Palumbo Wealth Management LLC Boosts Stock Position in International Business Machines Corporation (NYSE:IBM)

Palumbo Wealth Management LLC grew its stake in shares of International Business Machines Corporation (NYSE:IBM) by 14.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,436 shares of the technology company’s stock after acquiring an additional 1,320 shares during the period. Palumbo Wealth Management LLC’s holdings in International Business Machines were worth $2,595,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Vision Financial Markets LLC purchased a new stake in shares of International Business Machines during the fourth quarter worth $31,000. Rialto Wealth Management LLC purchased a new stake in shares of International Business Machines during the fourth quarter worth $35,000. Tacita Capital Inc lifted its position in shares of International Business Machines by 174.3% during the fourth quarter. Tacita Capital Inc now owns 192 shares of the technology company’s stock worth $42,000 after acquiring an additional 122 shares in the last quarter. Park Square Financial Group LLC purchased a new stake in shares of International Business Machines during the fourth quarter worth $43,000. Finally, Measured Risk Portfolios Inc. purchased a new stake in shares of International Business Machines during the fourth quarter worth $43,000. Hedge funds and other institutional investors own 58.96% of the company’s stock.

International Business Machines Stock Performance

Shares of IBM opened at $280.67 on Monday. The company has a debt-to-equity ratio of 2.09, a current ratio of 1.01 and a quick ratio of 0.97. International Business Machines Corporation has a one year low of $170.41 and a one year high of $286.91. The company has a 50-day simple moving average of $257.71 and a two-hundred day simple moving average of $245.71. The firm has a market capitalization of $260.85 billion, a PE ratio of 48.31, a price-to-earnings-growth ratio of 5.90 and a beta of 0.66.

International Business Machines (NYSE:IBM) last issued its quarterly earnings data on Wednesday, April 23rd. The technology company reported $1.60 EPS for the quarter, topping the consensus estimate of $1.42 by $0.18. International Business Machines had a net margin of 8.71% and a return on equity of 37.43%. The business had revenue of $14.54 billion during the quarter, compared to analyst estimates of $14.41 billion. During the same period last year, the business posted $1.68 earnings per share. International Business Machines’s quarterly revenue was up .5% compared to the same quarter last year. On average, analysts anticipate that International Business Machines Corporation will post 10.78 EPS 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. Shareholders of record on Friday, May 9th were issued 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 yield of 2.39%. International Business Machines’s dividend payout ratio (DPR) is 115.66%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on IBM. Morgan Stanley decreased their price target 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 reaffirmed a “sell” rating and issued a $170.00 price target (up previously from $160.00) 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. Wedbush upped their price target on shares of International Business Machines from $300.00 to $325.00 and gave the stock an “outperform” rating in a report on Friday. Finally, BMO Capital Markets reaffirmed a “market perform” rating on shares of International Business Machines in a report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $253.75.

International Business Machines Company 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.