Elevation Point Wealth Partners LLC Sells 2,116 Shares of International Business Machines Co. (NYSE:IBM)

Elevation Point Wealth Partners LLC reduced its position in International Business Machines Co. (NYSE:IBM - Free Report) by 9.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,917 shares of the technology company's stock after selling 2,116 shares during the period. Elevation Point Wealth Partners LLC's holdings in International Business Machines were worth $4,952,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Treasurer of the State of North Carolina raised its holdings in shares of International Business Machines by 0.8% during the 4th quarter. Treasurer of the State of North Carolina now owns 495,574 shares of the technology company's stock valued at $108,942,000 after buying an additional 4,131 shares during the period. Blue Zone Wealth Advisors LLC purchased a new stake in shares of International Business Machines during the 4th quarter valued at about $242,000. Truist Financial Corp raised its holdings in shares of International Business Machines by 6.5% during the 4th quarter. Truist Financial Corp now owns 811,062 shares of the technology company's stock valued at $178,296,000 after buying an additional 49,591 shares during the period. Mufg Securities Americas Inc. purchased a new stake in shares of International Business Machines during the 4th quarter valued at about $3,000,000. Finally, Magnolia Private Wealth LLC purchased a new stake in shares of International Business Machines during the 1st quarter valued at about $239,000. 58.96% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on IBM shares. UBS Group reiterated a "sell" rating and set a $170.00 target price (up from $160.00) on shares of International Business Machines in a report on Wednesday, April 23rd. Morgan Stanley dropped their price objective on International Business Machines from $237.00 to $233.00 and set an "equal weight" rating on the stock in a report on Thursday, April 24th. Bank of America lifted their price objective on International Business Machines from $270.00 to $290.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Royal Bank of Canada lifted their price objective on International Business Machines from $276.00 to $285.00 and gave the stock an "outperform" rating in a report on Thursday, May 15th. Finally, BMO Capital Markets restated a "market perform" 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, nine have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $250.31.

International Business Machines Price Performance

Shares of International Business Machines stock traded down $4.20 during trading on Friday, hitting $276.84. The stock had a trading volume of 3,242,911 shares, compared to its average volume of 4,237,292. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.04 and a quick ratio of 1.00. The firm has a market cap of $257.29 billion, a P/E ratio of 43.19, a PEG ratio of 5.81 and a beta of 0.66. The business has a fifty day moving average of $252.60 and a two-hundred day moving average of $243.78. International Business Machines Co. has a fifty-two week low of $167.50 and a fifty-two week high of $283.06.

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 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 return on equity of 38.99% and a net margin of 9.60%. The company's revenue was up .5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.68 earnings per share. On average, sell-side analysts expect that International Business Machines Co. will post 10.78 earnings per share for the current fiscal year.

International Business Machines Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Friday, May 9th were given a dividend of $1.68 per share. This is a positive change from International Business Machines's previous quarterly dividend of $1.67. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.43%. International Business Machines's payout ratio is 115.66%.

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.