Resona Asset Management Co. Ltd. Grows Position in International Business Machines Corporation (NYSE:IBM)

Key Points

• Resona Asset Management Co. Ltd. has increased its stake in International Business Machines Corporation (IBM) by 7.7%, owning 337,481 shares valued at approximately $83.66 million after purchasing an additional 24,184 shares.
• IBM reported a quarterly earnings per share of $2.80, surpassing the consensus estimate of $2.65, with revenue of $16.98 billion for the quarter, marking a year-over-year increase of 7.7%.
• Research firms have mixed views on IBM, with BMO Capital Markets raising their price target from $260 to $300, while Morgan Stanley reduced theirs from $237 to $233.

Resona Asset Management Co. Ltd. lifted its position in International Business Machines Corporation (NYSE:IBM - Free Report) by 7.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 337,481 shares of the technology company's stock after acquiring an additional 24,184 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in International Business Machines were worth $83,660,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in IBM. Rossmore Private Capital lifted its holdings in International Business Machines by 11.2% during the 1st quarter. Rossmore Private Capital now owns 7,804 shares of the technology company's stock valued at $1,941,000 after buying an additional 789 shares in the last quarter. Stone House Investment Management LLC bought a new stake in International Business Machines during the 1st quarter valued at about $198,000. Core Wealth Partners LLC lifted its holdings in International Business Machines by 3.1% during the 1st quarter. Core Wealth Partners LLC now owns 7,387 shares of the technology company's stock valued at $1,837,000 after buying an additional 224 shares in the last quarter. Peak Financial Management Inc. bought a new stake in International Business Machines during the 1st quarter valued at about $212,000. Finally, Trust Asset Management LLC lifted its holdings in International Business Machines by 1.6% during the 1st quarter. Trust Asset Management LLC now owns 10,616 shares of the technology company's stock valued at $2,640,000 after buying an additional 164 shares in the last quarter. Institutional investors own 58.96% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Wedbush lifted their price objective 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. Morgan Stanley decreased their price objective on shares of International Business Machines from $237.00 to $233.00 and set an "equal weight" rating for the company in a report on Thursday, April 24th. KGI Securities set a $242.00 price objective on shares of International Business Machines and gave the company a "hold" rating in a report on Thursday, April 24th. The Goldman Sachs Group boosted their price target on shares of International Business Machines from $270.00 to $310.00 and gave the company a "buy" rating in a report on Wednesday, July 2nd. Finally, Jefferies Financial Group restated a "hold" rating on shares of International Business Machines in a report on Wednesday, April 23rd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $268.75.

International Business Machines Stock Down 0.8%

Shares of International Business Machines stock traded down $1.89 on Tuesday, reaching $234.41. The stock had a trading volume of 8,749,624 shares, compared to its average volume of 6,354,524. The company has a 50 day moving average price of $274.96 and a 200 day moving average price of $258.39. 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 1 year low of $189.21 and a 1 year high of $296.16. The stock has a market capitalization of $217.86 billion, a P/E ratio of 38.05, a P/E/G ratio of 3.65 and a beta of 0.69.

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, topping analysts' consensus estimates of $2.65 by $0.15. The firm had revenue of $16.98 billion for the quarter, compared to the consensus estimate of $16.58 billion. International Business Machines had a net margin of 9.11% and a return on equity of 37.62%. The company's quarterly revenue was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.43 EPS. As a group, equities research analysts forecast that International Business Machines Corporation will post 10.78 EPS for the current year.

International Business Machines Company 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.