Palisade Asset Management LLC trimmed its position in International Business Machines Corporation (NYSE:IBM – Free Report) by 2.2% in the third quarter, HoldingsChannel reports. The firm owned 96,627 shares of the technology company’s stock after selling 2,223 shares during the quarter. International Business Machines accounts for about 2.0% of Palisade Asset Management LLC’s holdings, making the stock its 12th largest holding. Palisade Asset Management LLC’s holdings in International Business Machines were worth $21,251,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Harborfront Financial Group LLC purchased a new position in shares of International Business Machines in the 2nd quarter worth approximately $27,000. Hara Capital LLC purchased a new stake in shares of International Business Machines during the second quarter valued at approximately $28,000. Bare Financial Services Inc increased its position in shares of International Business Machines by 114.6% during the second quarter. Bare Financial Services Inc now owns 103 shares of the technology company’s stock valued at $29,000 after acquiring an additional 55 shares during the last quarter. Caitlin John LLC bought a new stake in International Business Machines during the second quarter worth $35,000. Finally, Axiom Investment Management LLC bought a new stake in International Business Machines during the first quarter worth $36,000. Hedge funds and other institutional investors own 58.96% of the company’s stock.
International Business Machines Price Performance
IBM opened at $244.71 on Friday. The firm has a 50-day moving average price of $236.76 and a 200-day moving average price of $248.64. International Business Machines Corporation has a twelve month low of $199.19 and a twelve month high of $332.46. The company has a quick ratio of 0.80, a current ratio of 0.85 and a debt-to-equity ratio of 1.57. The company has a market capitalization of $231.28 billion, a price-to-earnings ratio of 20.86, a PEG ratio of 2.41 and a beta of 0.78.
International Business Machines (NYSE:IBM – Get Free Report) last announced its quarterly earnings results on Wednesday, October 21st. The technology company reported $2.95 EPS for the quarter, beating analysts’ consensus estimates of $2.85 by $0.10. The company had revenue of $17.10 billion for the quarter, compared to analysts’ expectations of $16.82 billion. International Business Machines had a net margin of 15.99% and a return on equity of 34.37%. International Business Machines’s revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the company posted $2.65 EPS. Equities analysts expect that International Business Machines Corporation will post 12.41 EPS for the current year.
International Business Machines Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Tuesday, November 10th will be issued a dividend of $1.69 per share. The ex-dividend date of this dividend is Tuesday, November 10th. This represents a $6.76 dividend on an annualized basis and a yield of 2.8%. International Business Machines’s payout ratio is presently 57.63%.
Insider Transactions at International Business Machines
In other International Business Machines news, SVP Robert Thomas sold 25,000 shares of the 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 sale, the senior vice president owned 47,800 shares in the company, valued at $11,009,296. This represents a 34.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.27% of the stock is owned by insiders.
Analyst Ratings Changes
Several research firms have weighed in on IBM. The Goldman Sachs Group reissued a “buy” rating and issued a $300.00 price objective on shares of International Business Machines in a research report on Thursday, October 22nd. Truist Financial set a $260.00 target price on International Business Machines in a research report on Thursday, October 22nd. Daiwa Securities Group lowered their target price on International Business Machines from $247.00 to $217.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 29th. UBS Group boosted their price target on shares of International Business Machines from $236.00 to $243.00 and gave the stock a “neutral” rating in a report on Thursday, October 22nd. Finally, Argus cut their price target on shares of International Business Machines from $360.00 to $280.00 and set a “buy” rating on the stock in a report on Thursday, July 16th. Nineteen analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, International Business Machines presently has an average rating of “Moderate Buy” and an average price target of $266.88.
Check Out Our Latest Analysis on IBM
Key Stories Impacting International Business Machines
Here are the key news stories impacting International Business Machines this week:
- Positive Sentiment: Evercore’s sum-of-the-parts analysis values IBM at $290 a share, above its $275 price target, suggesting the firm sees potential value in IBM’s businesses, including quantum computing. IBM Stock Could Be More Than a ‘Safe Haven.’ Quantum Computing Is a Big Reason
- Positive Sentiment: IBM’s Quantum System Two is now operational at the University of Chicago, expanding its quantum-computing presence and partnerships in Illinois. The installation strengthens IBM’s research and commercialization ecosystem, though financial returns are likely longer term. IBM Unveils Its Most Advanced Quantum Computer in Chicago
- Positive Sentiment: IBM, AMD and Oak Ridge National Laboratory launched a platform combining quantum and high-performance computing to advance quantum error correction, supporting IBM’s technology roadmap. The initiative targets progress toward a scientifically relevant quantum computer by 2028. Oak Ridge National Laboratory, IBM, and AMD Launch New Co-Design Platform for Quantum Error Correction
- Neutral Sentiment: A recent valuation commentary questions whether IBM’s cash-flow outlook supports the stock’s longer-term share-price gains. The excerpt does not provide a firm valuation conclusion, but it highlights investor scrutiny of the company’s price relative to future cash generation. IBM Stock Could Trade At A Discount After Quantum Computing News
International Business Machines Profile
International Business Machines Corporation (IBM) is a global technology company that provides software, consulting, infrastructure and related services to businesses and public-sector organizations. Its offerings include hybrid cloud and artificial intelligence solutions, enterprise software, IT consulting, and systems such as IBM Z mainframes and Power servers.
IBM also develops technologies in areas including data management, automation, cybersecurity and quantum computing. Its consulting teams help clients design, build and manage technology systems and business processes.
The company traces its roots to the Computing-Tabulating-Recording Company, formed in 1911, and adopted the name International Business Machines in 1924.
Featured Articles
- Five stocks we like better than International Business Machines
- Dutch Bros Gave Wall Street What It Wanted, So Why Did the Stock Crater?
- Astera Labs Just Crushed Earnings—So Why Are Analysts Cutting Price Targets?
- Sandisk Shares Are Oversold: Bargain or Value Trap?
- IonQ’s Record Revenue Includes a Big SkyWater Boost: Does That Change the Story?
Want to see what other hedge funds are holding IBM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for International Business Machines Corporation (NYSE:IBM – Free Report).
Receive News & Ratings for International Business Machines Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for International Business Machines and related companies with MarketBeat.com's FREE daily email newsletter.
