Westpac Banking Corp Lowers Stock Holdings in International Business Machines Corporation (NYSE:IBM)

Westpac Banking Corp reduced its position in shares of International Business Machines Corporation (NYSE:IBM - Free Report) by 89.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,155 shares of the technology company's stock after selling 41,645 shares during the period. Westpac Banking Corp's holdings in International Business Machines were worth $1,282,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. MinichMacGregor Wealth Management LLC purchased a new position in shares of International Business Machines during the first quarter worth $396,000. Left Brain Wealth Management LLC boosted its position in shares of International Business Machines by 1,547.8% during the first quarter. Left Brain Wealth Management LLC now owns 17,664 shares of the technology company's stock worth $4,392,000 after buying an additional 16,592 shares during the period. Alpha Cubed Investments LLC boosted its position in shares of International Business Machines by 47.0% during the first quarter. Alpha Cubed Investments LLC now owns 7,507 shares of the technology company's stock worth $1,867,000 after buying an additional 2,399 shares during the period. Wedbush Securities Inc. boosted its holdings in International Business Machines by 5.6% in the first quarter. Wedbush Securities Inc. now owns 62,067 shares of the technology company's stock valued at $15,434,000 after purchasing an additional 3,276 shares during the period. Finally, Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. purchased a new position in International Business Machines in the first quarter valued at $4,608,000. 58.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on IBM shares. Bank of America decreased their target price on International Business Machines from $320.00 to $310.00 and set a "buy" rating for the company in a report on Thursday, July 24th. Wedbush lifted their target price on International Business Machines from $300.00 to $325.00 and gave the company an "outperform" rating in a report on Friday, June 20th. Citigroup reiterated an "outperform" rating on shares of International Business Machines in a report on Saturday, May 10th. Morgan Stanley decreased their target price on International Business Machines from $237.00 to $233.00 and set an "equal weight" rating for the company in a report on Thursday, April 24th. Finally, Royal Bank Of Canada lifted their target price on International Business Machines from $285.00 to $315.00 and gave the company an "outperform" rating in a report on Thursday, July 17th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $268.75.

International Business Machines Stock Performance

NYSE IBM opened at $234.41 on Wednesday. The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 2.00. International Business Machines Corporation has a 52-week low of $189.21 and a 52-week high of $296.16. The business's 50-day moving average price is $274.96 and its 200 day moving average price is $258.39. The firm has a market cap of $217.86 billion, a P/E ratio of 38.05, a P/E/G ratio of 3.65 and a beta of 0.69.

International Business Machines (NYSE:IBM - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The technology company reported $2.80 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $16.58 billion. During the same quarter last year, the company posted $2.43 earnings per share. The business's revenue was up 7.7% on a year-over-year basis. On average, equities research analysts expect that International Business Machines Corporation will post 10.78 earnings per share for the current year.

International Business Machines Profile

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.

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