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Mackenzie Financial Corp Increases Stake in International Business Machines Corporation (NYSE:IBM)

International Business Machines logo with Computer and Technology background

Key Points

  • Mackenzie Financial Corp significantly increased its stake in International Business Machines Corporation (IBM) by 134.3% in Q1, owning over 1 million shares valued at approximately $258 million.
  • IBM recently announced a quarterly dividend increase to $1.68, reflecting a strong dividend yield of 2.59% and a payout ratio of 109.09%.
  • Several analysts have raised their target prices for IBM shares, with Royal Bank of Canada increasing its target from $285 to $315, indicating a positive outlook for the company's stock.
  • MarketBeat previews the top five stocks to own by September 1st.

Mackenzie Financial Corp raised its holdings in shares of International Business Machines Corporation (NYSE:IBM - Free Report) by 134.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,038,427 shares of the technology company's stock after purchasing an additional 595,194 shares during the period. Mackenzie Financial Corp owned approximately 0.11% of International Business Machines worth $258,215,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. MinichMacGregor Wealth Management LLC purchased a new stake in International Business Machines during the first quarter valued at $396,000. Treasurer of the State of North Carolina grew its stake in shares of International Business Machines by 0.8% during the 4th quarter. Treasurer of the State of North Carolina now owns 495,574 shares of the technology company's stock valued at $108,942,000 after purchasing an additional 4,131 shares during the period. Left Brain Wealth Management LLC increased its position in shares of International Business Machines by 1,547.8% during 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 purchasing an additional 16,592 shares during the last quarter. Alpha Cubed Investments LLC lifted its stake in shares of 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 worth $1,867,000 after purchasing an additional 2,399 shares during the period. Finally, Wedbush Securities Inc. lifted its stake in shares of International Business Machines by 5.6% in the 1st quarter. Wedbush Securities Inc. now owns 62,067 shares of the technology company's stock worth $15,434,000 after purchasing an additional 3,276 shares during the period. Institutional investors own 58.96% of the company's stock.

International Business Machines Stock Performance

Shares of NYSE:IBM traded down $4.58 during trading on Thursday, hitting $255.68. The stock had a trading volume of 2,458,612 shares, compared to its average volume of 4,620,150. The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 2.00. International Business Machines Corporation has a 12-month low of $181.81 and a 12-month high of $296.16. The stock has a market capitalization of $237.63 billion, a price-to-earnings ratio of 41.45, a price-to-earnings-growth ratio of 4.05 and a beta of 0.69. The stock has a 50-day simple moving average of $277.48 and a two-hundred day simple moving average of $256.64.

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 analysts' consensus estimates of $2.65 by $0.15. International Business Machines had a return on equity of 37.62% and a net margin of 9.11%. The firm had revenue of $16.98 billion for the quarter, compared to the consensus estimate of $16.58 billion. During the same quarter in the prior year, the business earned $2.43 earnings per share. The company's revenue was up 7.7% compared to the same quarter last year. On average, equities research analysts expect that International Business Machines Corporation will post 10.78 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have issued reports on the company. JPMorgan Chase & Co. boosted their price target on International Business Machines from $244.00 to $290.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Royal Bank Of Canada boosted their price objective 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 decreased their target price on shares of 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. Wedbush lifted their price target on shares of International Business Machines from $300.00 to $325.00 and gave the company an "outperform" rating in a report on Friday, June 20th. Finally, Melius Research raised shares of International Business Machines to a "strong-buy" rating in a research note on Monday, July 7th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $268.75.

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About International Business Machines

(Free Report)

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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Institutional Ownership by Quarter for International Business Machines (NYSE:IBM)

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