Cadence Bank Sells 30,897 Shares of International Business Machines Corporation $IBM

Key Points

• Cadence Bank has significantly reduced its holdings in International Business Machines Corporation (IBM) by 64.6%, selling 30,897 shares and leaving it with only 16,925 shares valued at $4,209,000.
• IBM reported better-than-expected earnings, with $2.80 earnings per share for the last quarter, surpassing analysts' estimates of $2.65, and year-over-year revenue growth of 7.7%.
• Institutional investors own approximately 58.96% of IBM's stock, with various firms adjusting their ratings and price targets, showing mixed outlooks for the company's stock performance.

Cadence Bank reduced its position in shares of International Business Machines Corporation (NYSE:IBM - Free Report) by 64.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,925 shares of the technology company's stock after selling 30,897 shares during the quarter. Cadence Bank's holdings in International Business Machines were worth $4,209,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. APG Asset Management N.V. raised its position in International Business Machines by 0.4% during the first quarter. APG Asset Management N.V. now owns 513,800 shares of the technology company's stock worth $118,276,000 after acquiring an additional 2,300 shares in the last quarter. Smartleaf Asset Management LLC raised its position in International Business Machines by 15.8% during the first quarter. Smartleaf Asset Management LLC now owns 11,538 shares of the technology company's stock worth $2,815,000 after acquiring an additional 1,576 shares in the last quarter. Biondo Investment Advisors LLC raised its position in International Business Machines by 5.7% during the first quarter. Biondo Investment Advisors LLC now owns 57,453 shares of the technology company's stock worth $14,286,000 after acquiring an additional 3,101 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in International Business Machines by 4.6% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 94,774 shares of the technology company's stock worth $23,566,000 after acquiring an additional 4,154 shares in the last quarter. Finally, Phoenix Wealth Advisors increased its holdings in shares of International Business Machines by 2.7% in the first quarter. Phoenix Wealth Advisors now owns 2,231 shares of the technology company's stock valued at $555,000 after purchasing an additional 58 shares during the last quarter. 58.96% of the stock is owned by institutional investors.

International Business Machines Trading Up 1.0%

Shares of International Business Machines stock opened at $241.6890 on Friday. The company has a market capitalization of $224.63 billion, a price-to-earnings ratio of 39.24, a PEG ratio of 3.69 and a beta of 0.69. The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 2.00. International Business Machines Corporation has a 12-month low of $194.39 and a 12-month high of $296.16. The firm's 50-day moving average price is $269.61 and its two-hundred day moving average price is $258.01.

International Business Machines (NYSE:IBM - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The technology company reported $2.80 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $16.58 billion. During the same period in the prior year, the company posted $2.43 earnings per share. The business'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. On average, analysts forecast that International Business Machines Corporation will post 10.78 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have commented on IBM. Wall Street Zen upgraded shares of International Business Machines from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Bank of America decreased their price target on shares of International Business Machines from $320.00 to $310.00 and set a "buy" rating on the stock in a research note on Thursday, July 24th. Erste Group Bank downgraded shares of International Business Machines from a "buy" rating to a "hold" rating in a research note on Thursday, August 14th. Stifel Nicolaus upped their price target on shares of International Business Machines from $290.00 to $310.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. Finally, The Goldman Sachs Group upped their price target on shares of International Business Machines from $270.00 to $310.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, International Business Machines has an average rating of "Hold" and an average target price of $268.75.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.