Dell Changes Name but Not Dividend Policy

Dell Inc. changed its name, but not its policy of using cash for share buybacks rather than dividend payouts.

The Round Rock, Texas-based company dropped “Computer” from its name, as shareholders at the company’s annual meeting endorsed Dell’s diversification into the data storage and printer markets.

But shareholders at the Austin, Texas, meeting got no joy when some asked the cash-rich company to start paying a dividend.

Dell executives said the more than $5 billion the company has stashed in the bank could be put to better use buying back stock and funding their ambitious plans to double sales to $60 billion.

Dell shares closed up 6 cents at 33.28 on Nasdaq.