Allstate Corp Boosts Stock Holdings in International Business Machines Corporation $IBM

Key Points

• Allstate Corp increased its stake in International Business Machines Corporation (IBM) by 17.4%, owning 32,147 shares valued at approximately $7.99 million as of its latest SEC filing.
• Wall Street analysts have mixed opinions on IBM, with price targets ranging from $195 to $320, and consensus ratings suggesting a "Hold" status.
• IBM reported $2.80 EPS for its last quarter, surpassing estimates, with a year-over-year revenue increase of 7.7% to $16.98 billion.

Allstate Corp increased its position in shares of International Business Machines Corporation (NYSE:IBM - Free Report) by 17.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,147 shares of the technology company's stock after purchasing an additional 4,764 shares during the period. Allstate Corp's holdings in International Business Machines were worth $7,994,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Blue Edge Capital LLC boosted its holdings in International Business Machines by 0.6% during the first quarter. Blue Edge Capital LLC now owns 6,776 shares of the technology company's stock valued at $1,685,000 after acquiring an additional 39 shares during the period. Tacita Capital Inc raised its position in shares of International Business Machines by 20.8% during the first quarter. Tacita Capital Inc now owns 232 shares of the technology company's stock valued at $58,000 after buying an additional 40 shares during the last quarter. Pallas Capital Advisors LLC raised its position in shares of International Business Machines by 0.9% during the first quarter. Pallas Capital Advisors LLC now owns 4,805 shares of the technology company's stock valued at $1,195,000 after buying an additional 42 shares during the last quarter. DMC Group LLC raised its position in International Business Machines by 1.2% in the first quarter. DMC Group LLC now owns 3,517 shares of the technology company's stock worth $875,000 after purchasing an additional 42 shares in the last quarter. Finally, Fidato Wealth LLC raised its position in International Business Machines by 2.4% in the first quarter. Fidato Wealth LLC now owns 1,824 shares of the technology company's stock worth $454,000 after purchasing an additional 42 shares in the last quarter. 58.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on IBM. UBS Group increased their price target on shares of International Business Machines from $195.00 to $200.00 and gave the company a "sell" rating in a research note on Thursday, July 24th. Royal Bank Of Canada lifted their price target on shares of International Business Machines from $285.00 to $315.00 and gave the stock an "outperform" rating in a research report on Thursday, July 17th. The Goldman Sachs Group raised their price objective on shares of International Business Machines from $270.00 to $310.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Bank of America dropped their price objective on shares of International Business Machines from $320.00 to $310.00 and set a "buy" rating on the stock in a report on Thursday, July 24th. Finally, JPMorgan Chase & Co. lifted their price target on shares of International Business Machines from $244.00 to $290.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $268.75.

International Business Machines Stock Performance

NYSE IBM opened at $239.2070 on Friday. The firm has a 50-day moving average price of $270.32 and a two-hundred day moving average price of $258.17. International Business Machines Corporation has a 12-month low of $194.39 and a 12-month high of $296.16. The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 2.00. The company has a market capitalization of $222.32 billion, a P/E ratio of 38.83, a P/E/G ratio of 3.73 and a beta of 0.69.

International Business Machines (NYSE:IBM - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The technology company reported $2.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.65 by $0.15. International Business Machines had a net margin of 9.11% and a return on equity of 37.62%. The firm had revenue of $16.98 billion during the quarter, compared to the consensus estimate of $16.58 billion. During the same quarter last year, the firm earned $2.43 earnings per share. The company's revenue for the quarter was up 7.7% on a year-over-year basis. International Business Machines has set its FY 2025 guidance at EPS. Analysts anticipate that International Business Machines Corporation will post 10.78 earnings per share for the current year.

International Business Machines Profile

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.

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