TLDR
- Director Ellen Kullman divested 150,346 Dell (DELL) shares on March 6, 2026, generating approximately $21.8 million and reducing her holdings by 69.6%
- The transaction followed Dell’s Q4 earnings announcement showing EPS of $3.89 compared to analyst expectations of $3.53, with revenue reaching $33.38 billion versus forecasts of $31.60 billion
- Year-over-year revenue climbed 39.5%, propelled by robust AI server sales within the Infrastructure Solutions Group segment
- Dell increased its quarterly dividend payment from $0.53 to $0.63 per share, scheduled for distribution on May 1
- DELL shares were changing hands near $143.74, below the 12-month peak of $168.08, while analysts maintained a consensus “Moderate Buy” rating with a mean price target of $163.28
Dell Technologies director Ellen Jamison Kullman divested 150,346 Class C Common shares on March 6, 2026, executing the sale at a mean price of $145.13 per share, generating proceeds of just under $21.82 million. The divestiture trimmed her direct holdings by 69.6%, reducing her position to 65,662 shares.
The transaction details appeared in a Form 4 filing submitted to the SEC. Kullman simultaneously exercised options to purchase 150,346 shares at strike prices of $13.60 and $13.98, totaling approximately $2.05 million — a typical sell-to-cover strategy, although the magnitude drew market observers’ attention.
The divestiture occurred shortly after Dell announced impressive fourth quarter results on February 26. Earnings per share reached $3.89, substantially exceeding the consensus estimate of $3.53. Revenue totaled $33.38 billion compared to analyst projections of $31.60 billion — representing a 39.5% increase year-over-year. The prior year’s Q4 EPS registered at $2.68, making the improvement particularly noteworthy.
AI server sales emerged as the primary growth catalyst. Dell’s Infrastructure Solutions Group delivered solid margins, while the company’s expanding backlog in AI-focused hardware positioned it favorably entering 2026.
Analyst Targets Remain Above Current Price
Following the earnings release, multiple analysts elevated their price targets. Raymond James increased its objective to $182, Mizuho adjusted upward to $180, and Daiwa lifted its target to $170. Goldman Sachs, which began coverage in January, maintains a Buy rating with a $165 price objective.
Citigroup reduced its target modestly from $165 to $160 while maintaining a Buy recommendation. Piper Sandler adjusted its target downward from $172 to $167, continuing with an Overweight stance. JPMorgan elevated its target to $165. The consensus currently stands at $163.28, with 16 analysts recommending Buy, 6 at Hold, and 1 at Sell.
Dell enhanced its quarterly dividend from $0.53 to $0.63 per share — producing an annualized rate of $2.52, yielding approximately 1.8% at prevailing prices. The dividend distribution is scheduled for May 1 to shareholders registered as of April 21.
For Q1 2027, Dell provided EPS guidance of approximately $2.90. Full-year FY2027 EPS guidance was established at $12.90. Wall Street analysts currently project the company will deliver $6.93 EPS for the current fiscal year.
Stock Pulls Back Despite Strong Fundamentals
DELL shares were trading near $143.74 on Tuesday, declining $2.77 during the session, within a 12-month trading range spanning $66.25 to $168.08. The 50-day moving average rests at $123.50, comfortably below the current price, while the 200-day moving average sits at $132.42.
Market capitalization stands at approximately $95.25 billion. The PE ratio measures 16.48 with a PEG ratio of 0.68 — figures generally viewed as attractive relative to the company’s growth trajectory.
Evercore ISI withdrew Dell from its top picks roster while maintaining an Outperform rating, citing memory pricing as a potential near-term obstacle. Escalating DRAM costs have been identified as a margin pressure point despite impressive revenue and backlog metrics.
Institutional ownership represents 76.37% of outstanding shares, with numerous smaller funds establishing new positions in Q4. Dell has been broadening its AI and edge computing portfolio, including introducing the PowerEdge XR9700 and forging new partnerships with Unisys and Dataloop.
The stock declined approximately 1.85% on the day the latest regulatory filings became public.
