Avantax Advisory Services Inc. Cuts Stake in International Business Machines Corporation (NYSE:IBM)

Key Points

• Avantax Advisory Services Inc. has reduced its stake in International Business Machines Corporation (IBM) by 3.9%, holding 95,908 shares worth approximately $23.8 million after selling 3,868 shares in the first quarter.
• IBM's stock is currently trading around $259.70 with a 52-week high of $296.16 and a 52-week low of $181.81, reflecting a P/E ratio of 42.16.
• The company recently increased its quarterly dividend to $1.68 per share, leading to an annualized yield of 2.59%, although its payout ratio is 109.09%.

Avantax Advisory Services Inc. lowered its holdings in International Business Machines Corporation (NYSE:IBM - Free Report) by 3.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 95,908 shares of the technology company's stock after selling 3,868 shares during the quarter. Avantax Advisory Services Inc.'s holdings in International Business Machines were worth $23,849,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of IBM. Capital World Investors lifted its stake in International Business Machines by 413.5% during the 4th quarter. Capital World Investors now owns 11,984,609 shares of the technology company's stock valued at $2,634,577,000 after acquiring an additional 9,650,534 shares in the last quarter. Norges Bank bought a new position in International Business Machines during the 4th quarter valued at $1,236,176,000. GAMMA Investing LLC lifted its stake in International Business Machines by 29,564.2% during the 1st quarter. GAMMA Investing LLC now owns 4,399,790 shares of the technology company's stock valued at $10,940,520,000 after acquiring an additional 4,384,958 shares in the last quarter. Northern Trust Corp lifted its stake in International Business Machines by 18.6% during the 4th quarter. Northern Trust Corp now owns 10,845,993 shares of the technology company's stock valued at $2,384,275,000 after acquiring an additional 1,704,209 shares in the last quarter. Finally, Castlekeep Investment Advisors LLC bought a new position in International Business Machines during the 4th quarter valued at $302,564,000. Institutional investors and hedge funds own 58.96% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on IBM shares. Stifel Nicolaus raised their price objective on International Business Machines from $290.00 to $310.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. Royal Bank Of Canada lifted their target price on International Business Machines from $285.00 to $315.00 and gave the stock an "outperform" rating in a research note on Thursday, July 17th. The Goldman Sachs Group lifted their target price on International Business Machines from $270.00 to $310.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Morgan Stanley lowered their target price on International Business Machines from $237.00 to $233.00 and set an "equal weight" rating on the stock in a research note on Thursday, April 24th. Finally, BMO Capital Markets lifted their target price on International Business Machines from $260.00 to $300.00 and gave the stock a "market perform" rating in a research note on Friday, July 18th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, International Business Machines has an average rating of "Moderate Buy" and a consensus price target of $268.75.

International Business Machines Price Performance

Shares of IBM stock traded up $2.53 during trading on Monday, hitting $262.25. The company had a trading volume of 2,388,682 shares, compared to its average volume of 4,622,051. 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 stock's 50-day moving average is $277.69 and its two-hundred day moving average is $256.27. The stock has a market capitalization of $243.73 billion, a price-to-earnings ratio of 42.60, a price-to-earnings-growth ratio of 4.01 and a beta of 0.69. International Business Machines Corporation has a 52 week low of $181.81 and a 52 week high of $296.16.

International Business Machines (NYSE:IBM - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The technology company reported $2.80 earnings per share for the quarter, topping the consensus estimate of $2.65 by $0.15. The company had revenue of $16.98 billion for the quarter, compared to analysts' expectations of $16.58 billion. International Business Machines had a net margin of 9.11% and a return on equity of 37.62%. International Business Machines's revenue for the quarter was up 7.7% compared to the same quarter last year. During the same period in the prior year, the business earned $2.43 earnings per share. As a group, analysts predict that International Business Machines Corporation will post 10.78 EPS for the current fiscal year.

International Business Machines Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Friday, May 9th were given a $1.68 dividend. This represents a $6.72 annualized dividend and a dividend yield of 2.56%. This is a boost from International Business Machines's previous quarterly dividend of $1.67. International Business Machines's dividend payout ratio is 109.09%.

International Business Machines Company 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.