Hidden Cove Wealth Management LLC Buys New Shares in International Business Machines Corporation (NYSE:IBM)

by · The Markets Daily

Hidden Cove Wealth Management LLC purchased a new stake in shares of International Business Machines Corporation (NYSE:IBM – Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 828 shares of the technology company’s stock, valued at approximately $206,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Brighton Jones LLC lifted its stake in shares of International Business Machines by 12.4% during the 4th quarter. Brighton Jones LLC now owns 21,011 shares of the technology company’s stock valued at $4,619,000 after buying an additional 2,323 shares in the last quarter. Lake Street Advisors Group LLC raised its holdings in International Business Machines by 7.2% during the fourth quarter. Lake Street Advisors Group LLC now owns 4,704 shares of the technology company’s stock valued at $1,034,000 after acquiring an additional 317 shares during the period. NewEdge Wealth LLC lifted its position in shares of International Business Machines by 7.4% in the fourth quarter. NewEdge Wealth LLC now owns 173,277 shares of the technology company’s stock valued at $38,092,000 after acquiring an additional 11,954 shares in the last quarter. Whipplewood Advisors LLC bought a new position in shares of International Business Machines in the fourth quarter worth about $68,000. Finally, SRN Advisors LLC grew its position in shares of International Business Machines by 185.2% during the fourth quarter. SRN Advisors LLC now owns 7,161 shares of the technology company’s stock worth $1,574,000 after purchasing an additional 4,650 shares in the last quarter. Hedge funds and other institutional investors own 58.96% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on IBM shares. Wall Street Zen cut International Business Machines from a “buy” rating to a “hold” rating in a report on Wednesday, May 21st. UBS Group reissued a “sell” rating and issued a $170.00 target price (up previously from $160.00) on shares of International Business Machines in a report on Wednesday, April 23rd. KGI Securities set a $242.00 target price on shares of International Business Machines and gave the stock a “hold” rating in a research report on Thursday, April 24th. Citigroup reiterated an “outperform” rating on shares of International Business Machines in a report on Saturday, May 10th. Finally, BMO Capital Markets reiterated a “market perform” rating on shares of International Business Machines in a research note on Wednesday, April 23rd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, International Business Machines has a consensus rating of “Hold” and an average target price of $253.75.

Read Our Latest Analysis on IBM

International Business Machines Stock Performance

International Business Machines stock opened at $292.49 on Friday. The company’s 50-day moving average price is $261.91 and its 200-day moving average price is $247.14. The company has a quick ratio of 0.97, a current ratio of 1.01 and a debt-to-equity ratio of 2.09. The company has a market cap of $271.84 billion, a PE ratio of 50.34, a price-to-earnings-growth ratio of 6.11 and a beta of 0.66. International Business Machines Corporation has a twelve month low of $170.48 and a twelve month high of $296.16.

International Business Machines (NYSE:IBM – Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The technology company reported $1.60 earnings per share for the quarter, topping the consensus estimate of $1.42 by $0.18. International Business Machines had a return on equity of 37.43% and a net margin of 8.71%. The company had revenue of $14.54 billion for the quarter, compared to analysts’ expectations of $14.41 billion. During the same period in the previous year, the firm posted $1.68 earnings per share. The firm’s revenue for the quarter was up .5% on a year-over-year basis. On average, equities research analysts forecast that International Business Machines Corporation will post 10.78 EPS for the current fiscal year.

International Business Machines Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Friday, May 9th were given a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a dividend yield of 2.30%. This is an increase from International Business Machines’s previous quarterly dividend of $1.67. International Business Machines’s payout ratio is currently 115.66%.

About International Business Machines

(Free Report)

International Business Machines Corporation, together with its subsidiaries, provides integrated solutions and services worldwide. The company operates through Software, Consulting, Infrastructure, and Financing segments. The Software segment offers a hybrid cloud and AI platforms that allows clients to realize their digital and AI transformations across the applications, data, and environments in which they operate.

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