Elevation Point Wealth Partners LLC Sells 2,116 Shares of International Business Machines Co. (NYSE:IBM)

Elevation Point Wealth Partners LLC reduced its holdings in shares of International Business Machines Co. (NYSE:IBM) by 9.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 19,917 shares of the technology company’s stock after selling 2,116 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in International Business Machines were worth $4,952,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of IBM. Capital World Investors raised its position in International Business Machines by 413.5% in the fourth quarter. Capital World Investors now owns 11,984,609 shares of the technology company’s stock valued at $2,634,577,000 after purchasing an additional 9,650,534 shares during the last quarter. Norges Bank bought a new position in International Business Machines in the fourth quarter valued at about $1,236,176,000. GAMMA Investing LLC raised its position in International Business Machines by 29,564.2% in the first quarter. GAMMA Investing LLC now owns 4,399,790 shares of the technology company’s stock valued at $10,940,520,000 after purchasing an additional 4,384,958 shares during the last quarter. Raymond James Financial Inc. bought a new position in International Business Machines in the fourth quarter valued at about $592,746,000. Finally, Northern Trust Corp raised its position in International Business Machines by 18.6% in the fourth quarter. Northern Trust Corp now owns 10,845,993 shares of the technology company’s stock valued at $2,384,275,000 after purchasing an additional 1,704,209 shares during the last quarter. 58.96% of the stock is currently owned by institutional investors.

International Business Machines Trading Down 1.5%

NYSE IBM opened at $276.84 on Friday. The business has a 50 day simple moving average of $252.60 and a 200 day simple moving average of $243.67. International Business Machines Co. has a one year low of $167.23 and a one year high of $283.06. The stock has a market capitalization of $257.29 billion, a P/E ratio of 43.19, a P/E/G ratio of 5.81 and a beta of 0.66. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.04 and a quick ratio of 1.00.

International Business Machines (NYSE:IBM) last released its earnings results on Wednesday, April 23rd. The technology company reported $1.60 EPS for the quarter, topping the consensus estimate of $1.42 by $0.18. International Business Machines had a return on equity of 38.99% and a net margin of 9.60%. The business had revenue of $14.54 billion during the quarter, compared to analysts’ expectations of $14.41 billion. During the same quarter last year, the firm posted $1.68 earnings per share. The firm’s revenue was up .5% on a year-over-year basis. Research analysts expect that International Business Machines Co. will post 10.78 earnings per share for the current year.

International Business Machines Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Friday, May 9th were paid a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a yield of 2.43%. This is a boost from International Business Machines’s previous quarterly dividend of $1.67. International Business Machines’s dividend payout ratio (DPR) is 115.66%.

Analysts Set New Price Targets

IBM has been the subject of several research reports. Wall Street Zen downgraded International Business Machines from a “buy” rating to a “hold” rating in a research report on Wednesday, May 21st. Bank of America increased their price target on International Business Machines from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, June 9th. UBS Group reissued a “sell” rating and issued a $170.00 price target (up previously from $160.00) on shares of International Business Machines in a research note on Wednesday, April 23rd. Erste Group Bank raised International Business Machines from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 17th. Finally, Morgan Stanley decreased their price target on International Business Machines from $237.00 to $233.00 and set an “equal weight” rating for the company in a research note on Thursday, April 24th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, International Business Machines presently has an average rating of “Hold” and a consensus target price of $250.31.

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.