Dearborn Partners LLC Sells 6,071 Shares of International Business Machines Corporation (NYSE:IBM)

Key Points

• Dearborn Partners LLC reduced its holdings in International Business Machines Corporation (IBM) by 10.7%, owning 50,606 shares valued at approximately $12.58 million after selling 6,071 shares in the first quarter.
• Wall Street analysts have upgraded IBM from a "hold" to a "buy" rating, with the stock currently having a consensus target price of $268.75.
• IBM reported earnings of $2.80 per share for the quarter, surpassing analysts' expectations, with revenue increasing by 7.7% year-over-year to $16.98 billion.

Dearborn Partners LLC trimmed its holdings in International Business Machines Corporation (NYSE:IBM - Free Report) by 10.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 50,606 shares of the technology company's stock after selling 6,071 shares during the quarter. Dearborn Partners LLC's holdings in International Business Machines were worth $12,584,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Christopher J. Hasenberg Inc acquired a new position in shares of International Business Machines in the first quarter worth about $27,000. Measured Risk Portfolios Inc. acquired a new position in shares of International Business Machines in the fourth quarter worth about $43,000. Park Square Financial Group LLC acquired a new position in shares of International Business Machines during the 4th quarter worth about $43,000. Mascagni Wealth Management Inc. acquired a new position in shares of International Business Machines during the 4th quarter worth about $43,000. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of International Business Machines during the 1st quarter worth about $45,000. 58.96% of the stock is owned by hedge funds and other institutional investors.

International Business Machines Stock Performance

IBM traded down $2.24 on Wednesday, hitting $260.17. 3,702,970 shares of the company's stock were exchanged, compared to its average volume of 4,766,250. The firm has a market cap of $241.80 billion, a PE ratio of 42.24, a P/E/G ratio of 4.05 and a beta of 0.69. International Business Machines Corporation has a twelve month low of $181.81 and a twelve month high of $296.16. The stock has a fifty day moving average of $277.48 and a two-hundred day moving average of $256.64. The company has a current ratio of 0.91, a quick ratio of 0.87 and a debt-to-equity ratio of 2.00.

International Business Machines (NYSE:IBM - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The technology company reported $2.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.65 by $0.15. The firm had revenue of $16.98 billion during the quarter, compared to analyst estimates of $16.58 billion. International Business Machines had a net margin of 9.11% and a return on equity of 37.62%. International Business Machines's revenue was up 7.7% on a year-over-year basis. During the same period in the previous year, the business posted $2.43 EPS. On average, research analysts anticipate that International Business Machines Corporation will post 10.78 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their price target on shares of International Business Machines from $244.00 to $290.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Citigroup restated an "outperform" rating on shares of International Business Machines in a research report on Saturday, May 10th. KGI Securities set a $242.00 price objective on shares of International Business Machines and gave the company a "hold" rating in a report on Thursday, April 24th. Wall Street Zen upgraded shares of International Business Machines from a "hold" rating to a "buy" rating in a report on Saturday. Finally, Jefferies Financial Group reiterated a "hold" rating on shares of International Business Machines in a report on Wednesday, April 23rd. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, International Business Machines presently has a consensus rating of "Moderate Buy" and a consensus 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.