Sandy Cove Advisors LLC Has $558,000 Stock Position in International Business Machines Co. (NYSE:IBM)

Sandy Cove Advisors LLC cut its holdings in International Business Machines Co. (NYSE:IBM) by 3.0% during the 1st quarter, HoldingsChannel reports. The fund owned 2,920 shares of the technology company’s stock after selling 89 shares during the quarter. Sandy Cove Advisors LLC’s holdings in International Business Machines were worth $558,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Norges Bank acquired a new stake in shares of International Business Machines in the fourth quarter valued at approximately $1,019,009,000. International Assets Investment Management LLC raised its holdings in International Business Machines by 15,439.1% in the 4th quarter. International Assets Investment Management LLC now owns 2,653,462 shares of the technology company’s stock valued at $433,974,000 after acquiring an additional 2,636,386 shares in the last quarter. Morgan Stanley lifted its position in shares of International Business Machines by 13.4% during the 3rd quarter. Morgan Stanley now owns 16,257,789 shares of the technology company’s stock valued at $2,280,968,000 after acquiring an additional 1,919,490 shares during the period. Capital Wealth Planning LLC acquired a new stake in shares of International Business Machines during the 4th quarter worth $172,887,000. Finally, Junto Capital Management LP bought a new position in shares of International Business Machines in the fourth quarter worth $62,020,000. 58.96% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on IBM shares. JPMorgan Chase & Co. dropped their target price on shares of International Business Machines from $190.00 to $185.00 and set a “neutral” rating for the company in a research report on Thursday, April 25th. Morgan Stanley decreased their price target on International Business Machines from $186.00 to $179.00 and set an “equal weight” rating on the stock in a research note on Friday, April 26th. Wedbush boosted their price target on International Business Machines from $140.00 to $160.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $200.00 price objective on shares of International Business Machines in a research note on Wednesday, May 22nd. Finally, StockNews.com raised shares of International Business Machines from a “hold” rating to a “buy” rating in a report on Wednesday, June 19th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $182.53.

International Business Machines Trading Up 1.2 %

IBM traded up $2.10 during midday trading on Friday, hitting $172.95. 4,193,459 shares of the company were exchanged, compared to its average volume of 3,570,876. The firm has a market capitalization of $158.87 billion, a P/E ratio of 19.59, a P/E/G ratio of 4.27 and a beta of 0.72. The firm’s 50 day moving average price is $169.95 and its 200-day moving average price is $176.48. The company has a quick ratio of 1.09, a current ratio of 1.13 and a debt-to-equity ratio of 2.32. International Business Machines Co. has a 1-year low of $131.55 and a 1-year high of $199.18.

International Business Machines (NYSE:IBM) last announced its earnings results on Tuesday, April 30th. The technology company reported $1.68 EPS for the quarter, beating the consensus estimate of $1.59 by $0.09. The business had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.53 billion. International Business Machines had a return on equity of 40.21% and a net margin of 13.18%. The firm’s revenue was up 1.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.36 earnings per share. As a group, equities analysts forecast that International Business Machines Co. will post 9.9 EPS for the current fiscal year.

International Business Machines Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Friday, May 10th were given a dividend of $1.67 per share. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $6.68 dividend on an annualized basis and a yield of 3.86%. This is a boost from International Business Machines’s previous quarterly dividend of $1.66. International Business Machines’s dividend payout ratio is 75.65%.

International Business Machines Profile

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.