Picton Mahoney Asset Management Increases Stock Position in International Business Machines Corporation (NYSE:IBM)

Key Points

• Picton Mahoney Asset Management significantly increased its holdings in International Business Machines Corporation (IBM) by 511,600% during the first quarter, bringing its total shares to 25,585 valued at approximately $6.36 million.
• IBM reported earnings per share of $2.80 for the last quarter, surpassing estimates by $0.15, and achieved a revenue of $16.98 billion, reflecting a 7.7% increase year-over-year.
• Several brokerages have recently raised their price targets for IBM, with Wedbush increasing its target to $325.00 and Melius Research upgrading the stock to a "strong-buy" rating.

Picton Mahoney Asset Management grew its stake in shares of International Business Machines Corporation (NYSE:IBM - Free Report) by 511,600.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 25,585 shares of the technology company's stock after buying an additional 25,580 shares during the quarter. Picton Mahoney Asset Management's holdings in International Business Machines were worth $6,362,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in IBM. MinichMacGregor Wealth Management LLC purchased a new position in International Business Machines in the 1st quarter worth $396,000. Treasurer of the State of North Carolina raised its position in International Business Machines by 0.8% in the 4th quarter. Treasurer of the State of North Carolina now owns 495,574 shares of the technology company's stock worth $108,942,000 after purchasing an additional 4,131 shares during the period. Left Brain Wealth Management LLC raised its position 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 worth $4,392,000 after purchasing an additional 16,592 shares during the period. Alpha Cubed Investments LLC raised its position 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 worth $1,867,000 after purchasing an additional 2,399 shares during the period. Finally, Wedbush Securities Inc. increased its position in shares of International Business Machines by 5.6% in the first quarter. Wedbush Securities Inc. now owns 62,067 shares of the technology company's stock valued at $15,434,000 after acquiring an additional 3,276 shares during the period. Hedge funds and other institutional investors own 58.96% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on IBM shares. Stifel Nicolaus boosted their price objective on shares of International Business Machines from $290.00 to $310.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Wall Street Zen upgraded shares of International Business Machines from a "hold" rating to a "buy" rating in a research report on Saturday. UBS Group boosted their price objective on shares of International Business Machines from $195.00 to $200.00 and gave the company a "sell" rating in a research report on Thursday, July 24th. Melius Research upgraded shares of International Business Machines to a "strong-buy" rating in a research report on Monday, July 7th. Finally, JPMorgan Chase & Co. upped their price objective on shares of International Business Machines from $244.00 to $290.00 and gave the stock a "neutral" rating in a report on Thursday, July 24th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $268.75.

International Business Machines Stock Down 0.9%

NYSE:IBM traded down $2.24 during mid-day trading on Wednesday, hitting $260.17. 3,702,970 shares of the company's stock were exchanged, compared to its average volume of 4,766,250. International Business Machines Corporation has a one year low of $181.81 and a one year high of $296.16. The company has a debt-to-equity ratio of 2.00, a current ratio of 0.91 and a quick ratio of 0.87. The business has a fifty day moving average price of $277.48 and a 200 day moving average price of $256.64. The company has a market cap of $241.80 billion, a PE ratio of 42.24, a P/E/G ratio of 4.05 and a beta of 0.69.

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

International Business Machines 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.