Elevatus Welath Management Sells 11,495 Shares of International Business Machines Corporation (NYSE:IBM)

Key Points

• Elevatus Wealth Management sold 11,495 shares of International Business Machines Corporation (IBM), reducing its stake by 50.9%, leaving them with 11,089 shares valued at $2,758,000.
• Several hedge funds, including Vanguard Group and Goldman Sachs, have increased their holdings in IBM during the past quarters, indicating strong institutional interest in the stock.
• IBM reported a quarterly earnings figure that exceeded analysts' expectations, with an EPS of $2.80 compared to the estimated $2.65, and a revenue of $16.98 billion against forecasts of $16.58 billion.

Elevatus Welath Management reduced its stake in International Business Machines Corporation (NYSE:IBM - Free Report) by 50.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,089 shares of the technology company's stock after selling 11,495 shares during the period. International Business Machines accounts for 1.6% of Elevatus Welath Management's holdings, making the stock its 14th biggest holding. Elevatus Welath Management's holdings in International Business Machines were worth $2,758,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in International Business Machines by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 93,137,767 shares of the technology company's stock worth $23,159,637,000 after purchasing an additional 1,298,515 shares in the last quarter. Capital World Investors grew its position in International Business Machines by 413.5% in the 4th quarter. Capital World Investors now owns 11,984,609 shares of the technology company's stock worth $2,634,577,000 after purchasing an additional 9,650,534 shares in the last quarter. Northern Trust Corp grew its position in International Business Machines by 18.6% in the 4th quarter. Northern Trust Corp now owns 10,845,993 shares of the technology company's stock worth $2,384,275,000 after purchasing an additional 1,704,209 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in International Business Machines by 9.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,112,092 shares of the technology company's stock worth $1,783,281,000 after purchasing an additional 722,582 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its position in International Business Machines by 20.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,157,846 shares of the technology company's stock worth $1,282,550,000 after purchasing an additional 889,008 shares in the last quarter. 58.96% of the stock is owned by institutional investors.

International Business Machines Stock Performance

Shares of IBM stock opened at $239.75 on Friday. The stock has a market capitalization of $222.82 billion, a P/E ratio of 38.92, a PEG ratio of 3.65 and a beta of 0.69. The company has a current ratio of 0.91, a quick ratio of 0.87 and a debt-to-equity ratio of 2.00. The firm's 50 day moving average is $273.29 and its 200 day moving average is $258.46. International Business Machines Corporation has a 12 month low of $192.86 and a 12 month high of $296.16.

International Business Machines (NYSE:IBM - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The technology company reported $2.80 EPS for the quarter, beating analysts' consensus estimates of $2.65 by $0.15. The company had revenue of $16.98 billion for the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same period in the prior year, the company posted $2.43 EPS. On average, sell-side analysts anticipate that International Business Machines Corporation will post 10.78 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Wall Street Zen raised shares of International Business Machines from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. The Goldman Sachs Group increased their target price on shares of International Business Machines from $270.00 to $310.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Bank of America reduced their target price on shares of International Business Machines from $320.00 to $310.00 and set a "buy" rating for the company in a research report on Thursday, July 24th. Melius Research raised shares of International Business Machines to a "strong-buy" rating in a research report on Monday, July 7th. Finally, Wedbush increased their target price on shares of 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 analyst has rated the stock with a sell rating, nine have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average 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.

Want to see what other hedge funds are holding IBM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for International Business Machines Corporation (NYSE:IBM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.