International Business Machines Corporation $IBM Stock Sold by BOCHK Asset Management Ltd

Key Points

• BOCHK Asset Management cut its IBM stake by 96.6% in the third quarter, selling 7,050 shares and retaining 250 shares valued at approximately $55,000.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $266.12, although several firms recently adjusted their targets.
• IBM exceeded quarterly expectations, reporting $2.95 in EPS and $17.10 billion in revenue, while declaring a quarterly dividend of $1.69 per share, equivalent to a 2.7% yield.

BOCHK Asset Management Ltd cut its holdings in shares of International Business Machines Corporation (NYSE:IBM - Free Report) by 96.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 250 shares of the technology company's stock after selling 7,050 shares during the period. BOCHK Asset Management Ltd's holdings in International Business Machines were worth $55,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Friday Financial raised its position in shares of International Business Machines by 1.9% in the 2nd quarter. Friday Financial now owns 1,903 shares of the technology company's stock valued at $583,000 after purchasing an additional 35 shares during the last quarter. Trinity Wealth Management LLC boosted its stake in International Business Machines by 2.3% in the 2nd quarter. Trinity Wealth Management LLC now owns 1,695 shares of the technology company's stock worth $477,000 after purchasing an additional 38 shares in the last quarter. Pettinga Financial Advisors LLC grew its position in International Business Machines by 3.6% during the 2nd quarter. Pettinga Financial Advisors LLC now owns 1,090 shares of the technology company's stock worth $307,000 after purchasing an additional 38 shares during the last quarter. HHM Wealth Advisors LLC grew its position in International Business Machines by 4.6% during the 2nd quarter. HHM Wealth Advisors LLC now owns 928 shares of the technology company's stock worth $261,000 after purchasing an additional 41 shares during the last quarter. Finally, CKW Financial Group increased its stake in International Business Machines by 2.1% during the 3rd quarter. CKW Financial Group now owns 2,024 shares of the technology company's stock valued at $457,000 after purchasing an additional 41 shares in the last quarter. Institutional investors and hedge funds own 58.96% of the company's stock.

Analysts Set New Price Targets

IBM has been the subject of a number of research analyst reports. Yorkville Ives initiated coverage on shares of International Business Machines in a report on Monday, October 5th. They issued an "outperform" rating and a $275.00 price target for the company. Morgan Stanley boosted their price objective on shares of International Business Machines from $238.00 to $240.00 and gave the company an "equal weight" rating in a report on Thursday, October 22nd. Citic Securities upped their target price on International Business Machines from $294.00 to $297.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th. Bank of America reduced their target price on International Business Machines from $330.00 to $280.00 and set a "buy" rating for the company in a research note on Wednesday, July 15th. Finally, Argus reduced their target price on International Business Machines from $360.00 to $280.00 and set a "buy" rating for the company in a research note on Thursday, July 16th. Nineteen analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $266.12.

International Business Machines Stock Performance

NYSE IBM opened at $252.98 on Tuesday. The stock has a 50-day simple moving average of $235.51 and a two-hundred day simple moving average of $249.68. The firm has a market capitalization of $239.10 billion, a P/E ratio of 21.57, a PEG ratio of 2.49 and a beta of 0.73. International Business Machines Corporation has a fifty-two week low of $199.19 and a fifty-two week high of $332.46. The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.80 and a current ratio of 0.85.

International Business Machines (NYSE:IBM - Get Free Report) last released its quarterly earnings results 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. International Business Machines had a net margin of 15.99% and a return on equity of 34.37%. The firm had revenue of $17.10 billion for the quarter, compared to analysts' expectations of $16.82 billion. During the same quarter last year, the company earned $2.65 EPS. The firm's revenue for the quarter was up 4.7% compared to the same quarter last year. On average, equities analysts forecast that International Business Machines Corporation will post 12.41 earnings per share for the current year.

International Business Machines Announces Dividend

The company also recently declared 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. This represents a $6.76 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Tuesday, November 10th. International Business Machines's payout ratio is presently 57.63%.

Insider Activity at International Business Machines

In other International Business Machines news, SVP Robert Thomas sold 25,000 shares of the firm's stock in a transaction on 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 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 sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.27% of the company's stock.

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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