230,156 Shares in International Business Machines Corporation $IBM Bought by NewEdge Wealth LLC

NewEdge Wealth LLC purchased a new stake in International Business Machines Corporation (NYSE:IBM) during the 2nd quarter, HoldingsChannel reports. The firm purchased 230,156 shares of the technology company’s stock, valued at approximately $64,722,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Basepoint Wealth LLC bought a new stake in shares of International Business Machines during the 4th quarter valued at about $25,000. Portus Wealth Advisors LLC bought a new position in International Business Machines in the first quarter worth about $26,000. Harborfront Financial Group LLC purchased a new stake in International Business Machines in the second quarter worth about $27,000. Cornerstone Financial Management LLC purchased a new stake in International Business Machines in the fourth quarter worth about $28,000. Finally, SWAN Capital LLC bought a new stake in International Business Machines during the 3rd quarter valued at approximately $28,000. 58.96% of the stock is owned by hedge funds and other institutional investors.

International Business Machines Trading Up 0.1%

NYSE IBM opened at $234.87 on Friday. International Business Machines Corporation has a 12 month low of $199.19 and a 12 month high of $332.46. The company has a current ratio of 0.79, a quick ratio of 0.74 and a debt-to-equity ratio of 1.63. The stock’s fifty day moving average price is $241.67 and its 200-day moving average price is $247.13. The stock has a market cap of $221.28 billion, a P/E ratio of 20.84, a P/E/G ratio of 2.24 and a beta of 0.71.

International Business Machines (NYSE:IBM) last posted its quarterly earnings results on Wednesday, July 22nd. The technology company reported $2.93 earnings per share (EPS) for the quarter, hitting the consensus estimate of $2.93. International Business Machines had a return on equity of 35.65% and a net margin of 15.52%.The firm had revenue of $17.16 billion during the quarter, compared to analyst estimates of $17.46 billion. During the same quarter in the previous year, the firm earned $2.80 EPS. International Business Machines’s quarterly revenue was up 1.1% compared to the same quarter last year. As a group, equities analysts forecast that International Business Machines Corporation will post 12.33 EPS for the current fiscal year.

International Business Machines Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Monday, August 10th will be issued a $1.69 dividend. This represents a $6.76 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Monday, August 10th. International Business Machines’s payout ratio is presently 59.98%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on IBM. Bank of America increased their target price on International Business Machines from $315.00 to $330.00 and gave the stock a “buy” rating in a research report on Monday, July 6th. Barclays reduced their price target on International Business Machines from $288.00 to $262.00 and set an “overweight” rating on the stock in a research note on Thursday, July 23rd. JPMorgan Chase & Co. decreased their price objective on International Business Machines from $291.00 to $250.00 and set an “overweight” rating for the company in a report on Friday, July 17th. Piper Sandler raised International Business Machines to an “overweight” rating in a research report on Tuesday, June 23rd. Finally, Wolfe Research cut shares of International Business Machines to a “peer perform” rating in a report on Tuesday, June 23rd. Sixteen investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $265.90.

Insider Activity

In other news, SVP Robert Thomas sold 25,000 shares of the company’s stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $230.32, for a total transaction of $5,758,000.00. Following the transaction, the senior vice president directly owned 47,800 shares of the company’s stock, valued at $11,009,296. This represents a 34.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.27% of the stock is currently owned by insiders.

International Business Machines Company Profile

International Business Machines Corporation (IBM) is a global technology and consulting company headquartered in Armonk, New York. Founded in 1911 as the Computing-Tabulating-Recording Company (CTR) and renamed IBM in 1924, the company has evolved from early electromechanical machines to a diversified technology provider serving enterprises and governments worldwide. IBM is publicly traded on the New York Stock Exchange under the ticker symbol IBM.

IBM’s principal businesses encompass cloud computing and software, infrastructure and systems, consulting and technology services, and research and development.