EMC Corp. (EMC) announced an expanded capital allocation strategy. As part of the strategy, the company's Board has increased its authorization to repurchase EMC common stock from $1 billion in 2013 to $6 billion over the three-year period ending December 31, 2015.
Within the authorization, EMC expects to repurchase $3.5 billion of its common stock by the end of second quarter of 2014. The company noted that this amount includes the $500 million it has spent on buybacks in 2013 to date.
The EMC Board has approved the initiation of a quarterly cash dividend to EMC shareholders. The first quarterly dividend of $0.10 per share of common stock will be paid on July 23, 2013 to shareholders of record as of the close of business on July 1, 2013.
EMC Corp. also said the company intends to add debt to its capital structure in the near term.
EMC noted that the net effect of these announcements is not expected to have a material impact on its business outlook with regard to consolidated revenue, non-GAAP earnings per share and free cash flow for 2013, which remain as stated on April 24, 2013.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.