LGT Group Foundation Purchases 11,009 Shares of International Business Machines Corporation (NYSE:IBM)

Key Points

• LGT Group Foundation increased its stake in International Business Machines Corporation (IBM) by 13.1%, acquiring an additional 11,009 shares, bringing its total holdings to 95,266 shares valued at approximately $23.69 million.
• Analysts have mixed views on IBM, with BMO Capital Markets raising its price target from $260 to $300, while the consensus remains a "Moderate Buy" with an average target price of $268.75.
• IBM reported $2.80 earnings per share for the latest quarter, surpassing expectations and showcasing a 7.7% revenue increase year-over-year, with total revenue reaching $16.98 billion.

LGT Group Foundation raised its position in International Business Machines Corporation (NYSE:IBM - Free Report) by 13.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 95,266 shares of the technology company's stock after buying an additional 11,009 shares during the quarter. LGT Group Foundation's holdings in International Business Machines were worth $23,689,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Wealth Dimensions Group Ltd. raised its stake in shares of International Business Machines by 1.0% in the fourth quarter. Wealth Dimensions Group Ltd. now owns 3,972 shares of the technology company's stock valued at $873,000 after buying an additional 40 shares during the period. Pallas Capital Advisors LLC raised its stake in shares of International Business Machines by 0.9% during the 1st quarter. Pallas Capital Advisors LLC now owns 4,805 shares of the technology company's stock valued at $1,195,000 after purchasing an additional 42 shares during the period. DMC Group LLC raised its stake in shares of International Business Machines by 1.2% during the 1st quarter. DMC Group LLC now owns 3,517 shares of the technology company's stock valued at $875,000 after purchasing an additional 42 shares during the period. Range Financial Group LLC raised its stake in shares of International Business Machines by 0.6% during the 1st quarter. Range Financial Group LLC now owns 7,350 shares of the technology company's stock valued at $1,828,000 after purchasing an additional 43 shares during the period. Finally, Private Wealth Partners LLC raised its stake in shares of International Business Machines by 1.7% during the 1st quarter. Private Wealth Partners LLC now owns 2,647 shares of the technology company's stock valued at $658,000 after purchasing an additional 43 shares during the period. 58.96% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

IBM has been the topic of a number of analyst reports. BMO Capital Markets boosted their price objective on International Business Machines from $260.00 to $300.00 and gave the company a "market perform" rating in a research note on Friday, July 18th. Wall Street Zen upgraded International Business Machines from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. KGI Securities set a $242.00 price objective on International Business Machines and gave the company a "hold" rating in a research note on Thursday, April 24th. Morgan Stanley reduced their target price on International Business Machines from $237.00 to $233.00 and set an "equal weight" rating for the company in a research report on Thursday, April 24th. Finally, UBS Group boosted their target price on International Business Machines from $195.00 to $200.00 and gave the stock a "sell" rating in a research report on Thursday, July 24th. One equities 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's stock. Based on data from MarketBeat, International Business Machines currently has an average rating of "Moderate Buy" and a consensus target price of $268.75.

International Business Machines Price Performance

IBM opened at $236.15 on Tuesday. The stock has a 50-day moving average price of $275.58 and a 200-day moving average price of $258.56. International Business Machines Corporation has a 12-month low of $189.00 and a 12-month high of $296.16. The company has a current ratio of 0.91, a quick ratio of 0.87 and a debt-to-equity ratio of 2.00. The stock has a market capitalization of $219.48 billion, a P/E ratio of 38.34, a PEG ratio of 3.74 and a beta of 0.69.

International Business Machines (NYSE:IBM - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The technology company reported $2.80 earnings per share for the quarter, beating the consensus estimate of $2.65 by $0.15. The company 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 quarterly revenue was up 7.7% compared to the same quarter last year. During the same period in the prior year, the business posted $2.43 EPS. Equities analysts predict that International Business Machines Corporation will post 10.78 earnings per share for the current fiscal 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.

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