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

Convergence Financial LLC grew its stake in shares of International Business Machines Corporation (NYSE:IBM - Free Report) by 38.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,550 shares of the technology company's stock after acquiring 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.

Other large investors have also recently made changes to their positions in the company. Clarus Group Inc. lifted its holdings in International Business Machines by 3.9% during the 1st quarter. Clarus Group Inc. now owns 1,602 shares of the technology company's stock worth $398,000 after purchasing an additional 60 shares in the last quarter. Little House Capital LLC increased its position in shares of International Business Machines by 1.5% during the first quarter. Little House Capital LLC now owns 9,795 shares of the technology company's stock valued at $2,436,000 after buying an additional 149 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of International Business Machines by 0.9% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,480,520 shares of the technology company's stock worth $616,806,000 after buying an additional 23,132 shares in the last quarter. Patron Partners LLC bought a new position in shares of International Business Machines in the first quarter valued at approximately $317,000. Finally, CWC Advisors LLC. purchased a new position in International Business Machines during the first quarter valued at approximately $363,000. 58.96% of the stock is owned by institutional investors.

International Business Machines Price Performance

IBM stock opened at $289.69 on Friday. The firm has a market cap of $269.24 billion, a P/E ratio of 49.86, a P/E/G ratio of 6.08 and a beta of 0.66. The firm's fifty day moving average is $262.93 and its 200 day moving average is $247.66. International Business Machines Corporation has a 52 week low of $173.38 and a 52 week high of $296.16. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.97 and a current ratio of 1.01.

International Business Machines (NYSE:IBM - Get Free Report) last posted its quarterly earnings results 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. The business had revenue of $14.54 billion during the quarter, compared to analyst estimates of $14.41 billion. International Business Machines had a net margin of 8.71% and a return on equity of 37.43%. The company's revenue was up .5% on a year-over-year basis. During the same period in the prior year, the business posted $1.68 earnings per share. Research analysts predict that International Business Machines Corporation will post 10.78 earnings per share for the current year.

International Business Machines Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Friday, May 9th were given a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a yield of 2.32%. 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

Several analysts have issued reports on the stock. UBS Group reiterated a "sell" rating and issued a $170.00 target price (up from $160.00) on shares of International Business Machines in a research note on Wednesday, April 23rd. KGI Securities set a $242.00 price objective on International Business Machines and gave the stock a "hold" rating in a research report on Thursday, April 24th. Royal Bank Of Canada boosted their target price on International Business Machines from $276.00 to $285.00 and gave the stock an "outperform" rating in a research report on Thursday, May 15th. Jefferies Financial Group restated a "hold" rating on shares of International Business Machines in a research note on Wednesday, April 23rd. Finally, Wedbush lifted their price target on International Business Machines from $300.00 to $325.00 and gave the company an "outperform" rating in a research report on Friday, June 20th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $253.75.

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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