Dell (Nasdaq: DELL), the No. 3 computer maker, announced its first quarterly dividend of 8 cents a share as a way to reduce some of its $17.2 billion cash pile.

The Round Rock, Tex.-based PC giant said the dividends will start after its third quarter, which ends in October, and effectively be a yield of 2.7 percent based on Tuesday's share price. CEO Michael Dell and other executives mett analysts on Wednesday.

Dell's move follows Apple (Nasdaq: AAPL), the world's most valuable technology company, which announced it will resume dividend payments later this year. Hewlett-Packard Co. (NYSE: HPQ) and International Business Machines Corp. (NYSE: IBM) both pay quarterly dividends.

Dell shares rose 62 cents to $15.59, more than 5 percent, in early Wednesday trading, but eased back to $12.27, up 30 cents, or 2.6 percent by the close on Wednesday.