Griffin Asset Management Inc. Sells 1,234 Shares of International Business Machines Corporation $IBM

Key Points

• Griffin Asset Management Inc. sold 1,234 shares of International Business Machines Corporation (IBM), reducing its holdings by 9.6%, leaving it with 11,668 shares valued at approximately $3.44 million.
• Various hedge funds, including Vanguard Group and Goldman Sachs, have increased their positions in IBM, reflecting strong institutional interest with 58.96% of the stock owned by institutional investors.
• IBM's recent quarterly earnings exceeded estimates, reporting $2.80 EPS on $16.98 billion revenue, and the company declared a quarterly dividend of $1.68 per share, indicative of a 2.4% yield.

Griffin Asset Management Inc. cut its position in shares of International Business Machines Corporation (NYSE:IBM - Free Report) by 9.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 11,668 shares of the technology company's stock after selling 1,234 shares during the quarter. Griffin Asset Management Inc.'s holdings in International Business Machines were worth $3,439,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of International Business Machines by 1.4% during the first quarter. Vanguard Group Inc. now owns 93,137,767 shares of the technology company's stock worth $23,159,637,000 after buying an additional 1,298,515 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in International Business Machines by 6.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,636,725 shares of the technology company's stock valued at $2,147,608,000 after purchasing an additional 524,633 shares during the last quarter. Ameriprise Financial Inc. boosted its position in International Business Machines by 1.0% during the first quarter. Ameriprise Financial Inc. now owns 5,516,240 shares of the technology company's stock valued at $1,371,812,000 after purchasing an additional 52,317 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in International Business Machines by 20.8% during the first quarter. Goldman Sachs Group Inc. now owns 5,157,846 shares of the technology company's stock valued at $1,282,550,000 after purchasing an additional 889,008 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in International Business Machines by 0.5% during the first quarter. Dimensional Fund Advisors LP now owns 5,108,455 shares of the technology company's stock valued at $1,270,022,000 after purchasing an additional 24,790 shares during the last quarter. 58.96% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on IBM shares. Bank of America reduced their price target on International Business Machines from $320.00 to $310.00 and set a "buy" rating for the company in a research report on Thursday, July 24th. Stifel Nicolaus increased their price target on International Business Machines from $290.00 to $310.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Sanford C. Bernstein started coverage on International Business Machines in a research report on Monday, September 15th. They set a "market perform" rating and a $280.00 price target for the company. UBS Group increased their price target on International Business Machines from $195.00 to $200.00 and gave the company a "sell" rating in a research report on Thursday, July 24th. Finally, Melius Research raised International Business Machines to a "strong-buy" rating in a research report on Monday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $284.62.

International Business Machines Stock Performance

IBM opened at $278.09 on Monday. International Business Machines Corporation has a 12-month low of $203.51 and a 12-month high of $301.04. The stock has a market cap of $258.45 billion, a price-to-earnings ratio of 45.14, a PEG ratio of 4.28 and a beta of 0.73. The business has a 50 day moving average of $258.19 and a 200-day moving average of $260.78. The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 2.00.

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

International Business Machines Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Friday, August 8th were issued a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Friday, August 8th. International Business Machines's dividend payout ratio (DPR) is presently 109.09%.

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.

Want to see what other hedge funds are holding IBM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for International Business Machines Corporation (NYSE:IBM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.