Raymond James Financial Inc. Purchases 291,399 Shares of International Business Machines Corporation (NYSE:IBM)

Key Points

• Raymond James Financial Inc. increased its stake in International Business Machines Corporation (IBM) by 10.8%, owning a total of approximately 2,987,788 shares valued at about $742.9 million.
• IBM reported quarterly earnings of $2.80 per share, exceeding analysts' expectations, with a revenue of $16.98 billion for the period.
• Analysts' consensus rating for IBM is a "Moderate Buy" with a target price of $268.75, reflecting a range of ratings from one sell to nine buy recommendations.

Raymond James Financial Inc. lifted its position in shares of International Business Machines Corporation (NYSE:IBM - Free Report) by 10.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,987,788 shares of the technology company's stock after purchasing an additional 291,399 shares during the period. Raymond James Financial Inc. owned about 0.32% of International Business Machines worth $742,943,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Christopher J. Hasenberg Inc bought a new position in shares of International Business Machines during the 1st quarter worth approximately $27,000. SSA Swiss Advisors AG bought a new position in shares of International Business Machines during the 1st quarter worth approximately $28,000. Dagco Inc. bought a new position in shares of International Business Machines during the 1st quarter worth approximately $31,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of International Business Machines during the 1st quarter worth approximately $45,000. Finally, Park Square Financial Group LLC bought a new position in shares of International Business Machines during the 4th quarter worth approximately $43,000. 58.96% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

IBM has been the subject of several recent analyst reports. KGI Securities set a $242.00 price target on shares of International Business Machines and gave the company a "hold" rating in a research report on Thursday, April 24th. Jefferies Financial Group restated a "hold" rating on shares of International Business Machines in a research note on Wednesday, April 23rd. Erste Group Bank lowered International Business Machines from a "buy" rating to a "hold" rating in a research note on Thursday. UBS Group upped their target price on International Business Machines from $195.00 to $200.00 and gave the stock a "sell" rating in a research note on Thursday, July 24th. Finally, Royal Bank Of Canada upped their target price on International Business Machines from $285.00 to $315.00 and gave the stock an "outperform" rating in a research note on Thursday, July 17th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $268.75.

International Business Machines Price Performance

NYSE:IBM opened at $239.75 on Friday. 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 company has a market capitalization of $222.82 billion, a P/E ratio of 38.92, a P/E/G ratio of 3.65 and a beta of 0.69. International Business Machines Corporation has a 12 month low of $192.86 and a 12 month high of $296.16. The business's 50-day moving average is $273.29 and its 200 day moving average is $258.46.

International Business Machines (NYSE:IBM - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The technology company reported $2.80 earnings per share (EPS) for the quarter, beating 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 business had revenue of $16.98 billion for the quarter, compared to the consensus estimate of $16.58 billion. During the same period in the prior year, the business posted $2.43 earnings per share. The company's quarterly revenue was up 7.7% compared to the same quarter last year. On average, equities research analysts forecast that International Business Machines Corporation will post 10.78 earnings per share for the current fiscal 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.

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