Independent Financial Group LLC Makes New $6.01 Million Investment in International Business Machines Corporation $IBM

Key Points

• Independent Financial Group LLC opened a new position in IBM during the first quarter, buying 24,795 shares worth about $6.01 million.
• IBM reported quarterly earnings and revenue that beat analyst expectations, with EPS of $1.91 on revenue of $15.92 billion, up 9.5% year over year.
• The company also raised its quarterly dividend to $1.69 per share, bringing the annualized payout to $6.76 and a yield of about 3.1%.

Independent Financial Group LLC acquired a new position in shares of International Business Machines Corporation (NYSE:IBM - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 24,795 shares of the technology company's stock, valued at approximately $6,010,000.

Several other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in International Business Machines by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 97,216,131 shares of the technology company's stock worth $28,796,390,000 after acquiring an additional 1,439,824 shares in the last quarter. State Street Corp grew its stake in International Business Machines by 1.0% in the fourth quarter. State Street Corp now owns 54,996,293 shares of the technology company's stock valued at $16,290,452,000 after purchasing an additional 518,321 shares in the last quarter. Geode Capital Management LLC increased its position in shares of International Business Machines by 1.5% during the 4th quarter. Geode Capital Management LLC now owns 22,605,083 shares of the technology company's stock worth $6,679,105,000 after purchasing an additional 336,069 shares during the last quarter. Capital World Investors increased its position in shares of International Business Machines by 29.2% during the 4th quarter. Capital World Investors now owns 22,021,912 shares of the technology company's stock worth $6,523,720,000 after purchasing an additional 4,976,756 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of International Business Machines during the 4th quarter worth approximately $2,446,429,000. Institutional investors own 58.96% of the company's stock.

International Business Machines Stock Up 3.9%

International Business Machines stock opened at $219.39 on Friday. The company's 50-day moving average price is $264.17 and its two-hundred day moving average price is $263.94. The company has a quick ratio of 0.76, a current ratio of 0.80 and a debt-to-equity ratio of 1.75. The stock has a market cap of $206.21 billion, a P/E ratio of 19.40, a P/E/G ratio of 2.06 and a beta of 0.68. International Business Machines Corporation has a twelve month low of $204.44 and a twelve month high of $332.46.

International Business Machines (NYSE:IBM - Get Free Report) last issued its quarterly earnings data on Wednesday, April 22nd. The technology company reported $1.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.81 by $0.10. International Business Machines had a return on equity of 37.23% and a net margin of 15.61%.The company had revenue of $15.92 billion during the quarter, compared to analysts' expectations of $15.60 billion. During the same quarter in the previous year, the company posted $1.60 earnings per share. The business's revenue was up 9.5% on a year-over-year basis. As a group, analysts expect that International Business Machines Corporation will post 12.33 EPS for the current year.

International Business Machines Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Friday, May 8th were issued a dividend of $1.69 per share. This represents a $6.76 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Friday, May 8th. This is an increase from International Business Machines's previous quarterly dividend of $1.68. International Business Machines's payout ratio is 59.77%.

More International Business Machines News

Here are the key news stories impacting International Business Machines this week:

• Negative Sentiment: IBM’s preliminary Q2 results came in below expectations, with softer revenue and adjusted EPS fueling the sharp selloff and a major reset in investor confidence. Article Title
• Negative Sentiment: Management said some large deals were delayed as customers reassessed spending, reinforcing concerns that IBM is being hurt by changing enterprise tech budgets and slower software demand. Article Title
• Negative Sentiment: Several reports highlighted the stock’s historic one-day drop, securities-fraud investigations, and analyst downgrades/target cuts, all of which can keep sentiment and trading pressure negative. Article Title

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Piper Sandler raised International Business Machines to an "overweight" rating in a report on Tuesday, June 23rd. Morgan Stanley boosted their target price on shares of International Business Machines from $267.00 to $293.00 and gave the stock an "equal weight" rating in a report on Tuesday. Weiss Ratings lowered shares of International Business Machines from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, June 24th. Barclays assumed coverage on shares of International Business Machines in a research note on Monday, June 1st. They issued an "overweight" rating and a $350.00 price target for the company. Finally, Wall Street Zen upgraded shares of International Business Machines from a "sell" rating to a "hold" rating in a research note on Sunday, June 21st. Fifteen analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, International Business Machines currently has an average rating of "Moderate Buy" and a consensus target price of $301.83.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.