International Business Machines Corporation $IBM Stock Sold by GRIMES & Co WEALTH MANAGEMENT LLC

Key Points

• GRIMES & Co WEALTH MANAGEMENT LLC reduced its IBM holdings by 19.8% in the third quarter, selling 4,168 shares and retaining 16,840 shares worth about $3.7 million.
• IBM reported quarterly EPS of $2.95, beating the $2.85 consensus, while revenue of $17.1 billion exceeded estimates and rose 4.7% year over year.
• IBM declared a quarterly dividend of $1.69 per share, equivalent to a 2.7% annualized yield; analysts’ average rating was “Moderate Buy,” with an average price target of $266.12.

GRIMES & Co WEALTH MANAGEMENT LLC cut its holdings in International Business Machines Corporation (NYSE:IBM - Free Report) by 19.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,840 shares of the technology company's stock after selling 4,168 shares during the quarter. GRIMES & Co WEALTH MANAGEMENT LLC's holdings in International Business Machines were worth $3,704,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of IBM. BlackRock Inc. purchased a new position in shares of International Business Machines in the 2nd quarter valued at about $21,586,659,000. State Street Corp lifted its stake in shares of International Business Machines by 2.7% in the second quarter. State Street Corp now owns 56,045,055 shares of the technology company's stock valued at $15,760,430,000 after purchasing an additional 1,450,562 shares during the period. Bank of America Corp DE acquired a new stake in shares of International Business Machines in the second quarter valued at about $4,214,868,000. Bank of New York Mellon Corp purchased a new stake in International Business Machines during the second quarter worth about $2,606,782,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in International Business Machines by 0.7% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,621,512 shares of the technology company's stock worth $2,143,245,000 after buying an additional 53,388 shares in the last quarter. Hedge funds and other institutional investors own 58.96% of the company's stock.

Insider Activity at International Business Machines

In other news, SVP Robert Thomas sold 25,000 shares of the stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $230.32, for a total value of $5,758,000.00. Following the sale, the senior vice president directly owned 47,800 shares in the company, valued at $11,009,296. This represents a 34.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.27% of the stock is owned by corporate insiders.

International Business Machines Price Performance

Shares of NYSE IBM opened at $249.83 on Wednesday. The stock has a market cap of $236.12 billion, a price-to-earnings ratio of 20.51, a PEG ratio of 2.49 and a beta of 0.78. International Business Machines Corporation has a 52 week low of $199.19 and a 52 week high of $332.46. The company's 50-day moving average price is $235.88 and its 200 day moving average price is $249.39. 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 (NYSE:IBM - Get Free Report) last posted its earnings results on Wednesday, October 21st. The technology company reported $2.95 earnings per share for the quarter, beating the consensus estimate 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 firm's revenue for the quarter was up 4.7% on a year-over-year basis. During the same period last year, the firm posted $2.65 EPS. As a group, research analysts forecast that International Business Machines Corporation will post 12.41 earnings per share for the current fiscal year.

International Business Machines Dividend Announcement

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

Analyst Ratings Changes

Several research analysts have weighed in on IBM shares. Morgan Stanley upped their target price on shares of International Business Machines from $238.00 to $240.00 and gave the stock an "equal weight" rating in a research report on Thursday, October 22nd. Barclays lifted their price target on shares of International Business Machines from $262.00 to $277.00 and gave the company an "overweight" rating in a research report on Thursday, October 22nd. JPMorgan Chase & Co. boosted their price target on International Business Machines from $250.00 to $269.00 and gave the stock an "overweight" rating in a research note on Thursday, October 22nd. UBS Group upped their price target on International Business Machines from $236.00 to $243.00 and gave the stock a "neutral" rating in a report on Thursday, October 22nd. Finally, Citic Securities upped their price target on International Business Machines from $294.00 to $297.00 and gave the stock a "buy" rating in a report on Wednesday, July 29th. 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 company. According to MarketBeat.com, International Business Machines presently has an average 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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