International Assets Investment Management LLC has significantly reduced its holdings in Dell Technologies Inc. (NYSE: DELL), lowering its stake by 69.4% during the second quarter of 2023. According to the firm’s latest Form 13F filing with the Securities and Exchange Commission, the fund now owns 6,445 shares of the technology company after selling 14,620 shares in the period. As a result, International Assets’ stake in Dell Technologies is valued at approximately $790,000.
Several other institutional investors have also been active in the Dell stock market recently. Vanguard Group Inc. increased its position by 4.1% during the first quarter, owning 29,106,218 shares worth $2.65 billion after acquiring an additional 1,145,658 shares. Boston Partners raised its holdings by a remarkable 34.4%, now owning 5,132,877 shares valued at $466.4 million. Additionally, Deutsche Bank AG increased its stake by 38.1%, holding 4,141,618 shares worth $377.5 million.
Alkeon Capital Management LLC also boosted its investment in Dell Technologies, increasing its holdings by 41.4% to 3,177,809 shares valued at $289.7 million. Invesco Ltd. raised its holdings by 20.5%, now owning 2,952,829 shares worth $269.2 million. Currently, institutional investors and hedge funds collectively own 76.37% of Dell’s stock.
Analyst Ratings and Stock Performance
Analysts have shown a positive outlook for Dell Technologies, with various research firms recently revising their target prices. KeyCorp initiated coverage with a “sector weight” rating, while Susquehanna increased its target price from $120.00 to $130.00 and rated the stock as “neutral.” Morgan Stanley raised its target from $135.00 to $144.00, assigning an “overweight” rating. Evercore ISI lifted its price objective from $150.00 to $160.00 and gave an “outperform” rating. Barclays also raised its target from $133.00 to $151.00, assigning an “equal weight” rating.
Overall, there is a consensus among analysts, with one rating the stock as a Strong Buy, seventeen as Buy, and seven as Hold. According to MarketBeat.com, Dell Technologies currently holds a consensus rating of “Moderate Buy” with an average price target of $160.79.
As of October 10, 2023, shares of Dell Technologies opened at $147.91. The stock’s performance has shown strength, with a fifty-day moving average of $136.10 and a two-hundred-day moving average of $119.80. Dell has a market capitalization of $99.45 billion, a price-to-earnings ratio of 21.75, and a beta of 1.05. The stock has fluctuated significantly, with a fifty-two week low of $66.25 and a high of $166.10.
Recent Earnings and Dividend Announcement
Dell Technologies recently reported its earnings results for the quarter ending October 5, 2023. The company posted earnings of $1.68 per share, with revenue reaching $26.43 billion. The firm recorded a net margin of 4.73% and a negative return on equity of 236.21%. Looking ahead, Dell Technologies has set its fiscal year 2024 guidance at $6.10-6.50 earnings per share, with analysts predicting an average of $6.93 for the current fiscal year.
Additionally, Dell Technologies announced a quarterly dividend of $0.525 per share, scheduled for payment on October 31, 2023. Shareholders of record on October 21, 2023 will receive this dividend, representing an annualized payout of $2.10 and a yield of 1.4%. The ex-dividend date is also set for October 21, 2023, and the company’s current payout ratio is 30.88%.
In terms of insider activity, Director William D. Green sold 42,736 shares on October 8, 2023 at an average price of $160.00, resulting in a total transaction value of $6.84 million. Following this transaction, Green holds 47,619 shares valued at approximately $7.62 million. Additionally, another director, V (Gp) L.L.C. Slta, sold 19,256 shares on October 7, 2023, valued at $2.97 million.
In the last quarter, insiders sold a total of 4,617,755 shares, amounting to $653.69 million, and insiders currently own 42.00% of the company’s stock.
Dell Technologies Inc. designs, develops, manufactures, markets, and sells a wide range of integrated solutions, products, and services. The company operates globally, with a presence in the Americas, Europe, the Middle East, and Asia, through two main segments: Infrastructure Solutions Group (ISG) and Client Solutions Group (CSG).
