Palisade Capital Management LLC NJ reduced its position in International Business Machines Co. (NYSE:IBM) by 15.9% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 4,315 shares of the technology company’s stock after selling 814 shares during the period. Palisade Capital Management LLC NJ’s holdings in International Business Machines were worth $633,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its stake in shares of International Business Machines by 2.9% in the 1st quarter. Geode Capital Management LLC now owns 13,700,334 shares of the technology company’s stock valued at $1,820,456,000 after buying an additional 389,517 shares during the period. Morgan Stanley lifted its holdings in International Business Machines by 22.6% during the first quarter. Morgan Stanley now owns 12,082,219 shares of the technology company’s stock worth $1,610,076,000 after acquiring an additional 2,228,318 shares in the last quarter. Franklin Resources Inc. lifted its holdings in International Business Machines by 4.4% during the first quarter. Franklin Resources Inc. now owns 5,841,173 shares of the technology company’s stock worth $778,396,000 after acquiring an additional 247,465 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of International Business Machines by 1.1% in the first quarter. Dimensional Fund Advisors LP now owns 4,112,916 shares of the technology company’s stock valued at $548,139,000 after purchasing an additional 45,937 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of International Business Machines by 32.2% in the first quarter. Arrowstreet Capital Limited Partnership now owns 3,623,563 shares of the technology company’s stock valued at $482,876,000 after purchasing an additional 883,128 shares in the last quarter. 55.24% of the stock is owned by institutional investors.
IBM has been the topic of several analyst reports. BMO Capital Markets upped their target price on International Business Machines from $150.00 to $155.00 and gave the stock a “market perform” rating in a report on Friday, July 16th. Morgan Stanley upped their target price on International Business Machines from $152.00 to $164.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 20th. Citigroup boosted their price target on International Business Machines from $140.00 to $150.00 and gave the company a “neutral” rating in a research note on Tuesday, July 20th. Finally, Societe Generale upgraded International Business Machines from a “sell” rating to a “hold” rating and boosted their price target for the company from $121.00 to $140.00 in a research note on Tuesday, July 20th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $149.86.
International Business Machines (NYSE:IBM) last issued its quarterly earnings results on Sunday, July 18th. The technology company reported $2.33 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.29 by $0.04. International Business Machines had a return on equity of 36.79% and a net margin of 7.17%. The firm had revenue of $18.75 billion during the quarter, compared to the consensus estimate of $18.30 billion. During the same period last year, the business posted $2.18 EPS. The business’s revenue was up 3.4% compared to the same quarter last year. Equities research analysts forecast that International Business Machines Co. will post 10.82 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 10th. Stockholders of record on Tuesday, August 10th were paid a $1.64 dividend. The ex-dividend date was Monday, August 9th. This represents a $6.56 annualized dividend and a dividend yield of 4.77%. International Business Machines’s dividend payout ratio is presently 75.66%.
About International Business Machines
International Business Machines Corp. is an information technology company, which provides integrated solutions that leverage information technology and knowledge of business processes. It operates through the following segments: Cloud and Cognitive Software, Global Business Services, Global Technology Services, Systems, and Global Financing.
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