International Business Machines Corporation (NYSE:IBM) Stock Position Increased by TCTC Holdings LLC

Key Points

• TCTC Holdings LLC increased its stake in International Business Machines Corporation (IBM) by 0.3%, purchasing an additional 1,196 shares, bringing their total to 353,773 shares, worth approximately $87.97 million.
• IBM reported earnings of $2.80 EPS for the last quarter, surpassing analyst expectations of $2.65 and reflecting a 7.7% year-over-year revenue growth.
• Several investment firms have upgraded their ratings on IBM, with target prices ranging from $268.75 to $325.00, indicating widespread optimism about the company's performance.

TCTC Holdings LLC raised its holdings in shares of International Business Machines Corporation (NYSE:IBM - Free Report) by 0.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 353,773 shares of the technology company's stock after buying an additional 1,196 shares during the period. International Business Machines comprises approximately 3.1% of TCTC Holdings LLC's portfolio, making the stock its 7th largest position. TCTC Holdings LLC's holdings in International Business Machines were worth $87,969,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Meeder Asset Management Inc. increased its holdings in International Business Machines by 22.0% during the 1st quarter. Meeder Asset Management Inc. now owns 455 shares of the technology company's stock valued at $113,000 after purchasing an additional 82 shares during the period. Meeder Advisory Services Inc. increased its holdings in International Business Machines by 13.7% during the 1st quarter. Meeder Advisory Services Inc. now owns 19,909 shares of the technology company's stock valued at $4,951,000 after purchasing an additional 2,395 shares during the period. Marvin & Palmer Associates Inc. purchased a new position in International Business Machines during the 1st quarter valued at about $2,882,000. Picton Mahoney Asset Management increased its holdings in International Business Machines by 511,600.0% during the 1st quarter. Picton Mahoney Asset Management now owns 25,585 shares of the technology company's stock valued at $6,362,000 after purchasing an additional 25,580 shares during the period. Finally, Pinnacle Wealth Management Advisory Group LLC increased its holdings in International Business Machines by 4.0% during the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 17,373 shares of the technology company's stock valued at $4,320,000 after purchasing an additional 675 shares during the period. 58.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

IBM has been the topic of a number of research analyst reports. Wedbush boosted their price target on International Business Machines from $300.00 to $325.00 and gave the company an "outperform" rating in a report on Friday, June 20th. Jefferies Financial Group restated a "hold" rating on shares of International Business Machines in a report on Wednesday, April 23rd. Wall Street Zen raised shares of International Business Machines from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. The Goldman Sachs Group increased their price target on shares of International Business Machines from $270.00 to $310.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Finally, Morgan Stanley decreased their price target on shares of International Business Machines from $237.00 to $233.00 and set an "equal weight" rating for the company in a research note on Thursday, April 24th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $268.75.

International Business Machines Stock Performance

Shares of IBM stock traded down $4.32 during trading hours on Friday, hitting $248.84. The company's stock had a trading volume of 6,961,649 shares, compared to its average volume of 4,665,458. The company has a 50 day moving average of $277.37 and a 200 day moving average of $256.88. The stock has a market cap of $231.27 billion, a PE ratio of 40.41, a price-to-earnings-growth ratio of 4.02 and a beta of 0.69. The company has a current ratio of 0.91, a quick ratio of 0.87 and a debt-to-equity ratio of 2.00. International Business Machines Corporation has a 12-month low of $181.81 and a 12-month high of $296.16.

International Business Machines (NYSE:IBM - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The technology company reported $2.80 EPS for the quarter, beating the consensus estimate of $2.65 by $0.15. The business 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 business's revenue for the quarter was up 7.7% on a year-over-year basis. During the same period in the prior year, the firm earned $2.43 EPS. On average, sell-side analysts forecast that International Business Machines Corporation will post 10.78 EPS for the current fiscal year.

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.