Select from option list and apply action

I have several labels that are associated with text, e.g.

Default : Text
Label1  : 123
Label2  : 456
Label3  : 789

The UI for this is currently structured as follows:

[Default ▾] [Save] [Save as] [Delete]

[ Text 

                                   ]

where [Default ▾] is a list of all labels and will populate the text field with the associated text on change.

[Save] will save the text currently in the field with the current selected label.

[Save as] allows the user the save the text with a different label (through a javascript prompt) that will then appear in the drop down.

[Delete] allows the user to delete the current text and label.

The question: What is the best way to structure the UI? Is it fine to have these actions as separate buttons, or would it be possible to include them in another dropdown, e.g.

[Default ▾][Actions ▾]

where [Actions ▾] contains, Save, Save as and Delete.