Lynch Asset Management Inc. Sells 250 Shares of International Business Machines Co. (NYSE:IBM)

Lynch Asset Management Inc. cut its stake in International Business Machines Co. (NYSE:IBM) by 1.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,800 shares of the technology company’s stock after selling 250 shares during the quarter. International Business Machines comprises about 1.5% of Lynch Asset Management Inc.’s holdings, making the stock its 22nd biggest holding. Lynch Asset Management Inc.’s holdings in International Business Machines were worth $3,432,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the stock. Treasurer of the State of North Carolina increased its stake in shares of International Business Machines by 0.8% in the 4th quarter. Treasurer of the State of North Carolina now owns 495,574 shares of the technology company’s stock worth $108,942,000 after acquiring an additional 4,131 shares in the last quarter. Blue Zone Wealth Advisors LLC bought a new position in shares of International Business Machines in the 4th quarter worth about $242,000. Truist Financial Corp increased its stake in International Business Machines by 6.5% during the 4th quarter. Truist Financial Corp now owns 811,062 shares of the technology company’s stock valued at $178,296,000 after purchasing an additional 49,591 shares in the last quarter. Mufg Securities Americas Inc. bought a new stake in International Business Machines during the 4th quarter valued at about $3,000,000. Finally, Magnolia Private Wealth LLC bought a new stake in International Business Machines during the 1st quarter valued at about $239,000. 58.96% of the stock is currently owned by institutional investors.

International Business Machines Stock Performance

IBM opened at $280.69 on Friday. The company has a current ratio of 1.04, a quick ratio of 1.00 and a debt-to-equity ratio of 1.82. The company has a market cap of $260.87 billion, a price-to-earnings ratio of 43.79, a PEG ratio of 5.81 and a beta of 0.66. The company’s 50 day moving average is $251.46 and its 200 day moving average is $243.34. International Business Machines Co. has a 12-month low of $167.23 and a 12-month high of $283.06.

International Business Machines (NYSE:IBM) last posted its quarterly earnings data on Wednesday, April 23rd. The technology company reported $1.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.42 by $0.18. International Business Machines had a net margin of 9.60% and a return on equity of 38.99%. The company had revenue of $14.54 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. On average, equities research analysts predict that International Business Machines Co. will post 10.78 EPS for the current year.

International Business Machines Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Friday, May 9th were issued a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a yield of 2.39%. This is an increase from International Business Machines’s previous quarterly dividend of $1.67. International Business Machines’s payout ratio is currently 115.66%.

Wall Street Analyst Weigh In

IBM has been the subject of a number of analyst reports. Morgan Stanley reduced their price objective on shares of 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. KGI Securities set a $242.00 price objective on shares of International Business Machines and gave the company a “hold” rating in a research note on Thursday, April 24th. Citigroup restated an “outperform” rating on shares of International Business Machines in a research note on Saturday, May 10th. Bank of America raised their price objective on shares of International Business Machines from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Monday. Finally, Erste Group Bank upgraded shares of International Business Machines from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 17th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $250.31.

About International Business Machines

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.