Pettee Investors Inc. Sells 2,798 Shares of International Business Machines Corporation (NYSE:IBM)

Pettee Investors Inc. decreased its stake in International Business Machines Corporation (NYSE:IBM - Free Report) by 15.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,189 shares of the technology company's stock after selling 2,798 shares during the period. International Business Machines accounts for approximately 2.3% of Pettee Investors Inc.'s holdings, making the stock its 8th largest position. Pettee Investors Inc.'s holdings in International Business Machines were worth $3,777,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in International Business Machines by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 91,839,252 shares of the technology company's stock valued at $20,189,023,000 after purchasing an additional 1,539,888 shares during the last quarter. Geode Capital Management LLC lifted its stake in International Business Machines by 2.1% in the 4th quarter. Geode Capital Management LLC now owns 20,909,646 shares of the technology company's stock valued at $4,589,145,000 after purchasing an additional 427,499 shares during the last quarter. Capital World Investors lifted its stake in International Business Machines by 413.5% in 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 purchasing an additional 9,650,534 shares during the last quarter. Northern Trust Corp lifted its position in International Business Machines by 18.6% during the fourth quarter. Northern Trust Corp now owns 10,845,993 shares of the technology company's stock worth $2,384,275,000 after acquiring an additional 1,704,209 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted 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 acquiring an additional 722,582 shares during the last quarter. Institutional investors own 58.96% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on IBM shares. Stifel Nicolaus raised their price objective on shares of International Business Machines from $290.00 to $310.00 and gave the stock a "buy" rating in a research report on Wednesday. Wall Street Zen downgraded shares of International Business Machines from a "buy" rating to a "hold" rating in a research report on Wednesday, May 21st. Morgan Stanley lowered their target price on shares of 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. BMO Capital Markets reaffirmed a "market perform" rating on shares of International Business Machines in a report on Wednesday, April 23rd. Finally, The Goldman Sachs Group lifted their price objective on shares of International Business Machines from $270.00 to $310.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $264.94.

International Business Machines Trading Up 0.0%

Shares of NYSE:IBM traded up $0.12 during mid-day trading on Thursday, reaching $282.04. 3,336,525 shares of the company's stock were exchanged, compared to its average volume of 4,226,467. The firm has a market capitalization of $262.13 billion, a price-to-earnings ratio of 48.54, a PEG ratio of 5.92 and a beta of 0.69. The business's fifty day moving average price is $275.10 and its 200-day moving average price is $253.14. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.97 and a current ratio of 1.01. International Business Machines Corporation has a twelve month low of $181.81 and a twelve month high of $296.16.

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

International Business Machines Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Friday, May 9th were issued a $1.68 dividend. This is a positive change from International Business Machines's previous quarterly dividend of $1.67. This represents a $6.72 annualized dividend and a yield of 2.38%. International Business Machines's payout ratio is presently 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.