SouthState Corp Has $7.23 Million Holdings in 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 holdings in International Business Machines Corporation (NYSE:IBM - Free Report) by 10.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 29,091 shares of the technology company's stock after purchasing 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 reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. MinichMacGregor Wealth Management LLC acquired a new stake in shares of International Business Machines during the 1st quarter worth approximately $396,000. Left Brain Wealth Management LLC increased its position in shares of International Business Machines by 1,547.8% during the 1st quarter. Left Brain Wealth Management LLC now owns 17,664 shares of the technology company's stock valued at $4,392,000 after purchasing an additional 16,592 shares during the period. Alpha Cubed Investments LLC increased its position in shares of International Business Machines by 47.0% during the 1st quarter. Alpha Cubed Investments LLC now owns 7,507 shares of the technology company's stock valued at $1,867,000 after purchasing an additional 2,399 shares during the period. Wedbush Securities Inc. increased its position in shares of International Business Machines by 5.6% during the 1st quarter. Wedbush Securities Inc. now owns 62,067 shares of the technology company's stock valued at $15,434,000 after purchasing an additional 3,276 shares during the period. Finally, Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. acquired a new position in shares of International Business Machines during the 1st quarter valued at $4,608,000. Hedge funds and other institutional investors own 58.96% of the company's stock.

International Business Machines Stock Up 2.4%

Shares of IBM stock traded up $5.57 on Wednesday, reaching $240.34. 3,750,008 shares of the company's stock traded hands, compared to its average volume of 4,765,430. International Business Machines Corporation has a 12-month low of $190.73 and a 12-month high of $296.16. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.87 and a current ratio of 0.91. The company has a market capitalization of $223.37 billion, a P/E ratio of 39.02, a price-to-earnings-growth ratio of 3.65 and a beta of 0.69. The business's 50 day moving average price is $274.96 and its two-hundred day moving average price is $258.39.

International Business Machines (NYSE:IBM - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The technology company reported $2.80 earnings per share 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 quarter in the previous year, the company posted $2.43 earnings per share. International Business Machines's revenue for the quarter was up 7.7% compared to the same quarter last year. On average, equities analysts forecast that International Business Machines Corporation will post 10.78 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on IBM shares. Melius Research upgraded International Business Machines to a "strong-buy" rating in a research report on Monday, July 7th. BMO Capital Markets lifted their price target on International Business Machines from $260.00 to $300.00 and gave the company a "market perform" rating in a research report on Friday, July 18th. JPMorgan Chase & Co. lifted their price target on International Business Machines from $244.00 to $290.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. Bank of America reduced their price objective on International Business Machines from $320.00 to $310.00 and set a "buy" rating for the company in a research note on Thursday, July 24th. Finally, Citigroup reaffirmed an "outperform" rating on shares of International Business Machines in a research report on Saturday, May 10th. 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. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $268.75.

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.