Market Update: EMC Corporation (NYSE:EMC) – EU clears Dell’s purchase of EMC Corp

[Reuters] – The European Commission said on Monday it had cleared Dell Inc’s planned $67 billion acquisition of data storage company EMC Corp. Dell unveiled the deal in October last year, the largest ever in the technology industry sector, and designed to enable it to better challenge rivals Cisco Systems Inc, IBM and Hewlett-Packard in cloud computing, mobility and cyber security. The Commission said that the merged entity would have a moderate market share in external enterprise storage systems and would still face strong competition. Read more on this. EMC Corporation (EMC) , currently valued at $50.88B, started trading this morning at $26.05. Looking at today’s trading action, the company’s one day range from $25.98 to $26.42 with a trailing 52-week range being $22.66 to $28.97. EMC (EMC) shares are currently priced at 13.87x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 6.76x earnings multiple for the same period. And for income investors, the company pays shareholders $0.46 per share annually in dividends, yielding 1.77%. Consensus earnings for the current quarter by the 30 sell-side analysts covering the stock is an estimate of $0.33 per share, which would be $0.02 better than the year-ago quarter and a $0.03 sequential decrease. The full-year EPS estimate is $1.87, which would be a $0.05 better than last year. The quarterly earnings estimate is predicated on a consensus revenue forecast of $5.64 Billion. If reported, that would be a 0.53% increase over the year-ago quarter. More recently, Maxim Group upgraded EMC from Hold to Buy (Jan 28, 2016). Previously, Wells Fargo downgraded EMC from Outperform to Market Perform. When considering if perhaps the stock is under or overvalued, the average price target is $28.52, which is 9.48% above where the stock opened this morning. See more in (NYSE:EMC) Similar Articles: Market Update: EMC Corporation (NYSE:EMC) – EMC Announces the EMC Provider Cloud System Stock Update: EMC Corporation (NYSE:EMC) – Gilman Law LLP Announces Class Action Lawsuits Against Board of Directors of EMC Corporation — EMC Market Update: EMC Corporation (NYSE:EMC) – EMC Names Laura Sen to Board of Directors