Hennessy Advisors Inc. Reduces Stock Position in International Business Machines Co. (NYSE:IBM)

Hennessy Advisors Inc. decreased its stake in International Business Machines Co. (NYSE:IBM - Free Report) by 18.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 41,600 shares of the technology company's stock after selling 9,192 shares during the quarter. Hennessy Advisors Inc.'s holdings in International Business Machines were worth $10,344,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of IBM. Vision Financial Markets LLC purchased a new stake in shares of International Business Machines during the fourth quarter worth about $31,000. Rialto Wealth Management LLC purchased a new stake in shares of International Business Machines during the fourth quarter worth about $35,000. Tacita Capital Inc grew its position in shares of International Business Machines by 174.3% during the fourth quarter. Tacita Capital Inc now owns 192 shares of the technology company's stock worth $42,000 after purchasing an additional 122 shares in the last quarter. Measured Risk Portfolios Inc. purchased a new stake in shares of International Business Machines during the fourth quarter worth about $43,000. Finally, Park Square Financial Group LLC purchased a new stake in shares of International Business Machines during the fourth quarter worth about $43,000. Hedge funds and other institutional investors own 58.96% of the company's stock.

International Business Machines Stock Down 1.5%

Shares of NYSE:IBM traded down $4.20 on Friday, reaching $276.84. The company had a trading volume of 3,242,911 shares, compared to its average volume of 4,231,454. International Business Machines Co. has a 52-week low of $167.23 and a 52-week high of $283.06. The firm's 50 day simple moving average is $252.60 and its 200-day simple moving average is $243.67. The firm has a market capitalization of $257.29 billion, a PE ratio of 43.19, a PEG ratio of 5.81 and a beta of 0.66. The company has a current ratio of 1.04, a quick ratio of 1.00 and a debt-to-equity ratio of 1.82.

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

International Business Machines Increases Dividend

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

Wall Street Analysts Forecast Growth

IBM has been the subject of several research analyst reports. Jefferies Financial Group restated a "hold" rating on shares of International Business Machines in a report on Wednesday, April 23rd. Royal Bank of Canada raised their price target on International Business Machines from $276.00 to $285.00 and gave the company an "outperform" rating in a report on Thursday, May 15th. Citigroup restated an "outperform" rating on shares of International Business Machines in a report on Saturday, May 10th. KGI Securities set a $242.00 price target on International Business Machines and gave the company a "hold" rating in a report on Thursday, April 24th. Finally, Morgan Stanley cut their price target on International Business Machines from $237.00 to $233.00 and set an "equal weight" rating for the company in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $250.31.

International Business Machines 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.