Pettee Investors Inc. Has $3.09 Million Position in International Business Machines Co. (NYSE:IBM)

Pettee Investors Inc. lessened its holdings in International Business Machines Co. (NYSE:IBM) by 10.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,852 shares of the technology company’s stock after selling 1,975 shares during the quarter. International Business Machines makes up approximately 1.5% of Pettee Investors Inc.’s investment portfolio, making the stock its 19th largest position. Pettee Investors Inc.’s holdings in International Business Machines were worth $3,088,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Norges Bank bought a new position in shares of International Business Machines during the fourth quarter worth about $1,019,009,000. Vanguard Group Inc. lifted its position in shares of International Business Machines by 6.7% in the 1st quarter. Vanguard Group Inc. now owns 88,152,714 shares of the technology company’s stock worth $16,833,642,000 after purchasing an additional 5,546,855 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of International Business Machines by 151.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,515,666 shares of the technology company’s stock worth $671,352,000 after purchasing an additional 2,118,165 shares during the period. Capital Wealth Planning LLC bought a new stake in shares of International Business Machines in the 4th quarter valued at $172,887,000. Finally, National Bank of Canada FI increased its position in shares of International Business Machines by 79.4% during the first quarter. National Bank of Canada FI now owns 922,496 shares of the technology company’s stock worth $176,160,000 after buying an additional 408,230 shares during the period. 58.96% of the stock is currently owned by institutional investors and hedge funds.

International Business Machines Trading Up 0.1 %

IBM opened at $201.41 on Wednesday. International Business Machines Co. has a fifty-two week low of $135.87 and a fifty-two week high of $204.72. The firm has a market capitalization of $185.02 billion, a PE ratio of 22.80, a P/E/G ratio of 4.50 and a beta of 0.71. The company has a debt-to-equity ratio of 2.20, a current ratio of 1.12 and a quick ratio of 1.08. The company’s 50-day moving average is $187.69 and its 200 day moving average is $182.12.

International Business Machines (NYSE:IBM) last issued its quarterly earnings data on Wednesday, July 24th. The technology company reported $2.43 EPS for the quarter, topping analysts’ consensus estimates of $2.16 by $0.27. The firm had revenue of $15.77 billion during the quarter, compared to analyst estimates of $15.62 billion. International Business Machines had a return on equity of 40.59% and a net margin of 13.52%. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the previous year, the company posted $2.18 EPS. As a group, research analysts predict that International Business Machines Co. will post 10.09 earnings per share for the current fiscal year.

International Business Machines Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Friday, August 9th will be issued a dividend of $1.67 per share. This represents a $6.68 dividend on an annualized basis and a yield of 3.32%. The ex-dividend date of this dividend is Friday, August 9th. International Business Machines’s dividend payout ratio is 75.65%.

Analyst Ratings Changes

A number of brokerages have commented on IBM. BMO Capital Markets upped their price target on shares of International Business Machines from $190.00 to $210.00 and gave the company a “market perform” rating in a research report on Thursday, July 25th. StockNews.com upgraded International Business Machines from a “hold” rating to a “buy” rating in a report on Wednesday, June 19th. The Goldman Sachs Group assumed coverage on International Business Machines in a report on Monday, June 24th. They set a “buy” rating and a $200.00 price target on the stock. Royal Bank of Canada raised their price objective on shares of International Business Machines from $200.00 to $211.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Finally, Stifel Nicolaus boosted their target price on shares of International Business Machines from $190.00 to $205.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, International Business Machines currently has an average rating of “Hold” and a consensus price target of $184.93.

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.