International Business Machines Corporation (NYSE:IBM) Shares Sold by Essex Financial Services Inc.

Essex Financial Services Inc. reduced its holdings in shares of International Business Machines Corporation (NYSE:IBM - Free Report) by 11.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,141 shares of the technology company's stock after selling 4,038 shares during the period. Essex Financial Services Inc.'s holdings in International Business Machines were worth $7,495,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in IBM. Brighton Jones LLC increased its position in International Business Machines by 12.4% during the 4th quarter. Brighton Jones LLC now owns 21,011 shares of the technology company's stock valued at $4,619,000 after buying an additional 2,323 shares in the last quarter. Whipplewood Advisors LLC acquired a new position in International Business Machines during the 4th quarter valued at about $68,000. Versor Investments LP acquired a new position in shares of International Business Machines in the fourth quarter valued at about $704,000. SVB Wealth LLC acquired a new position in shares of International Business Machines in the fourth quarter valued at about $25,036,000. Finally, Cobblestone Capital Advisors LLC NY increased its holdings in shares of International Business Machines by 1.1% in the fourth quarter. Cobblestone Capital Advisors LLC NY now owns 5,605 shares of the technology company's stock valued at $1,232,000 after purchasing an additional 60 shares during the period. 58.96% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Bank of America increased their price objective on International Business Machines from $290.00 to $320.00 and gave the company a "buy" rating in a report on Wednesday, June 18th. Citigroup reissued an "outperform" rating on shares of International Business Machines in a report on Saturday, May 10th. KGI Securities set a $242.00 price objective on International Business Machines and gave the company a "hold" rating in a report on Thursday, April 24th. Wedbush increased their price objective on International Business Machines from $300.00 to $325.00 and gave the company an "outperform" rating in a report on Friday, June 20th. Finally, UBS Group reissued a "sell" rating and issued a $170.00 price objective (up from $160.00) on shares of International Business Machines in a report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $253.75.

International Business Machines Stock Down 0.8%

Shares of IBM opened at $289.69 on Friday. International Business Machines Corporation has a 52 week low of $173.38 and a 52 week high of $296.16. The company has a quick ratio of 0.97, a current ratio of 1.01 and a debt-to-equity ratio of 2.09. The company has a market capitalization of $269.24 billion, a price-to-earnings ratio of 49.86, a PEG ratio of 6.08 and a beta of 0.66. The stock's 50-day moving average price is $262.93 and its 200-day moving average price is $247.66.

International Business Machines (NYSE:IBM - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The technology company reported $1.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.42 by $0.18. The company had revenue of $14.54 billion for the quarter, compared to the consensus estimate of $14.41 billion. International Business Machines had a return on equity of 37.43% and a net margin of 8.71%. International Business Machines's revenue for the quarter was up .5% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.68 earnings per share. On average, sell-side analysts predict that International Business Machines Corporation will post 10.78 EPS for the current year.

International Business Machines Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Friday, May 9th were given a dividend of $1.68 per share. This represents a $6.72 dividend on an annualized basis and a yield of 2.32%. This is an increase from International Business Machines's previous quarterly dividend of $1.67. International Business Machines's dividend payout ratio is currently 115.66%.

International Business Machines 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.

Want to see what other hedge funds are holding IBM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for International Business Machines Corporation (NYSE:IBM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.