Ridgewood Investments LLC Increases Stock Position in International Business Machines Corporation $IBM

Ridgewood Investments LLC increased its position in International Business Machines Corporation (NYSE:IBM) by 84.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 5,082 shares of the technology company’s stock after buying an additional 2,328 shares during the period. Ridgewood Investments LLC’s holdings in International Business Machines were worth $1,118,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of International Business Machines during the second quarter worth about $21,586,659,000. Bank of America Corp DE bought a new stake in International Business Machines during the 2nd quarter valued at approximately $4,214,868,000. Bank of New York Mellon Corp purchased a new position in International Business Machines in the 2nd quarter worth approximately $2,606,782,000. Legal & General Group Plc purchased a new position in International Business Machines in the 2nd quarter worth approximately $1,874,733,000. Finally, Wellington Management Group LLP boosted its stake in International Business Machines by 2,362.2% in the 2nd quarter. Wellington Management Group LLP now owns 6,549,393 shares of the technology company’s stock worth $1,841,755,000 after purchasing an additional 6,283,395 shares during the period. Hedge funds and other institutional investors own 58.96% of the company’s stock.

International Business Machines Price Performance

NYSE:IBM traded down $1.25 during trading hours on Monday, reaching $221.39. The stock had a trading volume of 6,310,335 shares, compared to its average volume of 7,590,966. The stock has a market capitalization of $208.58 billion, a PE ratio of 19.64, a PEG ratio of 2.12 and a beta of 0.73. International Business Machines Corporation has a 52 week low of $199.19 and a 52 week high of $332.46. The company has a 50 day moving average price of $232.27 and a two-hundred day moving average price of $244.89. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.74 and a current ratio of 0.79.

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

International Business Machines Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Monday, August 10th were paid a dividend of $1.69 per share. The ex-dividend date was Monday, August 10th. This represents a $6.76 annualized dividend and a dividend yield of 3.1%. International Business Machines’s dividend payout ratio (DPR) is currently 59.98%.

Insider Activity at International Business Machines

In related news, SVP Robert Thomas sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $230.32, for a total value of $5,758,000.00. Following the completion of the transaction, the senior vice president owned 47,800 shares of the company’s stock, valued at $11,009,296. The trade was a 34.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.27% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on IBM shares. Barclays cut their price objective on shares of International Business Machines from $288.00 to $262.00 and set an “overweight” rating for the company in a report on Thursday, July 23rd. BMO Capital Markets dropped their target price on shares of International Business Machines from $270.00 to $230.00 and set a “market perform” rating for the company in a research report on Thursday, July 23rd. HSBC cut their target price on shares of International Business Machines from $175.00 to $174.00 in a research note on Friday, July 24th. Morgan Stanley reduced their price target on shares of International Business Machines from $293.00 to $190.00 and set an “equal weight” rating on the stock in a report on Thursday, July 23rd. Finally, Craig Hallum started coverage on shares of International Business Machines in a research note on Wednesday, August 19th. They issued a “buy” rating on the stock. Eighteen research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $253.52.

International Business Machines Company Profile

International Business Machines Corporation (NYSE:IBM), commonly known as IBM, is a global technology company that provides hybrid cloud, artificial intelligence, software, consulting and infrastructure solutions. Its offerings help businesses and government organizations manage data, modernize applications, automate processes and improve cybersecurity.

IBM’s portfolio includes the Red Hat hybrid cloud platform, the watsonx suite of artificial intelligence and data tools, consulting services, and enterprise software for areas such as automation, application management, security and asset management.