International Business Machines Corporation (NYSE:IBM) Shares Bought by Conning Inc.

by · The Markets Daily

Conning Inc. raised its stake in International Business Machines Corporation (NYSE:IBM – Free Report) by 5.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,343 shares of the technology company’s stock after buying an additional 300 shares during the quarter. Conning Inc.’s holdings in International Business Machines were worth $1,329,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of IBM. Brighton Jones LLC boosted its holdings in International Business Machines by 12.4% in the 4th quarter. Brighton Jones LLC now owns 21,011 shares of the technology company’s stock valued at $4,619,000 after purchasing an additional 2,323 shares during the last quarter. Assetmark Inc. raised its position in shares of International Business Machines by 5.7% during the 4th quarter. Assetmark Inc. now owns 40,688 shares of the technology company’s stock valued at $8,944,000 after buying an additional 2,210 shares during the period. Proficio Capital Partners LLC lifted its holdings in International Business Machines by 81.5% in the fourth quarter. Proficio Capital Partners LLC now owns 2,686 shares of the technology company’s stock valued at $591,000 after acquiring an additional 1,206 shares during the last quarter. Cullen Frost Bankers Inc. grew its position in International Business Machines by 0.3% in the fourth quarter. Cullen Frost Bankers Inc. now owns 84,239 shares of the technology company’s stock worth $18,518,000 after acquiring an additional 231 shares during the period. Finally, Vision Financial Markets LLC purchased a new position in International Business Machines in the fourth quarter worth approximately $31,000. 58.96% of the stock is owned by institutional investors and hedge funds.

International Business Machines Trading Up 1.4%

Shares of IBM stock opened at $291.66 on Friday. International Business Machines Corporation has a fifty-two week low of $173.95 and a fifty-two week high of $296.16. The company has a 50 day moving average price of $267.18 and a 200 day moving average price of $249.22. The stock has a market capitalization of $271.06 billion, a P/E ratio of 50.20, a price-to-earnings-growth ratio of 6.04 and a beta of 0.69. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.97 and a current ratio of 1.01.

International Business Machines (NYSE:IBM – Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The technology company reported $1.60 EPS for the quarter, beating the consensus estimate of $1.42 by $0.18. International Business Machines had a net margin of 8.71% and a return on equity of 37.43%. The company had revenue of $14.54 billion during the quarter, compared to analysts’ expectations of $14.41 billion. During the same quarter last year, the company posted $1.68 EPS. The firm’s revenue was up .5% compared to the same quarter last year. Equities research analysts predict 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. Investors of record on Friday, May 9th were paid a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a yield of 2.30%. This is a boost from International Business Machines’s previous quarterly dividend of $1.67. International Business Machines’s payout ratio is presently 115.66%.

Wall Street Analysts Forecast Growth

IBM has been the topic of several recent analyst reports. Morgan Stanley decreased their price target on International Business Machines from $237.00 to $233.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 24th. BMO Capital Markets restated a “market perform” rating on shares of International Business Machines in a report on Wednesday, April 23rd. UBS Group reaffirmed a “sell” rating and issued a $170.00 target price (up previously from $160.00) on shares of International Business Machines in a research report on Wednesday, April 23rd. Wedbush lifted their price target on shares of International Business Machines from $300.00 to $325.00 and gave the company an “outperform” rating in a research report on Friday, June 20th. Finally, Jefferies Financial Group reissued a “hold” rating on shares of International Business Machines in a research note on Wednesday, April 23rd. One investment 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. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $257.50.

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About International Business Machines

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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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