International Business Machines Corporation $IBM Stock Sold by Bank Julius Baer & Co. Ltd Zurich

Key Points

• Bank Julius Baer reduced its IBM position by 48.4% in the third quarter, selling 247,255 shares and retaining 264,092 shares valued at approximately $58.1 million. Institutional investors collectively own 58.96% of IBM.
• IBM reported quarterly results above expectations, with earnings of $2.95 per share versus the $2.85 consensus and revenue of $17.10 billion, up 4.7% year over year.
• IBM declared a quarterly dividend of $1.69 per share, equal to an annualized $6.76 payout and a 2.7% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $266.12.

Bank Julius Baer & Co. Ltd Zurich trimmed its position in International Business Machines Corporation (NYSE:IBM - Free Report) by 48.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 264,092 shares of the technology company's stock after selling 247,255 shares during the period. Bank Julius Baer & Co. Ltd Zurich's holdings in International Business Machines were worth $58,086,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Assetmark Inc. boosted its stake in International Business Machines by 24.8% in the 1st quarter. Assetmark Inc. now owns 64,458 shares of the technology company's stock worth $15,624,000 after purchasing an additional 12,791 shares during the period. Flputnam Investment Management Co. acquired a new stake in International Business Machines during the 2nd quarter valued at $15,237,000. Beacon Investment Advisory Services Inc. lifted its holdings in shares of International Business Machines by 939.4% in the second quarter. Beacon Investment Advisory Services Inc. now owns 30,495 shares of the technology company's stock valued at $8,575,000 after purchasing an additional 27,561 shares in the last quarter. St. Louis Financial Planners Asset Management LLC lifted its holdings in shares of International Business Machines by 34.6% in the second quarter. St. Louis Financial Planners Asset Management LLC now owns 14,234 shares of the technology company's stock valued at $4,121,000 after purchasing an additional 3,659 shares in the last quarter. Finally, Evercore Wealth Management LLC lifted its holdings in shares of International Business Machines by 9.0% in the first quarter. Evercore Wealth Management LLC now owns 62,801 shares of the technology company's stock valued at $15,222,000 after purchasing an additional 5,196 shares in the last quarter. 58.96% of the stock is owned by institutional investors.

International Business Machines Trading Down 1.9%

International Business Machines stock opened at $252.98 on Tuesday. The company's fifty day simple moving average is $235.51 and its 200-day simple moving average is $249.68. The company has a quick ratio of 0.80, a current ratio of 0.85 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 $239.10 billion, a P/E ratio of 20.57, a P/E/G ratio of 2.49 and a beta of 0.73.

International Business Machines (NYSE:IBM - Get Free Report) last posted its quarterly earnings results on Wednesday, October 21st. The technology company reported $2.95 earnings per share for the quarter, topping analysts' consensus estimates of $2.85 by $0.10. International Business Machines had a net margin of 15.99% and a return on equity of 34.37%. The business had revenue of $17.10 billion for the quarter, compared to the consensus estimate of $16.82 billion. During the same period in the prior year, the business posted $2.65 earnings per share. International Business Machines's revenue for the quarter was up 4.7% compared to the same quarter last year. As a group, sell-side analysts forecast that International Business Machines Corporation will post 12.41 EPS for the current fiscal year.

International Business Machines Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Citigroup lifted their price target on International Business Machines from $245.00 to $280.00 and gave the company a "buy" rating in a report on Thursday, October 22nd. Yorkville Ives assumed coverage on International Business Machines in a research note on Monday, October 5th. They issued an "outperform" rating and a $275.00 price objective for the company. UBS Group raised their price objective on International Business Machines from $236.00 to $243.00 and gave the stock a "neutral" rating in a research report on Thursday, October 22nd. Wall Street Zen raised International Business Machines from a "sell" rating to a "hold" rating in a research note on Saturday, October 24th. Finally, Evercore dropped their target price on International Business Machines from $310.00 to $250.00 and set an "outperform" rating on the stock in a report on Thursday, July 16th. Nineteen investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, International Business Machines currently has an average rating of "Moderate Buy" and a consensus price target of $266.12.

Insider Buying and Selling

In other news, SVP Robert Thomas sold 25,000 shares of the firm's stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $230.32, for a total transaction of $5,758,000.00. Following the transaction, the senior vice president owned 47,800 shares in the company, valued at approximately $11,009,296. This trade represents a 34.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.27% of the stock is owned by corporate insiders.

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.

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.