Justin Sullivan
Dell Technologies (NYSE:DELL) shares slipped more than 1.5% in early trading on Thursday even as the IT giant unveiled new financial targets at its analyst meeting, including an increase of its buyback by $5B.
At the event, the Round Rock, Texas-based Dell (DELL) said it would also grow its quarterly dividend by 10% or more per year through fiscal 2028.
Dell also said it expects annual revenue growth to be between 3% and 4% on a compound basis, while adjusted earnings per share should grow 8% or more over the long-term.
The company also said that net income to adjusted free cash flow should convert at 100% or more.
“We are incredibly well positioned for this next wave of technology expansion, growth and progress,” said Chairman and Chief Executive Officer Michael Dell in a statement.
“Whether it’s workplace solutions, multicloud, intelligence at the edge, or AI and now GenAI – all of it takes a whole lot of what we offer. And with leading positions in so many areas, we have even greater conviction in our ability to deliver sustained value creation for all shareholders for years to come.”
Last month, Dell (DELL) added former Qualcomm CEO Steve Mollenkopf to its board of directors.
