Grove Bank & Trust Has $2.11 Million Position in International Business Machines Co. (NYSE:IBM)

Grove Bank & Trust boosted its holdings in International Business Machines Co. (NYSE:IBM) by 14.1% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 8,479 shares of the technology company’s stock after acquiring an additional 1,050 shares during the quarter. Grove Bank & Trust’s holdings in International Business Machines were worth $2,108,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of IBM. Vision Financial Markets LLC acquired a new position in International Business Machines in the fourth quarter valued at approximately $31,000. Rialto Wealth Management LLC acquired a new position in International Business Machines in the fourth quarter valued at approximately $35,000. Tacita Capital Inc lifted its holdings in International Business Machines by 174.3% in the fourth quarter. Tacita Capital Inc now owns 192 shares of the technology company’s stock valued at $42,000 after buying an additional 122 shares during the period. Measured Risk Portfolios Inc. acquired a new position in International Business Machines in the fourth quarter valued at approximately $43,000. Finally, Park Square Financial Group LLC acquired a new stake in International Business Machines in the fourth quarter worth $43,000. 58.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Royal Bank of Canada increased their target price on shares of International Business Machines from $276.00 to $285.00 and gave the stock an “outperform” rating in a report on Thursday, May 15th. Morgan Stanley cut their target price on shares of International Business Machines from $237.00 to $233.00 and set an “equal weight” rating on the stock in a report on Thursday, April 24th. UBS Group reiterated a “sell” rating and issued a $170.00 target price (up from $160.00) on shares of International Business Machines in a report on Wednesday, April 23rd. Citigroup reiterated an “outperform” rating on shares of International Business Machines in a report on Saturday, May 10th. Finally, Wedbush reiterated an “outperform” rating and issued a $300.00 target price on shares of International Business Machines in a report on Wednesday, May 7th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $250.31.

International Business Machines Stock Up 1.6%

Shares of IBM stock opened at $281.66 on Tuesday. The firm has a fifty day moving average of $253.83 and a 200-day moving average of $244.28. The company has a quick ratio of 1.00, a current ratio of 1.04 and a debt-to-equity ratio of 1.82. International Business Machines Co. has a 12-month low of $167.50 and a 12-month high of $284.50. The company has a market capitalization of $261.77 billion, a price-to-earnings ratio of 43.94, a P/E/G ratio of 5.81 and a beta of 0.66.

International Business Machines (NYSE:IBM) last released its earnings results on Wednesday, April 23rd. The technology company reported $1.60 earnings per share for the quarter, beating analysts’ consensus estimates of $1.42 by $0.18. The business had revenue of $14.54 billion during the quarter, compared to the consensus estimate of $14.41 billion. International Business Machines had a net margin of 9.60% and a return on equity of 38.99%. The firm’s revenue for the quarter was up .5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.68 earnings per share. As a group, equities research analysts predict that International Business Machines Co. will post 10.78 earnings per share for the current fiscal year.

International Business Machines Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Friday, May 9th were given a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a yield of 2.39%. This is an increase from International Business Machines’s previous quarterly dividend of $1.67. International Business Machines’s dividend payout ratio (DPR) is 115.66%.

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.