Flower City Capital Takes Position in International Business Machines Corporation (NYSE:IBM)

Flower City Capital purchased a new stake in shares of International Business Machines Corporation (NYSE:IBM - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 1,174 shares of the technology company's stock, valued at approximately $292,000. International Business Machines accounts for about 0.2% of Flower City Capital's investment portfolio, making the stock its 29th biggest position.

Other hedge funds also recently modified their holdings of the company. Tallon Kerry Patrick acquired a new position in shares of International Business Machines in the 4th quarter worth $902,000. Brighton Jones LLC grew its holdings in shares of International Business Machines by 12.4% in the 4th quarter. Brighton Jones LLC now owns 21,011 shares of the technology company's stock worth $4,619,000 after acquiring an additional 2,323 shares during the last quarter. Waterfront Wealth Inc. grew its holdings in shares of International Business Machines by 2.0% in the 4th quarter. Waterfront Wealth Inc. now owns 2,393 shares of the technology company's stock worth $526,000 after acquiring an additional 46 shares during the last quarter. Centricity Wealth Management LLC acquired a new position in shares of International Business Machines in the 4th quarter worth $80,000. Finally, Dahring Cusmano LLC acquired a new position in shares of International Business Machines in the 4th quarter worth $374,000. 58.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently commented on IBM. BMO Capital Markets reaffirmed a "market perform" rating on shares of International Business Machines in a research report on Wednesday, April 23rd. Bank of America raised their target price on International Business Machines from $290.00 to $320.00 and gave the stock a "buy" rating in a research report on Wednesday. Jefferies Financial Group reaffirmed a "hold" rating on shares of International Business Machines in a research report on Wednesday, April 23rd. Wedbush raised their target price on International Business Machines from $300.00 to $325.00 and gave the stock an "outperform" rating in a research report on Friday. Finally, Wall Street Zen cut International Business Machines from a "buy" rating to a "hold" rating in a research report on Wednesday, May 21st. One analyst has rated the stock with a sell rating, nine have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $253.75.

International Business Machines Price Performance

IBM opened at $280.67 on Friday. The stock has a market cap of $260.85 billion, a price-to-earnings ratio of 48.31, a PEG ratio of 5.90 and a beta of 0.66. International Business Machines Corporation has a 1 year low of $170.41 and a 1 year high of $286.91. The company has a current ratio of 1.01, a quick ratio of 0.97 and a debt-to-equity ratio of 2.09. The stock has a fifty day moving average price of $257.71 and a 200 day moving average price of $245.64.

International Business Machines (NYSE:IBM - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The technology company reported $1.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.42 by $0.18. International Business Machines had a return on equity of 37.43% and a net margin of 8.71%. The firm had revenue of $14.54 billion during the quarter, compared to analysts' expectations of $14.41 billion. During the same quarter last year, the firm earned $1.68 earnings per share. The business's revenue for the quarter was up .5% on a year-over-year basis. Analysts forecast that International Business Machines Corporation will post 10.78 EPS for the current fiscal year.

International Business Machines Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Friday, May 9th were given a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.39%. This is a boost from International Business Machines's previous quarterly dividend of $1.67. International Business Machines's payout ratio is currently 115.66%.

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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