Convergence Financial LLC Grows Stake in International Business Machines Corporation (NYSE:IBM)

Convergence Financial LLC raised its holdings in shares of International Business Machines Corporation (NYSE:IBM - Free Report) by 38.0% during the first quarter, according to its most recent filing with the SEC. The firm owned 3,550 shares of the technology company's stock after purchasing an additional 977 shares during the period. Convergence Financial LLC's holdings in International Business Machines were worth $883,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of IBM. Vision Financial Markets LLC purchased a new position in International Business Machines during the 4th quarter worth approximately $31,000. Rialto Wealth Management LLC purchased a new position in International Business Machines during the fourth quarter valued at approximately $35,000. Tacita Capital Inc lifted its holdings in International Business Machines by 174.3% in the fourth quarter. Tacita Capital Inc now owns 192 shares of the technology company's stock valued at $42,000 after acquiring an additional 122 shares during the period. Measured Risk Portfolios Inc. purchased a new stake in International Business Machines in the 4th quarter worth approximately $43,000. Finally, Park Square Financial Group LLC purchased a new stake in International Business Machines in the 4th quarter worth approximately $43,000. 58.96% of the stock is owned by hedge funds and other institutional investors.

International Business Machines Trading Down 1.2%

International Business Machines stock traded down $3.41 during midday trading on Wednesday, reaching $287.79. 3,201,241 shares of the stock traded hands, compared to its average volume of 4,574,074. The company has a 50-day simple moving average of $265.09 and a two-hundred day simple moving average of $248.52. The company has a current ratio of 1.01, a quick ratio of 0.97 and a debt-to-equity ratio of 2.09. International Business Machines Corporation has a 12-month low of $173.95 and a 12-month high of $296.16. The firm has a market cap of $267.47 billion, a PE ratio of 49.53, a price-to-earnings-growth ratio of 6.19 and a beta of 0.69.

International Business Machines (NYSE:IBM - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The technology company reported $1.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.42 by $0.18. International Business Machines had a return on equity of 37.43% and a net margin of 8.71%. The business had revenue of $14.54 billion for the quarter, compared to analysts' expectations of $14.41 billion. During the same period last year, the firm earned $1.68 earnings per share. The company's revenue for the quarter was up .5% compared to the same quarter last year. Research analysts expect that International Business Machines Corporation will post 10.78 earnings per share for the current fiscal year.

International Business Machines Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Friday, May 9th were issued a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.34%. This is a positive change from International Business Machines's previous quarterly dividend of $1.67. International Business Machines's dividend payout ratio (DPR) is presently 115.66%.

Analyst Upgrades and Downgrades

IBM has been the topic of several recent research reports. Wall Street Zen cut shares of International Business Machines from a "buy" rating to a "hold" rating in a research note on Wednesday, May 21st. BMO Capital Markets restated a "market perform" rating on shares of International Business Machines in a research report on Wednesday, April 23rd. Wedbush upped their target price on International Business Machines from $300.00 to $325.00 and gave the company an "outperform" rating in a report on Friday, June 20th. The Goldman Sachs Group upped their price objective on shares of International Business Machines from $270.00 to $310.00 and gave the company a "buy" rating in a report on Wednesday. Finally, Bank of America boosted their target price on shares of International Business Machines from $290.00 to $320.00 and gave the company a "buy" rating in a report on Wednesday, June 18th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, International Business Machines presently has an average rating of "Hold" and an average target price of $257.50.

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.