TD Asset Management Inc Sells 4,608 Shares of International Business Machines Corporation (NYSE:IBM)

Key Points

• TD Asset Management Inc reduced its holdings in International Business Machines Corporation (NYSE:IBM) by 0.7%, selling 4,608 shares to own a total of 646,470 shares valued at approximately $160.75 million.
• IBM recently reported quarterly earnings of $2.80 per share, exceeding analysts' expectations, with a revenue of $16.98 billion, up 7.7% year-over-year.
• The company also increased its quarterly dividend to $1.68 per share, which reflects an annual dividend yield of 2.59%.

TD Asset Management Inc cut its position in International Business Machines Corporation (NYSE:IBM - Free Report) by 0.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 646,470 shares of the technology company's stock after selling 4,608 shares during the quarter. TD Asset Management Inc owned about 0.07% of International Business Machines worth $160,751,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in IBM. Capital World Investors raised its stake in shares of International Business Machines by 413.5% during the 4th quarter. Capital World Investors now owns 11,984,609 shares of the technology company's stock valued at $2,634,577,000 after purchasing an additional 9,650,534 shares during the period. GAMMA Investing LLC raised its stake in shares of International Business Machines by 29,564.2% during the 1st quarter. GAMMA Investing LLC now owns 4,399,790 shares of the technology company's stock valued at $10,940,520,000 after purchasing an additional 4,384,958 shares during the period. Northern Trust Corp raised its stake in shares of International Business Machines by 18.6% during the 4th quarter. Northern Trust Corp now owns 10,845,993 shares of the technology company's stock valued at $2,384,275,000 after purchasing an additional 1,704,209 shares during the period. Castlekeep Investment Advisors LLC bought a new stake in shares of International Business Machines during the 4th quarter valued at $302,564,000. Finally, First Trust Advisors LP raised its stake in shares of International Business Machines by 26.4% during the 4th quarter. First Trust Advisors LP now owns 4,023,989 shares of the technology company's stock valued at $884,593,000 after purchasing an additional 840,064 shares during the period. 58.96% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on IBM. Stifel Nicolaus boosted their price objective on International Business Machines from $290.00 to $310.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. Royal Bank Of Canada upped their target price on International Business Machines from $285.00 to $315.00 and gave the stock an "outperform" rating in a research note on Thursday, July 17th. KGI Securities set a $242.00 target price on International Business Machines and gave the stock a "hold" rating in a research note on Thursday, April 24th. JPMorgan Chase & Co. upped their target price on International Business Machines from $244.00 to $290.00 and gave the stock a "neutral" rating in a research note on Thursday. Finally, Bank of America decreased their target price on International Business Machines from $320.00 to $310.00 and set a "buy" rating on the stock in a research note on Thursday. 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 issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $268.75.

International Business Machines Trading Down 0.3%

NYSE IBM traded down $0.81 on Friday, hitting $259.70. The company's stock had a trading volume of 7,751,998 shares, compared to its average volume of 4,613,670. International Business Machines Corporation has a 52-week low of $181.81 and a 52-week high of $296.16. The firm has a market cap of $241.36 billion, a P/E ratio of 42.16, a PEG ratio of 4.01 and a beta of 0.69. The company's 50-day simple moving average is $277.69 and its 200 day simple moving average is $256.27. 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 (NYSE:IBM - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The technology company reported $2.80 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $16.98 billion during the quarter, compared to analyst estimates of $16.58 billion. During the same quarter in the prior year, the company earned $2.43 EPS. The business's revenue was up 7.7% compared to the same quarter last year. Research analysts predict that International Business Machines Corporation will post 10.78 EPS for the current fiscal year.

International Business Machines Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Friday, May 9th were given a $1.68 dividend. This represents a $6.72 annualized dividend and a dividend yield of 2.59%. This is a positive change from International Business Machines's previous quarterly dividend of $1.67. International Business Machines's dividend payout ratio is currently 109.09%.

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.