International Business Machines Corporation $IBM Stock: NorthCrest Asset Manangement LLC Raises Position

Key Points

• NorthCrest Asset Management increased its IBM position by 29.6% in the third quarter, bringing its holdings to 95,013 shares valued at approximately $21.5 million. Institutional investors collectively own 58.96% of IBM.
• Analyst sentiment remains mixed: 18 analysts rate IBM a Buy, 13 a Hold, and two a Sell. The stock has an overall “Hold” rating with an average price target of $252.96.
• IBM reported quarterly earnings of $2.93 per share, matching estimates, while revenue rose 1.1% year over year to $17.16 billion. The company also paid a quarterly dividend of $1.69 per share, representing a 3.0% annualized yield.

NorthCrest Asset Manangement LLC increased its holdings in shares of International Business Machines Corporation (NYSE:IBM - Free Report) by 29.6% in the third quarter, according to its most recent filing with the SEC. The fund owned 95,013 shares of the technology company's stock after acquiring an additional 21,694 shares during the period. NorthCrest Asset Manangement LLC's holdings in International Business Machines were worth $21,531,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in International Business Machines during the 2nd quarter valued at $21,586,659,000. Bank of America Corp DE purchased a new stake in shares of International Business Machines in the 2nd quarter worth $4,214,868,000. Bank of New York Mellon Corp bought a new position in shares of International Business Machines during the 2nd quarter worth $2,606,782,000. Legal & General Group Plc bought a new position in shares of International Business Machines during the 2nd quarter worth $1,874,733,000. Finally, Wellington Management Group LLP increased its stake in shares of International Business Machines by 2,362.2% during the second quarter. Wellington Management Group LLP now owns 6,549,393 shares of the technology company's stock valued at $1,841,755,000 after buying an additional 6,283,395 shares during the period. Hedge funds and other institutional investors own 58.96% of the company's stock.

Analyst Ratings Changes

IBM has been the subject of several recent research reports. Piper Sandler upgraded International Business Machines to an "overweight" rating in a report on Tuesday, June 23rd. Oppenheimer cut shares of International Business Machines from an "outperform" rating to a "market perform" rating in a report on Wednesday, July 15th. Morgan Stanley reduced their price target on shares of International Business Machines from $293.00 to $190.00 and set an "equal weight" rating for the company in a report on Thursday, July 23rd. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $270.00 price target (down from $300.00) on shares of International Business Machines in a research report on Tuesday, July 21st. Finally, Citigroup dropped their price objective on shares of International Business Machines from $255.00 to $245.00 and set a "buy" rating on the stock in a research note on Friday, July 24th. Eighteen investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $252.96.

International Business Machines Trading Down 0.0%

IBM opened at $227.12 on Tuesday. The company has a current ratio of 0.79, a quick ratio of 0.74 and a debt-to-equity ratio of 1.63. The firm has a market cap of $213.98 billion, a price-to-earnings ratio of 20.15, a PEG ratio of 2.16 and a beta of 0.73. International Business Machines Corporation has a 12 month low of $199.19 and a 12 month high of $332.46. The stock has a fifty day moving average price of $232.30 and a 200-day moving average price of $243.84.

International Business Machines (NYSE:IBM - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The technology company reported $2.93 earnings per share for the quarter, meeting analysts' consensus estimates of $2.93. International Business Machines had a net margin of 15.52% and a return on equity of 35.65%. The business had revenue of $17.16 billion for the quarter, compared to analysts' expectations of $17.46 billion. During the same period last year, the business earned $2.80 EPS. The company's revenue was up 1.1% compared to the same quarter last year. As a group, equities research analysts anticipate that International Business Machines Corporation will post 12.33 earnings per share for the current fiscal year.

International Business Machines Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Monday, August 10th were given a dividend of $1.69 per share. This represents a $6.76 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Monday, August 10th. International Business Machines's dividend payout ratio is currently 59.98%.

Insider Buying and Selling

In other International Business Machines news, SVP Robert Thomas sold 25,000 shares of the firm's stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $230.32, for a total value 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. This trade represents a 34.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.27% of the company's stock.

International Business Machines Company Profile

International Business Machines Corporation NYSE: IBM, commonly known as IBM, is a global technology company that provides hybrid cloud, artificial intelligence, software, consulting and infrastructure solutions. Its offerings help businesses and government organizations manage data, modernize applications, automate processes and improve cybersecurity.

IBM's portfolio includes the Red Hat hybrid cloud platform, the watsonx suite of artificial intelligence and data tools, consulting services, and enterprise software for areas such as automation, application management, security and asset management.

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