EMC Increases Share Buyback Program
In a move that EMC Corp. said reflects its confidence in its long-term business prospects and ability to generate consistent revenue, the Hopkinton-based data storage giant announced an increase in its share buyback program today.
The company said its board of the directors authorized the company's repurchase of its common stock to be increased from $1 billion in 2013, to $6 billion through the end of 2015.
EMC said it expects to repurchase $3.5 billion of its stock by the end of the second quarter of 2014, including $500 million it's spent on buybacks so far this year.
"EMC has a long track record of creating value by aggressively investing in the business. Looking forward, the opportunity for EMC's continued success has never been better," said Chairman and CEO Joe Tucci. "Our strategy focused on cloud computing, big data and trusted IT has been embraced by customers and the market, and we continue to execute extremely well. This, combined with our financial strength, enables us to continue to invest wisely in promising opportunities and also expand returns to shareholders."
EMC also said it will issue a quarterly dividend of 10 cents per share to stockholders on July 23. The dividend will apply to shareholders of record as of July 1.
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