology (NASDAQ: STX) declared a quarterly dividend of $0.54 per share, or $2.16 annualized. This is a 25.6% increase from the prior dividend of $0.43.

The dividend will be payable on November 25, 2014, to stockholders of record on November 11, 2014, with an ex-dividend date of November 6, 2014.

The annual yield on the dividend is 4 percent.

“Today’s increase in our dividend targets reflects the continued strength of our business and operations, and our confidence in Seagate’s ability to continue to generate sustainable operating cash flow and maintain a strong balance sheet,” said Steve Luczo, Seagate chairman and chief executive officer. “This is consistent with our capital allocation priorities we have previously articulated, including returning cash to shareholders and investing in enhancing our storage technology portfolio. In addition, Seagate recently received approximately $800 million dollars in connection with the arbitration award confirmed by the Minnesota Supreme Court, and the Board of Directors decided that a portion of these proceeds should be returned to our shareholders in the near-term, enabling us to increase the dividend by a larger percentage than in the past.”

For a dividend history and other dividend-related data on Seagate Technology (STX) click here.

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