Mystic Asset Management Inc. Makes New $5.62 Million Investment in International Business Machines Corporation $IBM

Mystic Asset Management Inc. purchased a new stake in shares of International Business Machines Corporation (NYSE:IBM) in the second quarter, Holdings Channel.com reports. The institutional investor purchased 19,968 shares of the technology company’s stock, valued at approximately $5,615,000. International Business Machines comprises 1.2% of Mystic Asset Management Inc.’s holdings, making the stock its 18th biggest holding.

Several other hedge funds and other institutional investors also recently made changes to their positions in IBM. BlackRock Inc. acquired a new stake in International Business Machines in the 2nd quarter valued at approximately $21,586,659,000. State Street Corp lifted its holdings in shares of International Business Machines by 1.0% during the fourth quarter. State Street Corp now owns 54,996,293 shares of the technology company’s stock worth $16,290,452,000 after buying an additional 518,321 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of International Business Machines by 1.5% in the fourth quarter. Geode Capital Management LLC now owns 22,605,083 shares of the technology company’s stock valued at $6,679,105,000 after acquiring an additional 336,069 shares during the period. Capital World Investors boosted its position in shares of International Business Machines by 29.2% in the fourth quarter. Capital World Investors now owns 22,021,912 shares of the technology company’s stock valued at $6,523,720,000 after acquiring an additional 4,976,756 shares during the period. Finally, Bank of America Corp DE grew its stake in shares of International Business Machines by 7.0% in the first quarter. Bank of America Corp DE now owns 16,063,653 shares of the technology company’s stock worth $3,893,669,000 after acquiring an additional 1,049,602 shares during the last quarter. 58.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on IBM. Citigroup cut their target price on shares of International Business Machines from $255.00 to $245.00 and set a “buy” rating for the company in a research note on Friday, July 24th. Stifel Nicolaus decreased their price target on shares of International Business Machines from $290.00 to $235.00 and set a “buy” rating on the stock in a research report on Monday, July 20th. Piper Sandler upgraded shares of International Business Machines to an “overweight” rating in a report on Tuesday, June 23rd. Wedbush set a $350.00 price objective on shares of International Business Machines in a research report on Tuesday, June 2nd. Finally, Barclays decreased their target price on International Business Machines from $288.00 to $262.00 and set an “overweight” rating on the stock in a research report on Thursday, July 23rd. Sixteen research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, International Business Machines currently has a consensus rating of “Moderate Buy” and a consensus price target of $265.90.

Insider Activity at International Business Machines

In related news, SVP Robert Thomas sold 25,000 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the senior vice president owned 47,800 shares in the company, valued at $11,009,296. This trade represents a 34.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.27% of the stock is owned by company insiders.

International Business Machines Price Performance

Shares of International Business Machines stock opened at $234.87 on Friday. The firm has a market cap of $221.28 billion, a P/E ratio of 20.84, a price-to-earnings-growth ratio of 2.24 and a beta of 0.71. The firm’s 50-day simple moving average is $241.67 and its 200-day simple moving average is $247.13. International Business Machines Corporation has a twelve month low of $199.19 and a twelve month high of $332.46. 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 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. The firm had revenue of $17.16 billion during the quarter, compared to analyst estimates of $17.46 billion. International Business Machines had a net margin of 15.52% and a return on equity of 35.65%. The company’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.80 earnings per share. As a group, research analysts expect that International Business Machines Corporation will post 12.33 EPS for the current fiscal year.

International Business Machines Announces Dividend

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

International Business Machines 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.