Riggs Asset Managment Co. Inc. Reduces Stock Position in International Business Machines Corporation (NYSE:IBM)

Riggs Asset Managment Co. Inc. cut its stake in International Business Machines Corporation (NYSE:IBM) by 0.7% in the first quarter, Holdings Channel.com reports. The firm owned 12,741 shares of the technology company’s stock after selling 89 shares during the quarter. Riggs Asset Managment Co. Inc.’s holdings in International Business Machines were worth $3,168,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. One Day In July LLC grew its position in International Business Machines by 77.5% in the first quarter. One Day In July LLC now owns 1,628 shares of the technology company’s stock worth $405,000 after acquiring an additional 711 shares during the period. Proffitt & Goodson Inc. grew its position in International Business Machines by 21.3% in the first quarter. Proffitt & Goodson Inc. now owns 673 shares of the technology company’s stock worth $167,000 after acquiring an additional 118 shares during the period. Olistico Wealth LLC grew its position in International Business Machines by 8.7% in the first quarter. Olistico Wealth LLC now owns 4,065 shares of the technology company’s stock worth $1,011,000 after acquiring an additional 325 shares during the period. Burke & Herbert Bank & Trust Co. grew its position in International Business Machines by 3.5% in the first quarter. Burke & Herbert Bank & Trust Co. now owns 8,080 shares of the technology company’s stock worth $2,009,000 after acquiring an additional 270 shares during the period. Finally, Sharp Financial Services LLC purchased a new position in International Business Machines in the first quarter worth approximately $201,000. 58.96% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on IBM shares. The Goldman Sachs Group increased their price objective on International Business Machines from $270.00 to $310.00 and gave the stock a “buy” rating in a research report on Wednesday. UBS Group restated a “sell” rating and set a $170.00 price target (up from $160.00) on shares of International Business Machines in a research note on Wednesday, April 23rd. Jefferies Financial Group restated a “hold” rating on shares of International Business Machines in a research note on Wednesday, April 23rd. Bank of America upped their price target on International Business Machines from $290.00 to $320.00 and gave the stock a “buy” rating in a research note on Wednesday, June 18th. Finally, BMO Capital Markets restated 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 issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, International Business Machines currently has a consensus rating of “Hold” and a consensus price target of $257.50.

International Business Machines Stock Up 1.4%

International Business Machines stock opened at $291.66 on Friday. International Business Machines Corporation has a 1-year low of $174.45 and a 1-year high of $296.16. The company has a debt-to-equity ratio of 2.09, a current ratio of 1.01 and a quick ratio of 0.97. The stock has a market cap of $271.06 billion, a PE ratio of 50.20, a P/E/G ratio of 6.13 and a beta of 0.69. The stock’s fifty day moving average is $268.36 and its two-hundred day moving average is $249.86.

International Business Machines (NYSE:IBM) last posted its quarterly 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. International Business Machines had a return on equity of 37.43% and a net margin of 8.71%. The company had revenue of $14.54 billion for the quarter, compared to analysts’ expectations of $14.41 billion. During the same period last year, the firm earned $1.68 earnings per share. International Business Machines’s quarterly revenue was up .5% on a year-over-year basis. On average, sell-side analysts expect that International Business Machines Corporation will post 10.78 EPS for the current fiscal year.

International Business Machines Increases Dividend

The company also recently disclosed 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 is a positive change from International Business Machines’s previous quarterly dividend of $1.67. This represents a $6.72 annualized dividend and a dividend yield of 2.30%. International Business Machines’s dividend payout ratio (DPR) is presently 115.66%.

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.