SteelPeak Wealth LLC Purchases 28,063 Shares of International Business Machines Corporation $IBM

Key Points

• SteelPeak Wealth LLC increased its IBM stake by 459.7% in the first quarter, buying 28,063 additional shares to bring its total holdings to 34,167 shares worth about $8.28 million.
• IBM recently posted better-than-expected quarterly results, with EPS of $1.91 and revenue of $15.92 billion, both topping Wall Street forecasts and showing 9.5% year-over-year revenue growth.
• The company also raised its quarterly dividend to $1.69 per share, giving IBM an annualized dividend yield of about 3.1% as analysts maintain a generally Moderate Buy outlook.

SteelPeak Wealth LLC increased its position in shares of International Business Machines Corporation (NYSE:IBM - Free Report) by 459.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 34,167 shares of the technology company's stock after acquiring an additional 28,063 shares during the period. SteelPeak Wealth LLC's holdings in International Business Machines were worth $8,282,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in IBM. Vanguard Group Inc. boosted its holdings in shares of International Business Machines by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 97,216,131 shares of the technology company's stock valued at $28,796,390,000 after purchasing an additional 1,439,824 shares in the last quarter. State Street Corp raised its holdings in shares of International Business Machines by 1.0% during the 4th quarter. State Street Corp now owns 54,996,293 shares of the technology company's stock worth $16,290,452,000 after buying an additional 518,321 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of International Business Machines by 1.5% during the 4th quarter. Geode Capital Management LLC now owns 22,605,083 shares of the technology company's stock worth $6,679,105,000 after buying an additional 336,069 shares during the last quarter. Capital World Investors lifted its position in shares of International Business Machines by 29.2% during the 4th quarter. Capital World Investors now owns 22,021,912 shares of the technology company's stock worth $6,523,720,000 after buying an additional 4,976,756 shares during the last quarter. Finally, Norges Bank acquired a new stake in International Business Machines in the fourth quarter valued at about $2,446,429,000. 58.96% of the stock is currently owned by institutional investors and hedge funds.

International Business Machines Price Performance

Shares of NYSE:IBM opened at $219.39 on Friday. The firm has a market cap of $206.21 billion, a PE ratio of 19.40, a price-to-earnings-growth ratio of 2.06 and a beta of 0.68. The firm's fifty day moving average is $264.17 and its 200-day moving average is $263.94. The company has a debt-to-equity ratio of 1.75, a quick ratio of 0.76 and a current ratio of 0.80. International Business Machines Corporation has a 52 week low of $204.44 and a 52 week high of $332.46.

International Business Machines (NYSE:IBM - Get Free Report) last issued its quarterly earnings data on Wednesday, April 22nd. The technology company reported $1.91 earnings per share for the quarter, topping the consensus estimate of $1.81 by $0.10. The company had revenue of $15.92 billion for the quarter, compared to analysts' expectations of $15.60 billion. International Business Machines had a net margin of 15.61% and a return on equity of 37.23%. International Business Machines's revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.60 earnings per share. Sell-side analysts predict that International Business Machines Corporation will post 12.33 earnings per share for the current year.

International Business Machines Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Friday, May 8th were given a $1.69 dividend. This is a boost from International Business Machines's previous quarterly dividend of $1.68. The ex-dividend date was Friday, May 8th. This represents a $6.76 dividend on an annualized basis and a dividend yield of 3.1%. International Business Machines's dividend payout ratio is presently 59.77%.

Analyst Upgrades and Downgrades

IBM has been the topic of a number of recent analyst reports. BMO Capital Markets decreased their target price on International Business Machines from $290.00 to $270.00 and set a "market perform" rating on the stock in a research report on Thursday, April 23rd. Roth Capital restated a "buy" rating on shares of International Business Machines in a research note on Wednesday, June 3rd. Wedbush set a $350.00 price target on shares of International Business Machines in a report on Tuesday, June 2nd. JPMorgan Chase & Co. upgraded shares of International Business Machines from a "neutral" rating to an "overweight" rating and upped their price objective for the stock from $270.00 to $291.00 in a research report on Tuesday, June 23rd. Finally, HSBC set a $175.00 price objective on shares of International Business Machines and gave the company a "reduce" rating in a research note on Thursday. Fifteen research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $301.83.

Trending Headlines about International Business Machines

Here are the key news stories impacting International Business Machines this week:

• Negative Sentiment: IBM’s preliminary Q2 results came in below expectations, with softer revenue and adjusted EPS fueling the sharp selloff and a major reset in investor confidence. Article Title
• Negative Sentiment: Management said some large deals were delayed as customers reassessed spending, reinforcing concerns that IBM is being hurt by changing enterprise tech budgets and slower software demand. Article Title
• Negative Sentiment: Several reports highlighted the stock’s historic one-day drop, securities-fraud investigations, and analyst downgrades/target cuts, all of which can keep sentiment and trading pressure negative. Article Title

International Business Machines Company Profile

International Business Machines Corporation (IBM) is a global technology and consulting company headquartered in Armonk, New York. Founded in 1911 as the Computing-Tabulating-Recording Company (CTR) and renamed IBM in 1924, the company has evolved from early electromechanical machines to a diversified technology provider serving enterprises and governments worldwide. IBM is publicly traded on the New York Stock Exchange under the ticker symbol IBM.

IBM's principal businesses encompass cloud computing and software, infrastructure and systems, consulting and technology services, and research and development.

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