International Business Machines Co. (NYSE:IBM) Shares Sold by Essex Financial Services Inc.

Essex Financial Services Inc. lowered its stake in International Business Machines Co. (NYSE:IBM) by 4.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,179 shares of the technology company’s stock after selling 1,600 shares during the period. Essex Financial Services Inc.’s holdings in International Business Machines were worth $7,514,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in IBM. Retirement Planning Group LLC acquired a new position in shares of International Business Machines during the 3rd quarter worth about $618,000. CVA Family Office LLC lifted its stake in International Business Machines by 4.5% during the third quarter. CVA Family Office LLC now owns 1,876 shares of the technology company’s stock worth $415,000 after purchasing an additional 80 shares during the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH increased its stake in International Business Machines by 29.8% in the third quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 1,223 shares of the technology company’s stock valued at $270,000 after purchasing an additional 281 shares during the last quarter. Redhawk Wealth Advisors Inc. acquired a new stake in International Business Machines during the third quarter worth approximately $218,000. Finally, Thomasville National Bank lifted its position in shares of International Business Machines by 24.5% during the 3rd quarter. Thomasville National Bank now owns 3,825 shares of the technology company’s stock worth $846,000 after buying an additional 752 shares during the last quarter. Hedge funds and other institutional investors own 58.96% of the company’s stock.

International Business Machines Stock Down 1.3 %

IBM stock opened at $248.95 on Tuesday. International Business Machines Co. has a one year low of $162.62 and a one year high of $265.72. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.00 and a current ratio of 1.04. The company has a fifty day moving average of $229.76 and a 200-day moving average of $217.38. The stock has a market capitalization of $230.19 billion, a PE ratio of 38.84, a price-to-earnings-growth ratio of 5.57 and a beta of 0.76.

International Business Machines (NYSE:IBM) last announced its quarterly earnings data on Wednesday, January 29th. The technology company reported $3.92 earnings per share for the quarter, beating analysts’ consensus estimates of $3.77 by $0.15. International Business Machines had a return on equity of 38.99% and a net margin of 9.60%. As a group, analysts expect that International Business Machines Co. will post 10.75 EPS for the current year.

International Business Machines Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Monday, February 10th will be given a $1.67 dividend. This represents a $6.68 annualized dividend and a yield of 2.68%. The ex-dividend date is Monday, February 10th. International Business Machines’s payout ratio is 104.21%.

Analysts Set New Price Targets

A number of research analysts recently commented on IBM shares. Stifel Nicolaus increased their target price on shares of International Business Machines from $205.00 to $246.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Bank of America lifted their target price on International Business Machines from $260.00 to $270.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. Wedbush initiated coverage on International Business Machines in a research report on Monday, February 3rd. They issued an “outperform” rating for the company. StockNews.com raised International Business Machines from a “hold” rating to a “buy” rating in a research report on Wednesday, February 5th. Finally, Morgan Stanley increased their price objective on International Business Machines from $217.00 to $228.00 and gave the company an “equal weight” rating in a report on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, International Business Machines has a consensus rating of “Hold” and an average price target of $225.53.

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.