Elite Financial Inc. Invests $673,000 in International Business Machines Co. (NYSE:IBM)

Elite Financial Inc. bought a new position in shares of International Business Machines Co. (NYSE:IBM - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,064 shares of the technology company's stock, valued at approximately $673,000. International Business Machines makes up 0.4% of Elite Financial Inc.'s portfolio, making the stock its 29th largest position.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Wood Tarver Financial Group LLC purchased a new position in shares of International Business Machines during the 4th quarter valued at about $76,000. Kilter Group LLC purchased a new stake in International Business Machines in the fourth quarter worth $1,404,000. Castle Rock Wealth Management LLC boosted its stake in shares of International Business Machines by 6.5% during the 4th quarter. Castle Rock Wealth Management LLC now owns 13,775 shares of the technology company's stock valued at $3,028,000 after purchasing an additional 841 shares in the last quarter. Smith Shellnut Wilson LLC ADV lifted its stake in shares of International Business Machines by 7.8% in the 4th quarter. Smith Shellnut Wilson LLC ADV now owns 2,725 shares of the technology company's stock valued at $599,000 after purchasing an additional 197 shares during the period. Finally, BridgePort Financial Solutions LLC purchased a new stake in shares of International Business Machines in the 4th quarter worth about $374,000. 58.96% of the stock is currently owned by institutional investors.

International Business Machines Trading Up 0.1%

Shares of NYSE IBM traded up $0.14 during trading hours on Friday, reaching $258.83. The stock had a trading volume of 1,028,282 shares, compared to its average volume of 4,190,021. The firm has a market cap of $240.55 billion, a price-to-earnings ratio of 40.38, a P/E/G ratio of 5.81 and a beta of 0.64. The company has a current ratio of 1.04, a quick ratio of 1.00 and a debt-to-equity ratio of 1.82. International Business Machines Co. has a 52-week low of $163.53 and a 52-week high of $269.28. The business's fifty day moving average price is $246.19 and its two-hundred day moving average price is $239.48.

International Business Machines (NYSE:IBM - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The technology company reported $1.60 EPS for the quarter, topping analysts' consensus estimates 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 business had revenue of $14.54 billion during the quarter, compared to the consensus estimate of $14.41 billion. During the same period in the previous year, the company posted $1.68 earnings per share. The firm's revenue was up .5% on a year-over-year basis. Analysts expect that International Business Machines Co. will post 10.78 EPS for the current fiscal year.

International Business Machines Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Friday, May 9th will be issued 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 2.60%. International Business Machines's dividend payout ratio is presently 115.66%.

Insiders Place Their Bets

In related news, SVP Robert David Thomas sold 26,543 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $253.01, for a total transaction of $6,715,644.43. Following the completion of the transaction, the senior vice president now owns 45,007 shares of the company's stock, valued at approximately $11,387,221.07. This trade represents a 37.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.18% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on IBM shares. KGI Securities set a $242.00 target price on International Business Machines and gave the stock a "hold" rating in a report on Thursday, April 24th. Bank of America increased their target price on International Business Machines from $260.00 to $270.00 and gave the company a "buy" rating in a report on Thursday, January 30th. JPMorgan Chase & Co. upped their price objective on International Business Machines from $233.00 to $244.00 and gave the stock a "neutral" rating in a research note on Thursday, January 30th. Wedbush reissued an "outperform" rating and issued a $300.00 price objective on shares of International Business Machines in a research note on Wednesday, May 7th. Finally, Wall Street Zen cut International Business Machines from a "buy" rating to a "hold" rating in a report on Wednesday, May 21st. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $249.06.

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.