International Business Machines Co. (NYSE:IBM) Shares Acquired by Pinnacle Financial Partners Inc

13 Nov 2024, 14:26 by Kim Johansen · The Markets Daily

Pinnacle Financial Partners Inc lifted its stake in International Business Machines Co. (NYSE:IBM – Free Report) by 4.6% during the third quarter, HoldingsChannel reports. The institutional investor owned 101,518 shares of the technology company’s stock after acquiring an additional 4,437 shares during the period. Pinnacle Financial Partners Inc’s holdings in International Business Machines were worth $22,444,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of IBM. Vanguard Group Inc. grew its holdings in International Business Machines by 6.7% in the first quarter. Vanguard Group Inc. now owns 88,152,714 shares of the technology company’s stock valued at $16,833,642,000 after purchasing an additional 5,546,855 shares during the last quarter. Legal & General Group Plc grew its position in International Business Machines by 4.1% during the second quarter. Legal & General Group Plc now owns 8,487,827 shares of the technology company’s stock valued at $1,467,974,000 after acquiring an additional 330,694 shares during the period. Ameriprise Financial Inc. raised its stake in shares of International Business Machines by 6.4% in the 2nd quarter. Ameriprise Financial Inc. now owns 7,366,715 shares of the technology company’s stock valued at $1,274,074,000 after acquiring an additional 444,698 shares during the period. Dimensional Fund Advisors LP boosted its holdings in International Business Machines by 6.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,796,206 shares of the technology company’s stock worth $829,431,000 after acquiring an additional 304,390 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of International Business Machines by 151.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,515,666 shares of the technology company’s stock valued at $671,352,000 after acquiring an additional 2,118,165 shares in the last quarter. 58.96% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at International Business Machines

In related news, SVP Nickle Jaclyn Lamoreaux sold 3,600 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $215.20, for a total transaction of $774,720.00. Following the transaction, the senior vice president now directly owns 25,390 shares in the company, valued at $5,463,928. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.07% of the company’s stock.

International Business Machines Stock Down 1.2 %

IBM stock opened at $210.93 on Wednesday. The company’s 50 day simple moving average is $218.44 and its 200-day simple moving average is $192.98. The company has a debt-to-equity ratio of 2.16, a current ratio of 1.06 and a quick ratio of 1.01. International Business Machines Co. has a 52-week low of $147.35 and a 52-week high of $237.37. The firm has a market capitalization of $195.04 billion, a P/E ratio of 30.70, a P/E/G ratio of 4.80 and a beta of 0.71.

International Business Machines (NYSE:IBM – Get Free Report) last announced its quarterly earnings data on Wednesday, October 23rd. The technology company reported $2.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.27 by $0.03. The business had revenue of $14.97 billion during the quarter, compared to analyst estimates of $15.08 billion. International Business Machines had a return on equity of 40.52% and a net margin of 10.22%. International Business Machines’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same period last year, the company earned $2.20 earnings per share. As a group, equities research analysts anticipate that International Business Machines Co. will post 10.11 EPS for the current year.

International Business Machines Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Tuesday, November 12th will be issued a dividend of $1.67 per share. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $6.68 annualized dividend and a yield of 3.17%. International Business Machines’s dividend payout ratio (DPR) is presently 97.23%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Hsbc Global Res upgraded shares of International Business Machines to a “moderate sell” rating in a research note on Friday, July 26th. Evercore ISI increased their price target on International Business Machines from $215.00 to $240.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 11th. BMO Capital Markets upped their price objective on International Business Machines from $235.00 to $260.00 and gave the stock a “market perform” rating in a research note on Thursday, October 24th. Bernstein Bank boosted their target price on shares of International Business Machines from $185.00 to $210.00 and gave the company a “market perform” rating in a research note on Thursday, October 3rd. Finally, The Goldman Sachs Group increased their price target on International Business Machines from $220.00 to $250.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, International Business Machines has a consensus rating of “Hold” and an average price target of $208.12.

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