First Horizon Advisors Inc. Reduces Stake in International Business Machines Corporation (NYSE:IBM)

First Horizon Advisors Inc. trimmed its stake in International Business Machines Corporation (NYSE:IBM) by 5.1% during the 1st quarter, HoldingsChannel reports. The fund owned 187,123 shares of the technology company’s stock after selling 9,955 shares during the quarter. International Business Machines comprises 1.3% of First Horizon Advisors Inc.’s holdings, making the stock its 10th biggest position. First Horizon Advisors Inc.’s holdings in International Business Machines were worth $46,530,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. MinichMacGregor Wealth Management LLC purchased a new stake in International Business Machines during the 1st quarter valued at about $396,000. Treasurer of the State of North Carolina raised its holdings in International Business Machines by 0.8% in 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 during the last quarter. Mufg Securities Americas Inc. purchased a new position in International Business Machines in the fourth quarter worth about $3,000,000. Magnolia Private Wealth LLC bought a new position in shares of International Business Machines in the first quarter worth approximately $239,000. Finally, Ferguson Wellman Capital Management Inc. grew its holdings in shares of International Business Machines by 0.8% during the first quarter. Ferguson Wellman Capital Management Inc. now owns 141,448 shares of the technology company’s stock valued at $35,172,000 after buying an additional 1,058 shares during the last quarter. 58.96% of the stock is owned by hedge funds and other institutional investors.

International Business Machines Trading Down 1.2%

IBM stock opened at $287.79 on Thursday. The company has a market capitalization of $267.47 billion, a price-to-earnings ratio of 49.53, a PEG ratio of 6.11 and a beta of 0.69. 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 1-year low of $173.95 and a 1-year high of $296.16. The business has a 50 day simple moving average of $265.93 and a two-hundred day simple moving average of $248.79.

International Business Machines (NYSE:IBM) last announced its quarterly earnings results on Wednesday, April 23rd. The technology company reported $1.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $14.54 billion for the quarter, compared to the consensus estimate of $14.41 billion. During the same period in the previous year, the firm posted $1.68 EPS. International Business Machines’s revenue for the quarter was up .5% compared to the same quarter last year. Research analysts anticipate that International Business Machines Corporation will post 10.78 EPS for the current fiscal year.

International Business Machines Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Friday, May 9th were issued a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a yield of 2.34%. This is a boost from International Business Machines’s previous quarterly dividend of $1.67. International Business Machines’s dividend payout ratio (DPR) is currently 115.66%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on IBM shares. Morgan Stanley lowered their price objective on International Business Machines from $237.00 to $233.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 24th. Erste Group Bank upgraded shares of International Business Machines from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 17th. Royal Bank Of Canada raised 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. UBS Group reissued a “sell” rating and set a $170.00 price target (up from $160.00) on shares of International Business Machines in a report on Wednesday, April 23rd. Finally, Jefferies Financial Group reaffirmed a “hold” rating on shares of International Business Machines in a report on Wednesday, April 23rd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $257.50.

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.