International Business Machines Corporation (NYSE:IBM) Position Reduced by Poplar Forest Capital LLC

Poplar Forest Capital LLC cut its holdings in International Business Machines Corporation (NYSE:IBM - Free Report) by 13.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 89,015 shares of the technology company's stock after selling 13,816 shares during the period. International Business Machines accounts for about 3.9% of Poplar Forest Capital LLC's portfolio, making the stock its 12th largest holding. Poplar Forest Capital LLC's holdings in International Business Machines were worth $22,134,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Christopher J. Hasenberg Inc acquired a new position in International Business Machines in the first quarter valued at approximately $27,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in International Business Machines in the first quarter valued at approximately $45,000. Park Square Financial Group LLC acquired a new position in International Business Machines in the fourth quarter valued at approximately $43,000. Park Place Capital Corp lifted its holdings in International Business Machines by 42.6% in the first quarter. Park Place Capital Corp now owns 194 shares of the technology company's stock valued at $48,000 after acquiring an additional 58 shares during the last quarter. Finally, Measured Risk Portfolios Inc. acquired a new stake in International Business Machines in the 4th quarter valued at approximately $43,000. 58.96% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on IBM shares. Citigroup reiterated an "outperform" rating on shares of International Business Machines in a report on Saturday, May 10th. Wall Street Zen upgraded shares of International Business Machines from a "hold" rating to a "buy" rating in a research report on Saturday. Stifel Nicolaus upped their price target on International Business Machines from $290.00 to $310.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. The Goldman Sachs Group raised their price objective on International Business Machines from $270.00 to $310.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Finally, JPMorgan Chase & Co. upped their target price on International Business Machines from $244.00 to $290.00 and gave the company a "neutral" rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $268.75.

International Business Machines Trading Down 0.3%

IBM traded down $0.81 during trading on Friday, hitting $259.70. 7,751,998 shares of the company's stock were exchanged, compared to its average volume of 4,403,863. The stock has a 50 day moving average price of $277.69 and a 200 day moving average price of $255.81. The firm has a market cap of $241.36 billion, a P/E ratio of 42.16, a price-to-earnings-growth ratio of 5.52 and a beta of 0.69. International Business Machines Corporation has a 1 year low of $181.81 and a 1 year high of $296.16. The company has a current ratio of 0.91, a quick ratio of 0.97 and a debt-to-equity ratio of 2.00.

International Business Machines (NYSE:IBM - Get Free Report) last released its earnings results on Wednesday, July 23rd. The technology company reported $2.80 EPS for the quarter, beating the consensus estimate 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 company had revenue of $16.98 billion during the quarter, compared to analysts' expectations of $16.58 billion. During the same period in the prior year, the business posted $2.43 EPS. The business's revenue was up 7.7% on a year-over-year basis. As a group, analysts expect that International Business Machines Corporation will post 10.78 EPS for the current fiscal year.

International Business Machines Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Friday, May 9th were paid a dividend of $1.68 per share. This is an increase from International Business Machines's previous quarterly dividend of $1.67. This represents a $6.72 dividend on an annualized basis and a yield of 2.59%. International Business Machines's dividend payout ratio is presently 109.09%.

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.