Elevation Point Wealth Partners LLC Acquires Shares of 45,648 International Business Machines Corporation $IBM

Key Points

• Elevation Point Wealth Partners purchased 45,648 IBM shares in the second quarter, valued at approximately $12.8 million. Other institutions also initiated positions, with institutional investors now owning 58.96% of IBM.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $265.90, although several firms recently lowered targets or ratings.
• IBM reported quarterly revenue of $17.16 billion, up 1.1% year over year, while matching estimates with $2.93 in earnings per share. The company also declared a $1.69 quarterly dividend, representing a 2.9% yield.

Elevation Point Wealth Partners LLC bought a new position in International Business Machines Corporation (NYSE:IBM - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 45,648 shares of the technology company's stock, valued at approximately $12,837,000.

Other large investors also recently bought and sold shares of the company. Alta Advisers Ltd bought a new stake in shares of International Business Machines in the second quarter worth $1,011,000. Daiichi Life Insurance Co. Ltd. bought a new position in shares of International Business Machines in the second quarter worth approximately $21,533,000. Commerce Bank bought a new position in International Business Machines in the 2nd quarter worth $41,999,000. GQG Partners LLC purchased a new stake in shares of International Business Machines during the second quarter worth about $8,647,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in International Business Machines during the 2nd quarter valued at approximately $64,776,000. 58.96% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Argus dropped their price objective on shares of International Business Machines from $360.00 to $280.00 and set a "buy" rating for the company in a report on Thursday, July 16th. Wedbush set a $350.00 target price on shares of International Business Machines in a report on Tuesday, June 2nd. Citigroup lowered their price target on International Business Machines from $255.00 to $245.00 and set a "buy" rating for the company in a research report on Friday, July 24th. Wall Street Zen raised International Business Machines from a "sell" rating to a "hold" rating in a research note on Saturday, August 29th. Finally, Oppenheimer lowered shares of International Business Machines from an "outperform" rating to a "market perform" rating in a research report on Wednesday, July 15th. Sixteen investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, International Business Machines has a consensus rating of "Moderate Buy" and a consensus price target of $265.90.

International Business Machines Trading Down 0.0%

NYSE:IBM opened at $234.87 on Monday. The company has a market capitalization of $221.28 billion, a P/E ratio of 20.84, a PEG ratio of 2.24 and a beta of 0.71. The company has a current ratio of 0.79, a quick ratio of 0.74 and a debt-to-equity ratio of 1.63. The firm has a fifty day simple moving average of $241.67 and a 200-day simple moving average of $247.02. International Business Machines Corporation has a 12 month low of $199.19 and a 12 month high of $332.46.

International Business Machines (NYSE:IBM - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The technology company reported $2.93 earnings per share for the quarter, hitting the consensus estimate 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 the consensus estimate of $17.46 billion. During the same quarter in the prior year, the company earned $2.80 EPS. International Business Machines's quarterly revenue was up 1.1% on a year-over-year basis. On average, equities research analysts anticipate that International Business Machines Corporation will post 12.33 earnings per share for the current year.

International Business Machines Dividend Announcement

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

Insider Buying and Selling at International Business Machines

In other news, SVP Robert Thomas sold 25,000 shares of the firm's stock in a transaction dated 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 transaction, the senior vice president directly owned 47,800 shares of the company's stock, valued at approximately $11,009,296. This trade represents a 34.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.27% of the stock is currently owned by company insiders.

About International Business Machines

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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