Carnegie Investment Counsel Trims Stock Position in International Business Machines Corporation (NYSE:IBM)

Key Points

• Carnegie Investment Counsel reduced its holdings in International Business Machines Corporation (IBM) by 10.2%, owning 34,249 shares valued at $8,516,000 following the sale of 3,877 shares.
• IBM's recent earnings report showed an EPS of $2.80, exceeding analysts' expectations, with revenue increasing 7.7% year-over-year to $16.98 billion.
• The company announced a quarterly dividend increase to $1.68 per share, with an annualized dividend of $6.72 and a yield of 2.59%.

Carnegie Investment Counsel decreased its holdings in shares of International Business Machines Corporation (NYSE:IBM - Free Report) by 10.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,249 shares of the technology company's stock after selling 3,877 shares during the quarter. Carnegie Investment Counsel's holdings in International Business Machines were worth $8,516,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Christopher J. Hasenberg Inc acquired a new stake in International Business Machines during the 1st quarter valued at $27,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of International Business Machines in the 1st quarter worth $45,000. Park Square Financial Group LLC acquired a new stake in International Business Machines during the 4th quarter worth $43,000. Park Place Capital Corp raised its stake in International Business Machines by 42.6% during the 1st quarter. Park Place Capital Corp now owns 194 shares of the technology company's stock worth $48,000 after buying an additional 58 shares during the period. Finally, Measured Risk Portfolios Inc. acquired a new stake in International Business Machines during the 4th quarter worth $43,000. Hedge funds and other institutional investors own 58.96% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on IBM. Jefferies Financial Group restated a "hold" rating on shares of International Business Machines in a report on Wednesday, April 23rd. Wedbush boosted their price objective on shares of International Business Machines from $300.00 to $325.00 and gave the company an "outperform" rating in a research report on Friday, June 20th. Bank of America reduced their price objective on shares of International Business Machines from $320.00 to $310.00 and set a "buy" rating on the stock in a research note on Thursday. JPMorgan Chase & Co. upped their price target on shares of International Business Machines from $244.00 to $290.00 and gave the company a "neutral" rating in a research report on Thursday. Finally, Wall Street Zen raised shares of International Business Machines from a "hold" rating to a "buy" rating in a research report on Saturday. One analyst has rated the stock with a sell rating, eight have given a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, International Business Machines currently has an average rating of "Moderate Buy" and a consensus price target of $268.75.

International Business Machines Stock Up 1.5%

Shares of NYSE IBM traded up $3.85 during trading hours on Monday, hitting $263.57. 1,962,413 shares of the stock were exchanged, compared to its average volume of 4,618,159. The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 2.00. The company has a market cap of $244.97 billion, a PE ratio of 42.70, a PEG ratio of 4.01 and a beta of 0.69. The firm has a fifty day moving average price of $277.69 and a 200-day moving average price of $256.27. International Business Machines Corporation has a 12 month low of $181.81 and a 12 month high of $296.16.

International Business Machines (NYSE:IBM - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The technology company reported $2.80 EPS for the quarter, beating the consensus estimate of $2.65 by $0.15. The business had revenue of $16.98 billion for the quarter, compared to the consensus estimate of $16.58 billion. International Business Machines had a net margin of 9.11% and a return on equity of 37.62%. The business's revenue for the quarter was up 7.7% on a year-over-year basis. During the same period in the prior year, the firm earned $2.43 EPS. On average, sell-side analysts expect that International Business Machines Corporation will post 10.78 EPS for the current year.

International Business Machines Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Friday, May 9th were given a dividend of $1.68 per share. This is a boost from International Business Machines's previous quarterly dividend of $1.67. This represents a $6.72 annualized dividend and a yield of 2.55%. International Business Machines's dividend payout ratio (DPR) is presently 109.09%.

International Business Machines Company Profile

International Business Machines Corporation, together with its subsidiaries, provides integrated solutions and services worldwide. The company operates through Software, Consulting, Infrastructure, and Financing segments. The Software segment offers a hybrid cloud and AI platforms that allows clients to realize their digital and AI transformations across the applications, data, and environments in which they operate.