International Business Machines (NYSE:IBM) Trading 1.4% Higher Following Analyst Upgrade

Shares of International Business Machines Co. (NYSE:IBM - Get Free Report) rose 1.4% during trading on Tuesday after Bank of America raised their price target on the stock from $270.00 to $290.00. Bank of America currently has a buy rating on the stock. International Business Machines traded as high as $277.00 and last traded at $275.84. Approximately 1,260,175 shares changed hands during trading, a decline of 70% from the average daily volume of 4,208,137 shares. The stock had previously closed at $272.08.

Other analysts have also recently issued reports about the stock. Wall Street Zen cut shares of International Business Machines from a "buy" rating to a "hold" rating in a report on Wednesday, May 21st. Erste Group Bank raised International Business Machines from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 17th. Jefferies Financial Group restated a "hold" rating on shares of International Business Machines in a report on Wednesday, April 23rd. Citigroup reaffirmed an "outperform" rating on shares of International Business Machines in a report on Saturday, May 10th. Finally, Royal Bank of Canada lifted their price target on International Business Machines from $276.00 to $285.00 and gave the stock an "outperform" rating in a research note on Thursday, May 15th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, International Business Machines currently has an average rating of "Hold" and a consensus price target of $250.31.

Hedge Funds Weigh In On International Business Machines

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Compass Financial Services Inc raised its holdings in shares of International Business Machines by 41.5% in the first quarter. Compass Financial Services Inc now owns 167 shares of the technology company's stock valued at $42,000 after purchasing an additional 49 shares during the last quarter. CBIZ Investment Advisory Services LLC grew its position in International Business Machines by 51.9% in the first quarter. CBIZ Investment Advisory Services LLC now owns 313 shares of the technology company's stock valued at $78,000 after purchasing an additional 107 shares in the last quarter. Modern Wealth Management LLC increased its stake in International Business Machines by 17.8% in the 1st quarter. Modern Wealth Management LLC now owns 17,477 shares of the technology company's stock valued at $4,346,000 after buying an additional 2,640 shares during the last quarter. Parkshore Wealth Management Inc. bought a new stake in International Business Machines during the 1st quarter worth about $223,000. Finally, Jones Financial Companies Lllp boosted its stake in shares of International Business Machines by 25.8% during the 1st quarter. Jones Financial Companies Lllp now owns 164,539 shares of the technology company's stock worth $40,210,000 after buying an additional 33,725 shares during the last quarter. 58.96% of the stock is owned by institutional investors and hedge funds.

International Business Machines Price Performance

The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.00 and a current ratio of 1.04. The company has a fifty day moving average price of $249.27 and a two-hundred day moving average price of $242.69. The company has a market cap of $260.51 billion, a P/E ratio of 43.72, a PEG ratio of 5.81 and a beta of 0.66.

International Business Machines (NYSE:IBM - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The technology company reported $1.60 EPS for the quarter, beating the consensus estimate of $1.42 by $0.18. International Business Machines had a return on equity of 38.99% and a net margin of 9.60%. The company had revenue of $14.54 billion during the quarter, compared to the consensus estimate of $14.41 billion. During the same quarter in the prior year, the firm posted $1.68 EPS. The firm's revenue for the quarter was up .5% compared to the same quarter last year. On average, sell-side analysts anticipate that International Business Machines Co. will post 10.78 earnings per share for the current fiscal year.

International Business Machines Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Friday, May 9th were given a $1.68 dividend. This is a positive change from International Business Machines's previous quarterly dividend of $1.67. This represents a $6.72 annualized dividend and a dividend yield of 2.40%. International Business Machines's dividend payout ratio is presently 115.66%.

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.