Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of International Business Machines Corporation (NYSE:IBM - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 573,368 shares of the technology company's stock, valued at approximately $161,237,000. Connor Clark & Lunn Investment Management Ltd. owned 0.06% of International Business Machines as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of the stock. BlackRock Inc. bought a new position in shares of International Business Machines in the 2nd quarter worth $21,586,659,000. State Street Corp boosted its position in International Business Machines by 1.0% during the fourth quarter. State Street Corp now owns 54,996,293 shares of the technology company's stock valued at $16,290,452,000 after purchasing an additional 518,321 shares in the last quarter. Geode Capital Management LLC grew its stake in International Business Machines by 1.5% in the fourth quarter. Geode Capital Management LLC now owns 22,605,083 shares of the technology company's stock valued at $6,679,105,000 after purchasing an additional 336,069 shares during the last quarter. Capital World Investors grew its stake in International Business Machines by 29.2% in the fourth quarter. Capital World Investors now owns 22,021,912 shares of the technology company's stock valued at $6,523,720,000 after purchasing an additional 4,976,756 shares during the last quarter. Finally, Bank of America Corp DE raised its holdings in International Business Machines by 7.0% in the first quarter. Bank of America Corp DE now owns 16,063,653 shares of the technology company's stock worth $3,893,669,000 after purchasing an additional 1,049,602 shares in the last quarter. Hedge funds and other institutional investors own 58.96% of the company's stock.
Wall Street Analysts Forecast Growth
IBM has been the topic of a number of recent analyst reports. Susquehanna raised their price target on shares of International Business Machines from $225.00 to $235.00 and gave the company a "neutral" rating in a report on Monday, August 31st. Bank of America increased their target price on shares of International Business Machines from $315.00 to $330.00 and gave the company a "buy" rating in a research report on Monday, July 6th. Wedbush set a $350.00 price target on shares of International Business Machines in a report on Tuesday, June 2nd. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $270.00 price target on shares of International Business Machines in a research report on Tuesday, July 21st. Finally, Needham & Company LLC initiated coverage on International Business Machines in a research note on Wednesday, June 3rd. They set a "buy" rating on the stock. Sixteen investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $265.90.
Check Out Our Latest Research Report on International Business Machines
Insider Activity at International Business Machines
In other news, SVP Robert Thomas sold 25,000 shares of the stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $230.32, for a total value 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 Securities & Exchange Commission, which is available through the SEC website. 0.27% of the stock is owned by company insiders.
International Business Machines Stock Performance
Shares of IBM stock opened at $234.77 on Tuesday. The business has a fifty day moving average of $240.81 and a 200 day moving average of $246.86. International Business Machines Corporation has a 1 year low of $199.19 and a 1 year high of $332.46. The company has a debt-to-equity ratio of 1.63, a current ratio of 0.79 and a quick ratio of 0.74. The firm has a market capitalization of $221.18 billion, a price-to-earnings ratio of 20.83, a price-to-earnings-growth ratio of 2.24 and a beta of 0.71.
International Business Machines (NYSE:IBM - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The technology company reported $2.93 earnings per share for the quarter, meeting analysts' consensus estimates of $2.93. International Business Machines had a return on equity of 35.65% and a net margin of 15.52%.The business had revenue of $17.16 billion for the quarter, compared to analyst estimates of $17.46 billion. During the same period in the prior year, the company earned $2.80 earnings per share. The company's revenue was up 1.1% on a year-over-year basis. As a group, research analysts expect that International Business Machines Corporation will post 12.33 earnings per share for the current year.
International Business Machines Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Monday, August 10th will be issued a $1.69 dividend. This represents a $6.76 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Monday, August 10th. International Business Machines's dividend payout ratio is 59.98%.
About International Business Machines
(
Free Report)
International Business Machines Corporation (IBM) is a global technology and consulting company headquartered in Armonk, New York. Founded in 1911 as the Computing-Tabulating-Recording Company (CTR) and renamed IBM in 1924, the company has evolved from early electromechanical machines to a diversified technology provider serving enterprises and governments worldwide. IBM is publicly traded on the New York Stock Exchange under the ticker symbol IBM.
IBM's principal businesses encompass cloud computing and software, infrastructure and systems, consulting and technology services, and research and development.
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