Varma Mutual Pension Insurance Co Purchases New Position in International Business Machines Corporation $IBM

Key Points

• Varma Mutual Pension Insurance Co. bought 137,458 IBM shares worth approximately $38.7 million during the second quarter. Institutional investors collectively own 58.96% of IBM.
• IBM reported quarterly EPS of $2.93, in line with analyst estimates, while revenue rose 1.1% year over year to $17.16 billion but fell short of expectations.
• IBM declared a quarterly dividend of $1.69 per share, equivalent to an annualized $6.76 payout and a 2.9% yield. Analysts have a “Moderate Buy” consensus rating with an average price target of $265.90.

Varma Mutual Pension Insurance Co purchased a new stake in International Business Machines Corporation (NYSE:IBM - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 137,458 shares of the technology company's stock, valued at approximately $38,655,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Orca Wealth Management LLC grew its holdings in shares of International Business Machines by 3.7% in the 4th quarter. Orca Wealth Management LLC now owns 975 shares of the technology company's stock worth $285,000 after purchasing an additional 35 shares during the last quarter. Friday Financial lifted its holdings in International Business Machines by 1.9% during the 2nd quarter. Friday Financial now owns 1,903 shares of the technology company's stock valued at $583,000 after purchasing an additional 35 shares during the last quarter. First Command Advisory Services Inc. boosted its position in International Business Machines by 1.1% in the fourth quarter. First Command Advisory Services Inc. now owns 3,459 shares of the technology company's stock valued at $1,025,000 after buying an additional 36 shares in the last quarter. Washington Trust Bank grew its stake in International Business Machines by 2.2% during the fourth quarter. Washington Trust Bank now owns 1,712 shares of the technology company's stock worth $507,000 after buying an additional 37 shares during the last quarter. Finally, HORAN Wealth LLC increased its holdings in shares of International Business Machines by 1.3% during the fourth quarter. HORAN Wealth LLC now owns 2,851 shares of the technology company's stock worth $844,000 after buying an additional 37 shares in the last quarter. 58.96% of the stock is owned by institutional investors.

International Business Machines Trading Down 0.0%

IBM opened at $234.87 on Monday. The company has a debt-to-equity ratio of 1.63, a current ratio of 0.79 and a quick ratio of 0.74. The company has a market cap of $221.28 billion, a price-to-earnings ratio of 20.84, a price-to-earnings-growth ratio of 2.24 and a beta of 0.71. The firm has a 50 day simple moving average of $241.67 and a 200 day simple moving average of $247.02. International Business Machines Corporation has a fifty-two week low of $199.19 and a fifty-two week high of $332.46.

International Business Machines (NYSE:IBM - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The technology company reported $2.93 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $2.93. International Business Machines had a net margin of 15.52% and a return on equity of 35.65%. The firm had revenue of $17.16 billion for the quarter, compared to analysts' expectations of $17.46 billion. During the same period last year, the firm earned $2.80 earnings per share. The business's revenue for the quarter was up 1.1% on a year-over-year basis. On average, sell-side analysts anticipate that International Business Machines Corporation will post 12.33 earnings per share for the current year.

International Business Machines Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Monday, August 10th will be given a $1.69 dividend. This represents a $6.76 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Monday, August 10th. International Business Machines's dividend payout ratio (DPR) is currently 59.98%.

Wall Street Analysts Forecast Growth

IBM has been the subject of a number of research analyst reports. Susquehanna lifted their target price on shares of International Business Machines from $225.00 to $235.00 and gave the company a "neutral" rating in a research note on Monday, August 31st. KeyCorp cut International Business Machines to a "sector weight" rating in a report on Tuesday, June 23rd. Robert W. Baird started coverage on International Business Machines in a research report on Tuesday, July 21st. They issued a "neutral" rating and a $230.00 price objective for the company. Piper Sandler upgraded International Business Machines to an "overweight" rating in a report on Tuesday, June 23rd. Finally, Needham & Company LLC began coverage on International Business Machines in a research note on Wednesday, June 3rd. They issued a "buy" rating for the company. Sixteen equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $265.90.

Insider Activity at International Business Machines

In other International Business Machines news, SVP Robert Thomas sold 25,000 shares of the stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $230.32, for a total value of $5,758,000.00. Following the transaction, the senior vice president owned 47,800 shares of the company's stock, valued at approximately $11,009,296. This represents a 34.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.27% of the stock is currently owned by company insiders.

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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