Fortitude Family Office LLC Cuts Stock Holdings in International Business Machines Co. (NYSE:IBM)

Fortitude Family Office LLC lowered its position in shares of International Business Machines Co. (NYSE:IBM - Free Report) by 51.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,823 shares of the technology company's stock after selling 2,970 shares during the period. Fortitude Family Office LLC's holdings in International Business Machines were worth $702,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Tallon Kerry Patrick acquired a new position in International Business Machines in the fourth quarter valued at $902,000. Brighton Jones LLC boosted its stake in International Business Machines by 12.4% in the fourth quarter. Brighton Jones LLC now owns 21,011 shares of the technology company's stock valued at $4,619,000 after acquiring an additional 2,323 shares in the last quarter. Sapient Capital LLC boosted its stake in International Business Machines by 3.0% in the fourth quarter. Sapient Capital LLC now owns 2,832 shares of the technology company's stock valued at $623,000 after acquiring an additional 82 shares in the last quarter. Focus Financial Network Inc. boosted its stake in International Business Machines by 4.0% in the fourth quarter. Focus Financial Network Inc. now owns 6,822 shares of the technology company's stock valued at $1,500,000 after acquiring an additional 265 shares in the last quarter. Finally, Stonebridge Financial Group LLC acquired a new position in International Business Machines in the fourth quarter valued at $706,000. Institutional investors and hedge funds own 58.96% of the company's stock.

Analysts Set New Price Targets

IBM has been the subject of several research analyst reports. Morgan Stanley decreased their price objective on shares of International Business Machines from $237.00 to $233.00 and set an "equal weight" rating for the company in a research note on Thursday, April 24th. Citigroup restated an "outperform" rating on shares of International Business Machines in a research note on Saturday, May 10th. Bank of America upped their price objective on shares of International Business Machines from $270.00 to $290.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Erste Group Bank raised shares of International Business Machines from a "hold" rating to a "strong-buy" rating in a report on Monday, March 17th. Finally, BMO Capital Markets reaffirmed a "market perform" rating on shares of International Business Machines in a report on Wednesday, April 23rd. 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.com, International Business Machines has an average rating of "Hold" and an average price target of $250.31.

International Business Machines Stock Performance

NYSE IBM traded down $4.20 during trading hours on Friday, hitting $276.84. 3,242,911 shares of the stock were exchanged, compared to its average volume of 4,231,454. The company has a market cap of $257.29 billion, a price-to-earnings ratio of 43.19, a price-to-earnings-growth ratio of 5.81 and a beta of 0.66. International Business Machines Co. has a 12-month low of $167.23 and a 12-month high of $283.06. The stock has a 50-day moving average of $252.60 and a 200 day moving average of $243.67. The company has a quick ratio of 1.00, a current ratio of 1.04 and a debt-to-equity ratio of 1.82.

International Business Machines (NYSE:IBM - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The technology company reported $1.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.42 by $0.18. The firm had revenue of $14.54 billion during the quarter, compared to analysts' expectations of $14.41 billion. International Business Machines had a net margin of 9.60% and a return on equity of 38.99%. The firm's revenue for the quarter was up .5% on a year-over-year basis. During the same period in the prior year, the company posted $1.68 earnings per share. As a group, equities research analysts forecast that International Business Machines Co. will post 10.78 earnings per share for the current year.

International Business Machines Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Friday, May 9th were issued a dividend of $1.68 per share. This is a boost from International Business Machines's previous quarterly dividend of $1.67. This represents a $6.72 annualized dividend and a yield of 2.43%. International Business Machines's dividend payout ratio is currently 115.66%.

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.