NewEdge Wealth LLC Makes New $64.72 Million Investment in International Business Machines Corporation $IBM

Key Points

• NewEdge Wealth LLC purchased 230,156 IBM shares during the second quarter, valued at approximately $64.72 million. Institutional investors collectively own 58.96% of IBM’s outstanding stock.
• IBM reported quarterly EPS of $2.93, in line with analyst expectations, while revenue rose 1.1% year over year to $17.16 billion but fell short of estimates.
• IBM declared a quarterly dividend of $1.69 per share, equivalent to an annualized $6.76 payout and a 2.9% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $265.90.

NewEdge Wealth LLC bought a new position in International Business Machines Corporation (NYSE:IBM - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 230,156 shares of the technology company's stock, valued at approximately $64,722,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Basepoint Wealth LLC purchased a new position in International Business Machines during the 4th quarter valued at about $25,000. Cornerstone Financial Management LLC bought a new position in shares of International Business Machines in the 4th quarter worth $28,000. Harborfront Financial Group LLC purchased a new stake in International Business Machines during the second quarter valued at about $27,000. SWAN Capital LLC bought a new stake in International Business Machines in the 3rd quarter worth approximately $28,000. Finally, Bare Financial Services Inc lifted its position in International Business Machines by 114.6% in the 2nd quarter. Bare Financial Services Inc now owns 103 shares of the technology company's stock worth $29,000 after buying an additional 55 shares during the last quarter. Institutional investors own 58.96% of the company's stock.

International Business Machines Stock Performance

Shares of IBM stock opened at $234.87 on Friday. The company has a market capitalization of $221.28 billion, a P/E ratio of 20.84, a PEG ratio of 2.24 and a beta of 0.71. International Business Machines Corporation has a fifty-two week low of $199.19 and a fifty-two week high of $332.46. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.74 and a current ratio of 0.79. The stock has a 50 day moving average price of $241.67 and a two-hundred day moving average price of $247.13.

International Business Machines (NYSE:IBM - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The technology company reported $2.93 earnings per share (EPS) for the quarter, hitting the consensus estimate of $2.93. International Business Machines had a net margin of 15.52% and a return on equity of 35.65%. The firm had revenue of $17.16 billion for the quarter, compared to analysts' expectations of $17.46 billion. During the same quarter last year, the business earned $2.80 earnings per share. The business's revenue was up 1.1% on a year-over-year basis. Analysts expect that International Business Machines Corporation will post 12.33 earnings per share for the current year.

International Business Machines Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Monday, August 10th will be given a dividend of $1.69 per share. The ex-dividend date of this dividend is Monday, August 10th. This represents a $6.76 annualized dividend and a yield of 2.9%. International Business Machines's dividend payout ratio is presently 59.98%.

Analyst Ratings Changes

A number of brokerages have commented on IBM. Royal Bank Of Canada reiterated an "outperform" rating and set a $270.00 price target on shares of International Business Machines in a research report on Tuesday, July 21st. Susquehanna upped their price objective on shares of International Business Machines from $225.00 to $235.00 and gave the company a "neutral" rating in a research note on Monday. Piper Sandler raised shares of International Business Machines to an "overweight" rating in a report on Tuesday, June 23rd. Morgan Stanley decreased their target price on shares of International Business Machines from $293.00 to $190.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 23rd. Finally, Wolfe Research downgraded shares of International Business Machines to a "peer perform" rating in a research note on Tuesday, June 23rd. Sixteen equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, International Business Machines currently has a consensus rating of "Moderate Buy" and an average target price of $265.90.

Insider Transactions at International Business Machines

In other International Business Machines news, SVP Robert Thomas sold 25,000 shares of the firm's stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $230.32, for a total value of $5,758,000.00. Following the sale, the senior vice president owned 47,800 shares of the company's stock, valued at $11,009,296. This trade represents a 34.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.27% of the stock is currently owned by company insiders.

International Business Machines Profile

International Business Machines Corporation (IBM) is a global technology and consulting company headquartered in Armonk, New York. Founded in 1911 as the Computing-Tabulating-Recording Company (CTR) and renamed IBM in 1924, the company has evolved from early electromechanical machines to a diversified technology provider serving enterprises and governments worldwide. IBM is publicly traded on the New York Stock Exchange under the ticker symbol IBM.

IBM's principal businesses encompass cloud computing and software, infrastructure and systems, consulting and technology services, and research and development.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source