International Business Machines Corporation (NYSE:IBM) Shares Sold by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS lowered its position in International Business Machines Corporation (NYSE:IBM - Free Report) by 0.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 262,729 shares of the technology company's stock after selling 1,188 shares during the period. International Business Machines makes up about 1.3% of Kornitzer Capital Management Inc. KS's portfolio, making the stock its 12th largest position. Kornitzer Capital Management Inc. KS's holdings in International Business Machines were worth $65,330,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Christopher J. Hasenberg Inc purchased a new stake in shares of International Business Machines in the 1st quarter valued at $27,000. Measured Risk Portfolios Inc. purchased a new stake in International Business Machines during the fourth quarter worth $43,000. Park Square Financial Group LLC purchased a new stake in International Business Machines during the fourth quarter worth $43,000. Mascagni Wealth Management Inc. purchased a new stake in International Business Machines during the fourth quarter worth $43,000. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new stake in International Business Machines during the first quarter worth $45,000. Hedge funds and other institutional investors own 58.96% of the company's stock.

International Business Machines Trading Down 0.4%

International Business Machines stock traded down $1.17 during midday trading on Tuesday, hitting $282.62. 2,862,316 shares of the stock were exchanged, compared to its average volume of 4,232,298. International Business Machines Corporation has a fifty-two week low of $181.81 and a fifty-two week high of $296.16. The stock has a market capitalization of $262.67 billion, a price-to-earnings ratio of 48.64, a PEG ratio of 5.96 and a beta of 0.69. The stock's 50-day simple moving average is $273.87 and its 200 day simple moving average is $252.73. The company has a current ratio of 1.01, a quick ratio of 0.97 and a debt-to-equity ratio of 2.09.

International Business Machines (NYSE:IBM - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The technology company reported $1.60 earnings per share for the quarter, topping the consensus estimate of $1.42 by $0.18. The company had revenue of $14.54 billion during 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 was up .5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.68 earnings per share. On average, equities analysts anticipate that International Business Machines Corporation will post 10.78 EPS for the current year.

International Business Machines Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Friday, May 9th were paid a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a yield of 2.38%. This is a positive change from International Business Machines's previous quarterly dividend of $1.67. International Business Machines's dividend payout ratio (DPR) is 115.66%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Bank of America increased their price target on shares of International Business Machines from $290.00 to $320.00 and gave the stock a "buy" rating in a report on Wednesday, June 18th. Erste Group Bank raised shares of International Business Machines from a "hold" rating to a "strong-buy" rating in a report on Monday, March 17th. Royal Bank Of Canada increased their price target on shares of International Business Machines from $276.00 to $285.00 and gave the stock an "outperform" rating in a report on Thursday, May 15th. BMO Capital Markets reissued a "market perform" rating on shares of International Business Machines in a report on Wednesday, April 23rd. Finally, Wall Street Zen cut shares of International Business Machines from a "buy" rating to a "hold" rating in a research report on Wednesday, May 21st. One research analyst has rated the stock with a sell rating, nine have given a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $259.06.

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.