Company Update (NYSE:EMC): EMC says Dell deal still on track despite missing expectations

[at American City Business Journals] – EMC Corp. missed Wall Street expectations on sales and earnings per share, but CEO Joe Tucci said Dell’s acquisition of the Hopkinton-based company is still moving forward. The data storage giant (EMC) reported first quarter revenue of $5.5 billion, down 2 percent over the same period in 2015, and adjusted earnings per share of $0.31 in the first quarter. Tucci said the $67 billion Dell deal is still on track. Read more on this. EMC Corporation (EMC) , with a current market cap of $51.32B, opened this morning at $26.07. Looking at today’s market, EMC one day range is $26.06 to $26.48 with a one year range of $22.66 to $28.77. Priced at 13.66x this year’s forecasted earnings, EMC shares are relatively expensive compared to the industry’s 10.01x forward p/e ratio. The company pays shareholders $0.46 per share annually in dividends, yielding 1.80%. According to a consensus of 28 analysts, the earnings estimate of $0.33 per share would be $0.02 better than the year-ago quarter and a $0.02 sequential decrease. In looking at the bigger picture, the full-year EPS estimate of $1.87 would be a $0.05 better when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $5.63 Billion. If reported, that would be a 0.36% increase over the year-ago quarter. Recently, Raymond James downgraded EMC from Strong Buy to Outperform (Apr 7, 2016). Previously, Maxim Group upgraded EMC from Hold to Buy. When considering if perhaps the stock is under or overvalued, the average price target is $28.40, which is 8.94% above where the stock opened this morning. See more in (NYSE:EMC) Similar Articles: Market Update (NYSE:EMC): EXCLUSIVE – EU set to clear Dell’s $67 billion deal to buy EMC: sources Stock Update: EMC Corporation (NYSE:EMC) – Michael Dell to employees: Ignore media reports on EMC deal Company Update (NYSE:EMC): Dell-EMC deal threatened by possible $9 billion tax bill: Re/code