International Business Machines Corporation $IBM Shares Bought by Provenance Wealth Advisors LLC

Key Points

• Provenance Wealth Advisors increased its IBM stake by 56.5% in the third quarter, adding 2,705 shares and ending the period with 7,493 shares valued at about $1.65 million. Institutional investors own nearly 59% of IBM.
• IBM beat quarterly forecasts, reporting EPS of $2.95 versus $2.85 expected and revenue of $17.1 billion, up 4.7% year over year. The company also declared a quarterly dividend of $1.69 per share, a 2.7% yield at the reported share price.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $266.12. Shares opened at $249.83 in the report; analyst views ranged from buy to hold and sell.

Provenance Wealth Advisors LLC raised its stake in shares of International Business Machines Corporation (NYSE:IBM - Free Report) by 56.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,493 shares of the technology company's stock after buying an additional 2,705 shares during the quarter. Provenance Wealth Advisors LLC's holdings in International Business Machines were worth $1,648,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in IBM. Hughes Financial Services LLC grew its holdings in shares of International Business Machines by 19.6% during the third quarter. Hughes Financial Services LLC now owns 720 shares of the technology company's stock valued at $158,000 after buying an additional 118 shares during the last quarter. Associated Banc Corp bought a new stake in shares of International Business Machines during the third quarter valued at approximately $4,053,000. Guardian Wealth Advisors LLC raised its holdings in International Business Machines by 16.3% in the 3rd quarter. Guardian Wealth Advisors LLC now owns 1,613 shares of the technology company's stock worth $355,000 after acquiring an additional 226 shares during the last quarter. Integrity Alliance LLC. raised its holdings in International Business Machines by 0.5% in the 3rd quarter. Integrity Alliance LLC. now owns 18,045 shares of the technology company's stock worth $3,969,000 after acquiring an additional 97 shares during the last quarter. Finally, Integrity Advisory Solutions LLC raised its holdings in International Business Machines by 13.5% in the 3rd quarter. Integrity Advisory Solutions LLC now owns 3,212 shares of the technology company's stock worth $707,000 after acquiring an additional 383 shares during the last quarter. 58.96% of the stock is owned by institutional investors.

International Business Machines Stock Down 1.1%

Shares of IBM stock opened at $249.83 on Wednesday. The company has a current ratio of 0.85, a quick ratio of 0.80 and a debt-to-equity ratio of 1.57. International Business Machines Corporation has a 12 month low of $199.19 and a 12 month high of $332.46. The stock has a market cap of $236.12 billion, a P/E ratio of 21.30, a P/E/G ratio of 2.49 and a beta of 0.78. The company has a 50 day simple moving average of $235.88 and a two-hundred day simple moving average of $249.39.

International Business Machines (NYSE:IBM - Get Free Report) last issued its quarterly earnings data on Wednesday, October 21st. The technology company reported $2.95 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.85 by $0.10. The firm had revenue of $17.10 billion during the quarter, compared to the consensus estimate of $16.82 billion. International Business Machines had a net margin of 15.99% and a return on equity of 34.37%. The company's revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.65 EPS. On average, research analysts expect that International Business Machines Corporation will post 12.41 earnings per share for the current year.

International Business Machines Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Tuesday, November 10th will be given a dividend of $1.69 per share. The ex-dividend date is Tuesday, November 10th. This represents a $6.76 annualized dividend and a yield of 2.7%. International Business Machines's payout ratio is 57.63%.

Insiders Place Their Bets

In other International Business Machines news, SVP Robert Thomas sold 25,000 shares of the business's stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $230.32, for a total transaction of $5,758,000.00. Following the completion of the sale, the senior vice president owned 47,800 shares of the company's stock, valued at approximately $11,009,296. The trade was a 34.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.27% of the company's stock.

Analyst Ratings Changes

Several analysts have commented on IBM shares. Truist Financial set a $260.00 target price on International Business Machines in a research note on Thursday, October 22nd. Oppenheimer cut International Business Machines from an "outperform" rating to a "market perform" rating in a research note on Wednesday, July 15th. Jefferies Financial Group boosted their price target on International Business Machines from $270.00 to $280.00 and gave the stock a "buy" rating in a research note on Thursday, October 22nd. Robert W. Baird upped their price target on International Business Machines from $230.00 to $260.00 and gave the company a "neutral" rating in a report on Thursday, October 22nd. Finally, Bank of America dropped their price objective on International Business Machines from $330.00 to $280.00 and set a "buy" rating on the stock in a research report on Wednesday, July 15th. Nineteen research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $266.12.

About International Business Machines

International Business Machines Corporation NYSE: IBM, commonly known as IBM, is a global technology and consulting company that helps organizations modernize their information technology and business operations. Its offerings include hybrid cloud solutions, artificial intelligence software and services, enterprise software, IT infrastructure, cybersecurity, data analytics, and technology consulting.

IBM provides products and services to businesses, governments, and other institutions across industries and regions worldwide.

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