NJ State Employees Deferred Compensation Plan Has $4.43 Million Stock Position in International Business Machines Corporation (NYSE:IBM)

Key Points

• The NJ State Employees Deferred Compensation Plan sold 2,200 shares of International Business Machines (IBM), reducing its holdings by 11% to 17,800 shares, valued at approximately $4.43 million.
• Institutional ownership for IBM remains high, with 58.96% of stock held by hedge funds and institutional investors, indicating significant confidence in the company's prospects.
• IBM reported a quarterly earnings per share of $2.80, surpassing expectations, with year-over-year revenue growth of 7.7% to $16.98 billion.

NJ State Employees Deferred Compensation Plan reduced its position in shares of International Business Machines Corporation (NYSE:IBM - Free Report) by 11.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,800 shares of the technology company's stock after selling 2,200 shares during the period. NJ State Employees Deferred Compensation Plan's holdings in International Business Machines were worth $4,426,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of IBM. Capital World Investors boosted its holdings in International Business Machines by 413.5% during the 4th quarter. Capital World Investors now owns 11,984,609 shares of the technology company's stock valued at $2,634,577,000 after acquiring an additional 9,650,534 shares during the period. Northern Trust Corp boosted its stake in shares of International Business Machines by 18.6% in the fourth quarter. Northern Trust Corp now owns 10,845,993 shares of the technology company's stock valued at $2,384,275,000 after buying an additional 1,704,209 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in International Business Machines by 9.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,112,092 shares of the technology company's stock worth $1,783,281,000 after purchasing an additional 722,582 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of International Business Machines by 2.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,083,665 shares of the technology company's stock valued at $1,117,548,000 after acquiring an additional 99,510 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in International Business Machines by 29,564.2% during the first quarter. GAMMA Investing LLC now owns 4,399,790 shares of the technology company's stock worth $10,940,520,000 after buying an additional 4,384,958 shares during the period. 58.96% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

IBM has been the subject of a number of recent research reports. Royal Bank Of Canada increased their target price on International Business Machines from $285.00 to $315.00 and gave the company an "outperform" rating in a research note on Thursday, July 17th. Bank of America lowered their price objective on International Business Machines from $320.00 to $310.00 and set a "buy" rating for the company in a research note on Thursday, July 24th. JPMorgan Chase & Co. raised their price objective on International Business Machines from $244.00 to $290.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. Morgan Stanley reduced their target price on International Business Machines from $237.00 to $233.00 and set an "equal weight" rating on the stock in a report on Thursday, April 24th. Finally, UBS Group raised their price target on International Business Machines from $195.00 to $200.00 and gave the stock a "sell" rating in a report on Thursday, July 24th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $268.75.

International Business Machines Price Performance

Shares of NYSE IBM traded up $1.85 during mid-day trading on Wednesday, reaching $252.52. The company had a trading volume of 3,678,518 shares, compared to its average volume of 4,684,212. The stock has a market cap of $234.69 billion, a PE ratio of 40.99, a P/E/G ratio of 3.89 and a beta of 0.69. The company has a 50-day moving average price of $276.81 and a two-hundred day moving average price of $257.75. The company has a current ratio of 0.91, a quick ratio of 0.87 and a debt-to-equity ratio of 2.00. International Business Machines Corporation has a 1-year low of $186.70 and a 1-year high of $296.16.

International Business Machines (NYSE:IBM - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The technology company reported $2.80 EPS for the quarter, topping the consensus estimate of $2.65 by $0.15. The business had revenue of $16.98 billion during the quarter, compared to analysts' expectations of $16.58 billion. International Business Machines had a return on equity of 37.62% and a net margin of 9.11%. International Business Machines's revenue was up 7.7% compared to the same quarter last year. During the same quarter last year, the firm posted $2.43 earnings per share. On average, equities analysts anticipate that International Business Machines Corporation will post 10.78 earnings per share for the current year.

About International Business Machines

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.