Evolve Private Wealth LLC Makes New $2.33 Million Investment in International Business Machines Corporation $IBM

Key Points

• Evolve Private Wealth acquired 8,299 IBM shares worth approximately $2.33 million in the second quarter. Institutional investors collectively own 58.96% of IBM’s outstanding stock.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $265.90, versus IBM’s reported market price of $234.87.
• IBM reported quarterly earnings of $2.93 per share, matching estimates, while revenue rose 1.1% year over year to $17.16 billion. The company also declared a quarterly dividend of $1.69 per share, representing a 2.9% annualized yield; meanwhile, an IBM senior vice president sold 25,000 shares.

Evolve Private Wealth LLC acquired a new position in shares of International Business Machines Corporation (NYSE:IBM - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 8,299 shares of the technology company's stock, valued at approximately $2,334,000.

A number of other hedge funds have also recently modified their holdings of IBM. BlackRock Inc. purchased a new stake in International Business Machines in the second quarter valued at $21,586,659,000. Bank of New York Mellon Corp purchased a new position in shares of International Business Machines during the second quarter worth about $2,606,782,000. Norges Bank acquired a new stake in shares of International Business Machines during the fourth quarter worth about $2,446,429,000. Capital World Investors lifted its holdings in shares of International Business Machines by 29.2% in the 4th quarter. Capital World Investors now owns 22,021,912 shares of the technology company's stock valued at $6,523,720,000 after purchasing an additional 4,976,756 shares during the last quarter. Finally, Deutsche Bank AG acquired a new stake in shares of International Business Machines in the 2nd quarter valued at about $960,839,000. 58.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on IBM. Argus cut their target price on shares of International Business Machines from $360.00 to $280.00 and set a "buy" rating on the stock in a report on Thursday, July 16th. Needham & Company LLC assumed coverage on International Business Machines in a research note on Wednesday, June 3rd. They set a "buy" rating for the company. Wedbush set a $350.00 price target on International Business Machines in a report on Tuesday, June 2nd. Susquehanna lifted their price target on International Business Machines from $225.00 to $235.00 and gave the company a "neutral" rating in a research note on Monday, August 31st. Finally, Robert W. Baird initiated coverage on International Business Machines in a research report on Tuesday, July 21st. They issued a "neutral" rating and a $230.00 price objective for the company. Sixteen equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $265.90.

Insider Activity at International Business Machines

In related news, SVP Robert Thomas sold 25,000 shares of the company's stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $230.32, for a total value of $5,758,000.00. Following the sale, the senior vice president owned 47,800 shares of the company's stock, valued at approximately $11,009,296. This represents a 34.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.27% of the stock is owned by corporate insiders.

International Business Machines Trading Down 0.0%

Shares of IBM stock opened at $234.87 on Monday. The stock has a market cap of $221.28 billion, a P/E ratio of 20.84, a P/E/G ratio of 2.24 and a beta of 0.71. The company has a quick ratio of 0.74, a current ratio of 0.79 and a debt-to-equity ratio of 1.63. International Business Machines Corporation has a fifty-two week low of $199.19 and a fifty-two week high of $332.46. The business has a fifty day simple moving average of $241.67 and a 200-day simple moving average of $247.02.

International Business Machines (NYSE:IBM - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The technology company reported $2.93 EPS for the quarter, hitting the consensus estimate of $2.93. The business had revenue of $17.16 billion for the quarter, compared to analyst estimates of $17.46 billion. International Business Machines had a net margin of 15.52% and a return on equity of 35.65%. The business's revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.80 EPS. On average, analysts forecast that International Business Machines Corporation will post 12.33 earnings per share for the current fiscal year.

International Business Machines Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Monday, August 10th will be given a $1.69 dividend. The ex-dividend date is Monday, August 10th. This represents a $6.76 annualized dividend and a dividend yield of 2.9%. International Business Machines's dividend payout ratio is currently 59.98%.

International Business Machines Company Profile

International Business Machines Corporation (IBM) is a global technology and consulting company headquartered in Armonk, New York. Founded in 1911 as the Computing-Tabulating-Recording Company (CTR) and renamed IBM in 1924, the company has evolved from early electromechanical machines to a diversified technology provider serving enterprises and governments worldwide. IBM is publicly traded on the New York Stock Exchange under the ticker symbol IBM.

IBM's principal businesses encompass cloud computing and software, infrastructure and systems, consulting and technology services, and research and development.

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