International Business Machines Corporation (NYSE:IBM) Shares Sold by Palisade Asset Management LLC

Palisade Asset Management LLC lessened its stake in International Business Machines Corporation (NYSE:IBM) by 0.1% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 103,038 shares of the technology company’s stock after selling 100 shares during the quarter. International Business Machines makes up about 2.6% of Palisade Asset Management LLC’s portfolio, making the stock its 6th biggest holding. Palisade Asset Management LLC’s holdings in International Business Machines were worth $25,621,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. MinichMacGregor Wealth Management LLC purchased a new stake in shares of International Business Machines during the first quarter worth approximately $396,000. Treasurer of the State of North Carolina grew its holdings in shares of International Business Machines by 0.8% during the fourth quarter. Treasurer of the State of North Carolina now owns 495,574 shares of the technology company’s stock worth $108,942,000 after buying an additional 4,131 shares in the last quarter. Mufg Securities Americas Inc. acquired a new stake in shares of International Business Machines in the fourth quarter valued at about $3,000,000. Magnolia Private Wealth LLC purchased a new position in shares of International Business Machines in the first quarter worth about $239,000. Finally, QRG Capital Management Inc. boosted its position in International Business Machines by 7.5% during the fourth quarter. QRG Capital Management Inc. now owns 150,652 shares of the technology company’s stock worth $33,118,000 after acquiring an additional 10,467 shares during the last quarter. Hedge funds and other institutional investors own 58.96% of the company’s stock.

International Business Machines Stock Up 2.9%

Shares of International Business Machines stock opened at $289.25 on Tuesday. International Business Machines Corporation has a 52-week low of $170.41 and a 52-week high of $292.95. The company has a 50 day moving average of $258.71 and a 200 day moving average of $246.07. The company has a market capitalization of $268.83 billion, a P/E ratio of 49.78, a P/E/G ratio of 5.90 and a beta of 0.66. The company has a quick ratio of 0.97, a current ratio of 1.01 and a debt-to-equity ratio of 2.09.

International Business Machines (NYSE:IBM) last released its quarterly earnings data on Wednesday, April 23rd. The technology company reported $1.60 EPS for the quarter, beating analysts’ consensus estimates of $1.42 by $0.18. International Business Machines had a return on equity of 37.43% and a net margin of 8.71%. The business had revenue of $14.54 billion for the quarter, compared to the consensus estimate of $14.41 billion. During the same quarter in the prior year, the business posted $1.68 EPS. The business’s revenue for the quarter was up .5% on a year-over-year basis. As a group, research analysts forecast that International Business Machines Corporation will post 10.78 EPS for the current fiscal year.

International Business Machines Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Friday, May 9th were issued a $1.68 dividend. This is an increase from International Business Machines’s previous quarterly dividend of $1.67. This represents a $6.72 annualized dividend and a dividend yield of 2.32%. International Business Machines’s payout ratio is presently 115.66%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Jefferies Financial Group reiterated a “hold” rating on shares of International Business Machines in a report on Wednesday, April 23rd. Erste Group Bank raised shares of International Business Machines from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 17th. Morgan Stanley lowered their price target 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. UBS Group restated a “sell” rating and issued a $170.00 price objective (up from $160.00) on shares of International Business Machines in a report on Wednesday, April 23rd. Finally, BMO Capital Markets reaffirmed a “market perform” rating on shares of International Business Machines in a research note on Wednesday, April 23rd. 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 issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $253.75.

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.