SouthState Corp Acquires 2,639 Shares of International Business Machines Corporation (NYSE:IBM)

Key Points

• SouthState Corp increased its stake in International Business Machines Corporation (IBM) by 10%, acquiring an additional 2,639 shares, bringing its total holdings to 29,091 shares valued at $7,234,000.
• Following recent adjustments, 58.96% of IBM's stock is owned by institutional investors, indicating strong institutional interest in the company.
• IBM's latest earnings report showed $2.80 earnings per share, surpassing estimates, with revenue reaching $16.98 billion, a 7.7% increase compared to the previous year.

SouthState Corp boosted its position in International Business Machines Corporation (NYSE:IBM - Free Report) by 10.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,091 shares of the technology company's stock after buying an additional 2,639 shares during the period. SouthState Corp's holdings in International Business Machines were worth $7,234,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in IBM. Brighton Jones LLC raised its position in International Business Machines by 12.4% in the 4th quarter. Brighton Jones LLC now owns 21,011 shares of the technology company's stock valued at $4,619,000 after buying an additional 2,323 shares during the last quarter. FIL Ltd increased its stake in International Business Machines by 7.8% in the 4th quarter. FIL Ltd now owns 2,493 shares of the technology company's stock valued at $548,000 after buying an additional 180 shares during the last quarter. Heritage Trust Co bought a new position in shares of International Business Machines during the 4th quarter worth approximately $1,270,000. Petros Family Wealth LLC purchased a new position in shares of International Business Machines in the 4th quarter worth approximately $907,000. Finally, Cornerstone Enterprises LLC bought a new position in shares of International Business Machines in the fourth quarter valued at approximately $1,296,000. 58.96% of the stock is owned by institutional investors and hedge funds.

International Business Machines Price Performance

NYSE IBM traded down $6.12 during trading on Monday, hitting $236.15. 9,373,473 shares of the stock traded hands, compared to its average volume of 6,028,296. International Business Machines Corporation has a 12-month low of $189.00 and a 12-month high of $296.16. The company has a market capitalization of $219.48 billion, a P/E ratio of 38.34, a price-to-earnings-growth ratio of 3.74 and a beta of 0.69. The firm has a 50-day simple moving average of $275.58 and a 200-day simple moving average of $258.56. 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 (NYSE:IBM - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The technology company reported $2.80 EPS for the quarter, topping analysts' consensus estimates of $2.65 by $0.15. The firm had revenue of $16.98 billion during the quarter, compared to analysts' expectations of $16.58 billion. International Business Machines had a return on equity of 37.62% and a net margin of 9.11%. The company's quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.43 EPS. As a group, analysts predict that International Business Machines Corporation will post 10.78 EPS for the current year.

Analyst Upgrades and Downgrades

IBM has been the subject of several research analyst reports. Morgan Stanley decreased their target price on International Business Machines from $237.00 to $233.00 and set an "equal weight" rating for the company in a research report on Thursday, April 24th. KGI Securities set a $242.00 price objective on shares of International Business Machines and gave the stock a "hold" rating in a report on Thursday, April 24th. Wedbush boosted their target price on shares of International Business Machines from $300.00 to $325.00 and gave the company an "outperform" rating in a research note on Friday, June 20th. Stifel Nicolaus lifted their price target on shares of International Business Machines from $290.00 to $310.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Finally, Royal Bank Of Canada increased their price objective on International Business Machines from $285.00 to $315.00 and gave the company an "outperform" rating in a report on Thursday, July 17th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, International Business Machines currently has a consensus rating of "Moderate Buy" and an average price target of $268.75.

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.