Essex Financial Services Inc. Increases Stock Position in International Business Machines Corporation $IBM

Key Points

• Essex Financial Services Inc. increased its stake in International Business Machines (IBM) by 14.1%, now holding 34,377 shares valued at approximately $10.13 million.
• Other hedge funds have also significantly boosted their holdings, with Dakota Wealth Management increasing its stake by 117.4% to nearly 81,000 shares, now valued at $23.83 million.
• The company reported $2.80 EPS for the last quarter, exceeding consensus estimates, with revenues up 7.7% year-over-year, totaling $16.98 billion.

Essex Financial Services Inc. lifted its stake in shares of International Business Machines Corporation (NYSE:IBM - Free Report) by 14.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,377 shares of the technology company's stock after buying an additional 4,236 shares during the quarter. International Business Machines makes up about 0.7% of Essex Financial Services Inc.'s investment portfolio, making the stock its 28th largest holding. Essex Financial Services Inc.'s holdings in International Business Machines were worth $10,134,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Dakota Wealth Management boosted its holdings in International Business Machines by 117.4% in the second quarter. Dakota Wealth Management now owns 80,851 shares of the technology company's stock worth $23,833,000 after purchasing an additional 43,662 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH boosted its holdings in International Business Machines by 731.7% in the second quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 57,027 shares of the technology company's stock worth $16,810,000 after purchasing an additional 50,170 shares during the period. Plancorp LLC boosted its holdings in International Business Machines by 5.2% in the second quarter. Plancorp LLC now owns 7,283 shares of the technology company's stock worth $2,147,000 after purchasing an additional 357 shares during the period. Motive Wealth Advisors boosted its holdings in International Business Machines by 4.2% in the second quarter. Motive Wealth Advisors now owns 1,479 shares of the technology company's stock worth $436,000 after purchasing an additional 60 shares during the period. Finally, Moneywise Inc. acquired a new position in shares of International Business Machines during the second quarter valued at $203,000. Institutional investors and hedge funds own 58.96% of the company's stock.

International Business Machines Price Performance

NYSE IBM opened at $267.77 on Thursday. The stock's 50-day moving average price is $254.10 and its two-hundred day moving average price is $257.55. 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 company has a market cap of $248.87 billion, a PE ratio of 43.47, a PEG ratio of 4.19 and a beta of 0.71. International Business Machines Corporation has a 1 year low of $203.51 and a 1 year high of $296.16.

International Business Machines (NYSE:IBM - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The technology company reported $2.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.65 by $0.15. The firm had revenue of $16.98 billion for the quarter, compared to the consensus estimate of $16.58 billion. International Business Machines had a return on equity of 37.62% and a net margin of 9.11%.The business's revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.43 EPS. International Business Machines has set its FY 2025 guidance at EPS. On average, analysts predict that International Business Machines Corporation will post 10.78 EPS for the current year.

International Business Machines Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Friday, August 8th were paid a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Friday, August 8th. International Business Machines's payout ratio is 109.09%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on IBM. Wall Street Zen raised shares of International Business Machines from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Sanford C. Bernstein started coverage on shares of International Business Machines in a research note on Monday, September 15th. They set a "market perform" rating and a $280.00 price objective on the stock. UBS Group lifted their price objective on shares of International Business Machines from $195.00 to $200.00 and gave the company a "sell" rating in a research note on Thursday, July 24th. Erste Group Bank cut shares of International Business Machines from a "buy" rating to a "hold" rating in a research note on Thursday, August 14th. Finally, The Goldman Sachs Group lifted their price objective on shares of International Business Machines from $270.00 to $310.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $275.00.

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.

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