International Business Machines Corporation (NYSE:IBM) Shares Sold by King Luther Capital Management Corp

Key Points

• King Luther Capital Management Corp has reduced its stake in International Business Machines Corporation (IBM) by 4.7%, selling 1,136 shares but still holding 22,917 shares worth approximately $5.7 million.
• IBM's stock decreased by 3.3% recently, with the current opening price at $241.88, and the company reported earnings of $2.80 per share, surpassing analyst estimates.
• Recent upgrades by analysts include a shift from "hold" to "buy" by Wall Street Zen, while BMO Capital Markets raised its target price for IBM from $260 to $300.

King Luther Capital Management Corp reduced its holdings in International Business Machines Corporation (NYSE:IBM - Free Report) by 4.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,917 shares of the technology company's stock after selling 1,136 shares during the quarter. King Luther Capital Management Corp's holdings in International Business Machines were worth $5,698,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. MinichMacGregor Wealth Management LLC acquired a new stake in shares of International Business Machines in the 1st quarter worth approximately $396,000. Left Brain Wealth Management LLC lifted its stake in International Business Machines by 1,547.8% in the 1st quarter. Left Brain Wealth Management LLC now owns 17,664 shares of the technology company's stock valued at $4,392,000 after buying an additional 16,592 shares in the last quarter. Alpha Cubed Investments LLC lifted its stake in International Business Machines by 47.0% in the 1st quarter. Alpha Cubed Investments LLC now owns 7,507 shares of the technology company's stock valued at $1,867,000 after buying an additional 2,399 shares in the last quarter. Wedbush Securities Inc. lifted its stake in International Business Machines by 5.6% in the 1st quarter. Wedbush Securities Inc. now owns 62,067 shares of the technology company's stock valued at $15,434,000 after buying an additional 3,276 shares in the last quarter. Finally, Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. purchased a new position in shares of International Business Machines during the 1st quarter worth $4,608,000. 58.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on IBM. Citigroup reissued an "outperform" rating on shares of International Business Machines in a research note on Saturday, May 10th. The Goldman Sachs Group increased their price target on International Business Machines from $270.00 to $310.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Stifel Nicolaus increased their price target on International Business Machines from $290.00 to $310.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. Bank of America reduced their price target on International Business Machines from $320.00 to $310.00 and set a "buy" rating on the stock in a research note on Thursday, July 24th. Finally, KGI Securities set a $242.00 target price on International Business Machines and gave the stock a "hold" rating in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $268.75.

International Business Machines Stock Up 2.3%

Shares of International Business Machines stock traded up $5.47 during trading hours on Wednesday, hitting $240.24. 5,648,224 shares of the company's stock traded hands, compared to its average volume of 4,778,581. The stock has a 50 day simple moving average of $274.96 and a 200-day simple moving average of $258.39. 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 $223.28 billion, a PE ratio of 39.00, a PEG ratio of 3.65 and a beta of 0.69. International Business Machines Corporation has a twelve month low of $190.73 and a twelve month high of $296.16.

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

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.