Westpac Banking Corp Purchases Shares of 8,100 International Business Machines Corporation $IBM

Key Points

• Westpac Banking Corp purchased 8,100 IBM shares worth approximately $2.28 million in the second quarter. Several other institutional investors also initiated positions, bringing institutional ownership to 58.96%.
• IBM’s latest quarterly results matched analyst expectations at $2.93 EPS, while revenue of $17.16 billion fell short of the $17.46 billion consensus estimate but increased 1.1% year over year.
• IBM declared a quarterly dividend of $1.69 per share, or $6.76 annualized, representing a 2.9% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $265.90, despite several recent target cuts.

Westpac Banking Corp purchased a new stake in International Business Machines Corporation (NYSE:IBM - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 8,100 shares of the technology company's stock, valued at approximately $2,278,000.

Other hedge funds also recently made changes to their positions in the company. TRB Wealth Management LLC acquired a new position in shares of International Business Machines in the second quarter worth approximately $1,325,000. Sumitomo Life Insurance Co. acquired a new position in shares of International Business Machines in the 2nd quarter worth approximately $1,364,000. Korea Investment CORP acquired a new position in shares of International Business Machines in the 2nd quarter worth approximately $177,631,000. EP Wealth Advisors LLC bought a new stake in shares of International Business Machines in the 2nd quarter valued at $15,691,000. Finally, Heartland Bank & Trust Co acquired a new stake in shares of International Business Machines during the second quarter worth $1,262,000. 58.96% of the stock is currently owned by institutional investors.

Insider Activity at International Business Machines

In related news, SVP Robert Thomas sold 25,000 shares of the firm's stock in a transaction dated Wednesday, August 26th. The shares were 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 trade represents a 34.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.27% of the stock is currently owned by insiders.

International Business Machines Price Performance

Shares of NYSE:IBM opened at $234.87 on Monday. International Business Machines Corporation has a twelve month low of $199.19 and a twelve month high of $332.46. The stock's 50 day moving average is $241.67 and its 200-day moving average is $247.02. The company has a quick ratio of 0.74, a current ratio of 0.79 and a debt-to-equity ratio of 1.63. The firm has a market capitalization of $221.28 billion, a price-to-earnings ratio of 20.84, a PEG ratio of 2.24 and a beta of 0.71.

International Business Machines (NYSE:IBM - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The technology company reported $2.93 earnings per share (EPS) for the quarter, meeting the consensus estimate of $2.93. The business had revenue of $17.16 billion during the quarter, compared to the consensus estimate of $17.46 billion. International Business Machines had a net margin of 15.52% and a return on equity of 35.65%. International Business Machines's revenue was up 1.1% compared to the same quarter last year. During the same quarter last year, the firm posted $2.80 EPS. Sell-side analysts forecast that International Business Machines Corporation will post 12.33 EPS for the current fiscal year.

International Business Machines Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Monday, August 10th will be issued a dividend of $1.69 per share. This represents a $6.76 dividend on an annualized basis 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%.

Analysts Set New Price Targets

Several research firms recently issued reports on IBM. JPMorgan Chase & Co. dropped their target price on shares of International Business Machines from $291.00 to $250.00 and set an "overweight" rating on the stock in a report on Friday, July 17th. Morgan Stanley lowered their price objective on International Business Machines from $293.00 to $190.00 and set an "equal weight" rating for the company in a research report on Thursday, July 23rd. Craig Hallum started coverage on International Business Machines in a research note on Wednesday, August 19th. They issued a "buy" rating on the stock. Wolfe Research lowered International Business Machines to a "peer perform" rating in a research report on Tuesday, June 23rd. Finally, Jefferies Financial Group decreased their target price on International Business Machines from $320.00 to $260.00 and set a "buy" rating for the company in a research note on Tuesday, July 21st. Sixteen analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $265.90.

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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