Resona Asset Management Co. Ltd. Purchases 24,184 Shares of International Business Machines Corporation (NYSE:IBM)

Resona Asset Management Co. Ltd. lifted its position in International Business Machines Corporation (NYSE:IBM) by 7.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 337,481 shares of the technology company’s stock after acquiring an additional 24,184 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in International Business Machines were worth $83,660,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Capital World Investors raised its holdings in International Business Machines by 413.5% in the fourth quarter. Capital World Investors now owns 11,984,609 shares of the technology company’s stock worth $2,634,577,000 after purchasing an additional 9,650,534 shares in the last quarter. GAMMA Investing LLC raised its holdings in International Business Machines by 29,564.2% in the first quarter. GAMMA Investing LLC now owns 4,399,790 shares of the technology company’s stock worth $10,940,520,000 after purchasing an additional 4,384,958 shares in the last quarter. Nuveen LLC bought a new position in International Business Machines in the first quarter worth about $960,386,000. Northern Trust Corp raised its holdings in International Business Machines by 18.6% in the fourth quarter. Northern Trust Corp now owns 10,845,993 shares of the technology company’s stock worth $2,384,275,000 after purchasing an additional 1,704,209 shares in the last quarter. Finally, Castlekeep Investment Advisors LLC bought a new position in International Business Machines in the fourth quarter worth about $302,564,000. 58.96% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

IBM has been the subject of a number of recent research reports. KGI Securities set a $242.00 target price on shares of International Business Machines and gave the stock a “hold” rating in a report on Thursday, April 24th. BMO Capital Markets boosted their price target on International Business Machines from $260.00 to $300.00 and gave the stock a “market perform” rating in a research note on Friday, July 18th. Royal Bank Of Canada boosted their price target on International Business Machines from $285.00 to $315.00 and gave the stock an “outperform” rating in a research note on Thursday, July 17th. Jefferies Financial Group restated a “hold” rating on shares of International Business Machines in a research note on Wednesday, April 23rd. Finally, Stifel Nicolaus boosted their price target on International Business Machines from $290.00 to $310.00 and gave the stock a “buy” rating in a research note on Wednesday, July 16th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $268.75.

International Business Machines Price Performance

Shares of NYSE IBM opened at $236.15 on Tuesday. The business’s 50 day moving average price is $275.58 and its 200 day moving average price is $258.56. The firm has a market cap of $219.48 billion, a P/E ratio of 38.34, a P/E/G ratio of 3.74 and a beta of 0.69. International Business Machines Corporation has a 52 week low of $189.00 and a 52 week high of $296.16. The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 2.00.

International Business Machines (NYSE:IBM) last issued its earnings results on Wednesday, July 23rd. The technology company reported $2.80 EPS for the quarter, beating analysts’ consensus estimates of $2.65 by $0.15. The firm had revenue of $16.98 billion for the quarter, compared to analyst estimates of $16.58 billion. International Business Machines had a return on equity of 37.62% and a net margin of 9.11%. International Business Machines’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.43 earnings per share. On average, sell-side analysts expect that International Business Machines Corporation will post 10.78 earnings per share for the current year.

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.