International Business Machines Corporation (NYSE:IBM) Holdings Cut by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in International Business Machines Corporation (IBM) by 7.7%, holding 311,638 shares worth approximately $77.49 million after selling 25,939 shares in the first quarter.
• Analysts have increased their price targets for IBM, with Royal Bank of Canada raising its target from $285 to $315 and nine analysts issuing buy ratings, indicating a generally positive outlook on the stock.
• IBM reported a quarterly earnings per share of $2.80, beating estimates by $0.15, along with a revenue increase of 7.7% year-over-year to $16.98 billion.

State of New Jersey Common Pension Fund D cut its holdings 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 SEC. The fund owned 311,638 shares of the technology company's stock after selling 25,939 shares during the period. State of New Jersey Common Pension Fund D's holdings in International Business Machines were worth $77,492,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Ethic Inc. increased its holdings in shares of International Business Machines by 3.9% during the 1st quarter. Ethic Inc. now owns 128,158 shares of the technology company's stock worth $32,083,000 after buying an additional 4,820 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of International Business Machines by 31.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 4,642 shares of the technology company's stock worth $1,154,000 after buying an additional 1,106 shares during the last quarter. Kimelman & Baird LLC increased its holdings in shares of International Business Machines by 0.4% during the 1st quarter. Kimelman & Baird LLC now owns 104,023 shares of the technology company's stock worth $25,866,000 after buying an additional 437 shares during the last quarter. Howard Wealth Management LLC acquired a new stake in shares of International Business Machines during the 1st quarter worth $201,000. Finally, High Falls Advisors Inc acquired a new stake in shares of International Business Machines during the 1st quarter worth $234,000. 58.96% of the stock is currently owned by institutional investors and hedge funds.

International Business Machines Stock Up 1.1%

Shares of IBM stock traded up $2.64 during trading hours on Friday, hitting $239.75. 4,339,819 shares of the company were exchanged, compared to its average volume of 6,855,263. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.87 and a current ratio of 0.91. International Business Machines Corporation has a one year low of $192.86 and a one year high of $296.16. The business's 50-day simple moving average is $273.29 and its two-hundred day simple moving average is $258.66. The stock has a market capitalization of $222.82 billion, a price-to-earnings ratio of 38.92, a P/E/G ratio of 3.69 and a beta of 0.69.

International Business Machines (NYSE:IBM - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The technology company reported $2.80 EPS for the quarter, topping the consensus estimate of $2.65 by $0.15. International Business Machines had a net margin of 9.11% and a return on equity of 37.62%. The business had revenue of $16.98 billion for the quarter, compared to analysts' expectations of $16.58 billion. During the same quarter last year, the company posted $2.43 earnings per share. The company's quarterly revenue was up 7.7% compared to the same quarter last year. Sell-side analysts predict that International Business Machines Corporation will post 10.78 EPS for the current fiscal year.

Wall Street Analyst Weigh In

IBM has been the subject of a number of research analyst reports. Wall Street Zen upgraded International Business Machines from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Erste Group Bank downgraded International Business Machines from a "buy" rating to a "hold" rating in a report on Thursday. UBS Group upped their price objective on International Business Machines from $195.00 to $200.00 and gave the stock a "sell" rating in a report on Thursday, July 24th. Royal Bank Of Canada increased their price target on International Business Machines from $285.00 to $315.00 and gave the company an "outperform" rating in a report on Thursday, July 17th. Finally, Jefferies Financial Group reiterated a "hold" rating on shares of International Business Machines in a report on Wednesday, April 23rd. One analyst has rated the stock with a sell rating, nine have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, International Business Machines currently 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.