(Reuters) – Dell Technologies said on Thursday it was targeting an average annual revenue growth rate of 3% to 4% over the long term and increased its share buyback plan by $5 billion.
The IT group, which will also increase its quarterly dividend by 10% or more each year through fiscal 2028, plans to pay out more than 80% of adjusted free cash flow to shareholders through a combination of buybacks shares and dividends.
Dell shares fell 1.31% on Wall Street at 1:34 p.m. GMT.
The tech giant raised its target for annual adjusted earnings per share growth by 8% or more over the long term.
In its latest quarterly report, released in August, Dell raised its full-year revenue and profit forecasts amid signs of improving demand for computers and servers.
The global slowdown in the PC market has hurt Dell, which has seen year-over-year revenue declines in each of the last four quarters. The group also reduced its workforce by around 5% in February.
(Reporting by Yuvraj Malik in Bangalore, by Kate Entringer, edited by Blandine Hénault)
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