Wealthspire Advisors LLC Sells 23,670 Shares of International Business Machines Corporation $IBM

Key Points

• Wealthspire Advisors LLC cut its IBM stake by 37.5% in the fourth quarter, selling 23,670 shares and leaving it with 39,384 shares valued at about $11.7 million.
• IBM’s latest quarter beat expectations, with EPS of $1.91 versus $1.81 expected and revenue of $15.92 billion, up 9.5% year over year.
• The company also raised its quarterly dividend to $1.69 per share, and analysts currently rate IBM a Moderate Buy with a consensus price target of $304.17.

Wealthspire Advisors LLC decreased its stake in shares of International Business Machines Corporation (NYSE:IBM - Free Report) by 37.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,384 shares of the technology company's stock after selling 23,670 shares during the quarter. Wealthspire Advisors LLC's holdings in International Business Machines were worth $11,666,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Atalanta Sosnoff Capital LLC lifted its holdings in International Business Machines by 9.2% during the 4th quarter. Atalanta Sosnoff Capital LLC now owns 107,448 shares of the technology company's stock valued at $31,827,000 after buying an additional 9,076 shares in the last quarter. Macquarie Group Ltd. increased its position in International Business Machines by 17.4% during the 4th quarter. Macquarie Group Ltd. now owns 149,432 shares of the technology company's stock valued at $44,263,000 after purchasing an additional 22,105 shares during the period. Gerber Kawasaki Wealth & Investment Management increased its position in International Business Machines by 110.2% during the 4th quarter. Gerber Kawasaki Wealth & Investment Management now owns 10,757 shares of the technology company's stock valued at $3,200,000 after purchasing an additional 5,640 shares during the period. Summit Financial LLC increased its position in International Business Machines by 0.5% during the 4th quarter. Summit Financial LLC now owns 58,798 shares of the technology company's stock valued at $17,417,000 after purchasing an additional 308 shares during the period. Finally, Quadrant Capital Group LLC increased its position in International Business Machines by 8.7% during the 4th quarter. Quadrant Capital Group LLC now owns 21,803 shares of the technology company's stock valued at $6,458,000 after purchasing an additional 1,742 shares during the period. Institutional investors own 58.96% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Needham & Company LLC assumed coverage on shares of International Business Machines in a research report on Wednesday, June 3rd. They set a "buy" rating on the stock. Royal Bank Of Canada reissued an "outperform" rating on shares of International Business Machines in a research report on Thursday, May 28th. JPMorgan Chase & Co. cut their target price on shares of International Business Machines from $317.00 to $283.00 and set a "neutral" rating on the stock in a research report on Wednesday, March 18th. Citigroup raised their target price on shares of International Business Machines from $285.00 to $375.00 and gave the company a "buy" rating in a research report on Tuesday, June 2nd. Finally, Wedbush set a $350.00 target price on shares of International Business Machines in a research report on Tuesday, June 2nd. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, International Business Machines has an average rating of "Moderate Buy" and a consensus price target of $304.17.

International Business Machines Stock Down 1.1%

Shares of International Business Machines stock opened at $271.77 on Friday. The firm's 50 day moving average price is $250.02 and its 200-day moving average price is $270.34. The company has a quick ratio of 0.76, a current ratio of 0.80 and a debt-to-equity ratio of 1.75. International Business Machines Corporation has a 52-week low of $212.34 and a 52-week high of $332.46. The company has a market cap of $255.43 billion, a P/E ratio of 24.03, a PEG ratio of 2.85 and a beta of 0.67.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.81 by $0.10. International Business Machines had a net margin of 15.61% and a return on equity of 37.23%. The firm had revenue of $15.92 billion for the quarter, compared to the consensus estimate of $15.60 billion. During the same quarter in the previous year, the firm earned $1.60 EPS. The company's quarterly revenue was up 9.5% compared to the same quarter last year. On average, sell-side analysts predict that International Business Machines Corporation will post 12.38 EPS for the current fiscal year.

International Business Machines Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Friday, May 8th were given a $1.69 dividend. This represents a $6.76 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, May 8th. This is an increase from International Business Machines's previous quarterly dividend of $1.68. International Business Machines's payout ratio is presently 59.77%.

About International Business Machines

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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