Elite Financial Inc. Acquires Shares of 3,064 International Business Machines Co. (NYSE:IBM)

Elite Financial Inc. purchased a new position in shares of International Business Machines Co. (NYSE:IBM - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 3,064 shares of the technology company's stock, valued at approximately $673,000. International Business Machines comprises about 0.4% of Elite Financial Inc.'s holdings, making the stock its 29th largest holding.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Treasurer of the State of North Carolina boosted its position 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 worth $108,942,000 after purchasing an additional 4,131 shares during the period. Blue Zone Wealth Advisors LLC purchased a new position in shares of International Business Machines during the 4th quarter worth approximately $242,000. Tranquilli Financial Advisor LLC purchased a new position in shares of International Business Machines during the 4th quarter worth approximately $373,000. Truist Financial Corp boosted its position 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 worth $178,296,000 after purchasing an additional 49,591 shares during the period. Finally, Mufg Securities Americas Inc. purchased a new position in International Business Machines in the 4th quarter valued at approximately $3,000,000. Institutional investors and hedge funds own 58.96% of the company's stock.

International Business Machines Stock Up 1.8%

NYSE:IBM traded up $4.54 during midday trading on Tuesday, hitting $263.17. 3,281,641 shares of the company were exchanged, compared to its average volume of 4,211,354. The company has a fifty day simple moving average of $245.65 and a 200 day simple moving average of $239.02. International Business Machines Co. has a fifty-two week low of $163.53 and a fifty-two week high of $269.28. The company has a current ratio of 1.04, a quick ratio of 1.00 and a debt-to-equity ratio of 1.82. The company has a market capitalization of $244.59 billion, a PE ratio of 41.06, a price-to-earnings-growth ratio of 5.81 and a beta of 0.64.

International Business Machines (NYSE:IBM - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The technology company reported $1.60 EPS for the quarter, topping the consensus estimate of $1.42 by $0.18. International Business Machines had a net margin of 9.60% and a return on equity of 38.99%. The firm had revenue of $14.54 billion for the quarter, compared to analyst estimates of $14.41 billion. During the same period last year, the business earned $1.68 EPS. International Business Machines's revenue for the quarter was up .5% compared to the same quarter last year. As a group, equities analysts anticipate 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 declared a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Friday, May 9th will be paid 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 annualized dividend and a yield of 2.55%. International Business Machines's dividend payout ratio (DPR) is currently 115.66%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Wedbush reissued an "outperform" rating and issued a $300.00 price target on shares of International Business Machines in a research report on Wednesday, May 7th. JPMorgan Chase & Co. raised their price target on shares of International Business Machines from $233.00 to $244.00 and gave the company a "neutral" rating in a research report on Thursday, January 30th. Morgan Stanley decreased their price target on shares of International Business Machines from $237.00 to $233.00 and set an "equal weight" rating for the company in a research report on Thursday, April 24th. Royal Bank of Canada raised their price target on shares of International Business Machines from $276.00 to $285.00 and gave the company an "outperform" rating in a research report on Thursday, May 15th. Finally, Bank of America raised their price target on shares of International Business Machines from $260.00 to $270.00 and gave the company a "buy" rating in a research report on Thursday, January 30th. One analyst has rated the stock with a sell rating, nine have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $249.06.

Insider Buying and Selling

In other International Business Machines news, SVP Robert David Thomas sold 26,543 shares of International Business Machines stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $253.01, for a total value of $6,715,644.43. Following the transaction, the senior vice president now directly owns 45,007 shares in the company, valued at approximately $11,387,221.07. The trade was a 37.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.18% of the stock is owned by company insiders.

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.