Fred Alger Management LLC Boosts Position in Dell Technologies Inc. (NYSE:DELL)

29 Nov 2024, 09:08 by Jessica Moore · The Cerbat Gem

Fred Alger Management LLC lifted its position in Dell Technologies Inc. (NYSE:DELL – Free Report) by 124.8% during the third quarter, HoldingsChannel reports. The institutional investor owned 605,332 shares of the technology company’s stock after purchasing an additional 336,108 shares during the period. Fred Alger Management LLC’s holdings in Dell Technologies were worth $71,756,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Clean Yield Group bought a new position in Dell Technologies in the 3rd quarter valued at $25,000. Accordant Advisory Group Inc purchased a new stake in shares of Dell Technologies in the second quarter worth $28,000. Nemes Rush Group LLC bought a new stake in Dell Technologies during the second quarter valued at $33,000. Crewe Advisors LLC purchased a new position in Dell Technologies during the second quarter worth about $34,000. Finally, MCF Advisors LLC increased its stake in Dell Technologies by 132.0% in the 3rd quarter. MCF Advisors LLC now owns 290 shares of the technology company’s stock worth $34,000 after acquiring an additional 165 shares during the last quarter. 38.10% of the stock is currently owned by institutional investors.

Dell Technologies Stock Performance

NYSE:DELL opened at $124.38 on Friday. Dell Technologies Inc. has a fifty-two week low of $67.51 and a fifty-two week high of $179.70. The firm has a market cap of $87.36 billion, a PE ratio of 21.98, a price-to-earnings-growth ratio of 1.31 and a beta of 0.89. The business has a 50 day moving average price of $127.21 and a 200-day moving average price of $126.94.

Dell Technologies (NYSE:DELL – Get Free Report) last announced its quarterly earnings results on Tuesday, November 26th. The technology company reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.83 by $0.32. The business had revenue of $24.37 billion for the quarter, compared to analyst estimates of $24.67 billion. Dell Technologies had a net margin of 4.36% and a negative return on equity of 184.20%. The company’s revenue was up 9.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.62 EPS. Research analysts predict that Dell Technologies Inc. will post 6.93 EPS for the current year.

Dell Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 22nd were given a dividend of $0.445 per share. This represents a $1.78 dividend on an annualized basis and a yield of 1.43%. The ex-dividend date of this dividend was Tuesday, October 22nd. Dell Technologies’s payout ratio is 31.45%.

Analysts Set New Price Targets

Several brokerages have recently commented on DELL. Sanford C. Bernstein cut their price objective on Dell Technologies from $155.00 to $140.00 and set an “outperform” rating for the company in a report on Friday, August 30th. Fox Advisors raised shares of Dell Technologies from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 30th. JPMorgan Chase & Co. raised their price objective on shares of Dell Technologies from $155.00 to $160.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. Wells Fargo & Company upped their target price on shares of Dell Technologies from $140.00 to $160.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Finally, Mizuho lowered their price target on Dell Technologies from $155.00 to $150.00 and set an “outperform” rating on the stock in a research report on Wednesday. Three equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Dell Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $148.18.

Read Our Latest Stock Report on DELL

Insiders Place Their Bets

In related news, CEO Michael S. Dell sold 10,000,000 shares of the company’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $122.40, for a total transaction of $1,224,000,000.00. Following the completion of the transaction, the chief executive officer now owns 16,912,241 shares in the company, valued at $2,070,058,298.40. This represents a 37.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Yvonne Mcgill sold 8,000 shares of the business’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $143.24, for a total transaction of $1,145,920.00. Following the transaction, the chief financial officer now directly owns 236,419 shares in the company, valued at approximately $33,864,657.56. The trade was a 3.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,962,112 shares of company stock worth $2,114,595,059. 46.70% of the stock is currently owned by company insiders.

Dell Technologies Company Profile

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