Courier Capital LLC Sells 3,072 Shares of International Business Machines Corporation $IBM

Key Points

• Courier Capital reduced its IBM position by 9%, selling 3,072 shares and retaining 31,088 shares valued at approximately $6.84 million. Institutional investors and hedge funds collectively own 58.96% of IBM.
• IBM shares rose 1.6% to $230.76, while the company’s latest quarterly results matched earnings expectations at $2.93 per share; revenue increased 1.1% year over year to $17.16 billion.
• IBM paid a quarterly dividend of $1.69 per share, equivalent to a 2.9% annualized yield. Analysts remain mixed, with the stock carrying a consensus “Hold” rating and an average price target of $252.96.

Courier Capital LLC lowered its holdings in shares of International Business Machines Corporation (NYSE:IBM - Free Report) by 9.0% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 31,088 shares of the technology company's stock after selling 3,072 shares during the period. International Business Machines comprises about 1.3% of Courier Capital LLC's portfolio, making the stock its 20th biggest holding. Courier Capital LLC's holdings in International Business Machines were worth $6,837,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of IBM. Portus Wealth Advisors LLC acquired a new position in International Business Machines during the first quarter worth about $26,000. Harborfront Financial Group LLC acquired a new stake in shares of International Business Machines in the 2nd quarter valued at approximately $27,000. Cornerstone Financial Management LLC bought a new stake in shares of International Business Machines during the 4th quarter valued at approximately $28,000. Hara Capital LLC acquired a new position in International Business Machines during the 2nd quarter worth approximately $28,000. Finally, Bare Financial Services Inc lifted its stake in International Business Machines by 114.6% in the 2nd quarter. Bare Financial Services Inc now owns 103 shares of the technology company's stock valued at $29,000 after purchasing an additional 55 shares during the last quarter. 58.96% of the stock is owned by institutional investors and hedge funds.

Key International Business Machines News

Here are the key news stories impacting International Business Machines this week:

• Positive Sentiment: RBC reaffirmed its “outperform” rating on IBM and set a $270 price target, providing favorable analyst validation. Benzinga analyst rating report
• Positive Sentiment: IBM’s advancement to Stage C of DARPA’s quantum initiative highlights progress in a potentially significant long-term growth area. IBM is among the companies continuing to invest aggressively in quantum computing. DARPA quantum-computing stock report
• Positive Sentiment: IBM’s diversified revenue base and roughly 2.98% dividend yield may appeal to income-focused and retirement investors, particularly as some investors view the shares as overlooked relative to other technology stocks. Cisco versus IBM retirement-investing comparison

International Business Machines Trading Up 1.6%

NYSE IBM traded up $3.74 on Tuesday, hitting $230.76. The company's stock had a trading volume of 5,118,995 shares, compared to its average volume of 7,501,942. The company has a quick ratio of 0.74, a current ratio of 0.79 and a debt-to-equity ratio of 1.63. International Business Machines Corporation has a 1-year low of $199.19 and a 1-year high of $332.46. The company's 50-day moving average is $232.30 and its 200 day moving average is $243.84. The firm has a market cap of $217.41 billion, a PE ratio of 20.48, a PEG ratio of 2.16 and a beta of 0.73.

International Business Machines (NYSE:IBM - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The technology company reported $2.93 EPS for the quarter, hitting analysts' consensus estimates of $2.93. International Business Machines had a net margin of 15.52% and a return on equity of 35.65%. The company had revenue of $17.16 billion for the quarter, compared to analyst estimates of $17.46 billion. During the same quarter in the previous year, the business earned $2.80 earnings per share. International Business Machines's revenue was up 1.1% compared to the same quarter last year. As a group, analysts predict that International Business Machines Corporation will post 12.33 earnings per share for the current fiscal year.

International Business Machines Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Monday, August 10th were given a dividend of $1.69 per share. This represents a $6.76 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Monday, August 10th. International Business Machines's dividend payout ratio (DPR) is currently 59.98%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Stifel Nicolaus cut their target price on shares of International Business Machines from $290.00 to $235.00 and set a "buy" rating on the stock in a research report on Monday, July 20th. Truist Financial assumed coverage on International Business Machines in a research note on Friday. They issued a "hold" rating and a $240.00 price target for the company. Sanford C. Bernstein dropped their price target on International Business Machines from $280.00 to $230.00 and set a "market perform" rating for the company in a research note on Thursday, July 23rd. HSBC cut their price objective on International Business Machines from $175.00 to $174.00 in a report on Friday, July 24th. Finally, Morgan Stanley lowered their target price on International Business Machines from $293.00 to $190.00 and set an "equal weight" rating for the company in a report on Thursday, July 23rd. Eighteen research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $252.96.

Insider Transactions at International Business Machines

In other International Business Machines news, SVP Robert Thomas sold 25,000 shares of International Business Machines stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $230.32, for a total transaction of $5,758,000.00. Following the transaction, the senior vice president directly owned 47,800 shares of the company's stock, valued at approximately $11,009,296. The trade was a 34.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.27% of the stock is currently owned by corporate insiders.

International Business Machines Profile

International Business Machines Corporation NYSE: IBM, commonly known as IBM, is a global technology company that provides hybrid cloud, artificial intelligence, software, consulting and infrastructure solutions. Its offerings help businesses and government organizations manage data, modernize applications, automate processes and improve cybersecurity.

IBM's portfolio includes the Red Hat hybrid cloud platform, the watsonx suite of artificial intelligence and data tools, consulting services, and enterprise software for areas such as automation, application management, security and asset management.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.