Legacy Financial Strategies LLC Invests $230,000 in International Business Machines Co. (NYSE:IBM)

Legacy Financial Strategies LLC purchased a new stake in shares of International Business Machines Co. (NYSE:IBM) in the third quarter, according to its most recent disclosure with the SEC. The firm purchased 1,039 shares of the technology company’s stock, valued at approximately $230,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Park Avenue Securities LLC grew its stake in International Business Machines by 1.3% during the 1st quarter. Park Avenue Securities LLC now owns 20,213 shares of the technology company’s stock valued at $3,860,000 after purchasing an additional 265 shares in the last quarter. RFG Advisory LLC increased its stake in shares of International Business Machines by 3.0% in the first quarter. RFG Advisory LLC now owns 21,897 shares of the technology company’s stock worth $4,181,000 after buying an additional 631 shares during the last quarter. O Keefe Stevens Advisory Inc. acquired a new stake in International Business Machines in the first quarter valued at $212,000. Paragon Capital Management Ltd bought a new position in International Business Machines during the 1st quarter valued at $245,000. Finally, Salem Investment Counselors Inc. grew its holdings in International Business Machines by 2.0% during the 1st quarter. Salem Investment Counselors Inc. now owns 6,621 shares of the technology company’s stock worth $1,264,000 after acquiring an additional 129 shares in the last quarter. Hedge funds and other institutional investors own 58.96% of the company’s stock.

International Business Machines Stock Performance

IBM stock traded down $0.68 on Friday, reaching $232.20. The company’s stock had a trading volume of 4,715,688 shares, compared to its average volume of 4,195,661. International Business Machines Co. has a 52 week low of $135.87 and a 52 week high of $237.37. The company has a debt-to-equity ratio of 2.20, a current ratio of 1.12 and a quick ratio of 1.08. The company has a market capitalization of $213.30 billion, a P/E ratio of 26.30, a price-to-earnings-growth ratio of 5.21 and a beta of 0.70. The firm has a fifty day moving average of $212.19 and a two-hundred day moving average of $189.15.

International Business Machines (NYSE:IBM) last released its quarterly earnings results on Wednesday, July 24th. The technology company reported $2.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.16 by $0.27. The company had revenue of $15.77 billion during the quarter, compared to analysts’ expectations of $15.62 billion. International Business Machines had a return on equity of 40.59% and a net margin of 13.52%. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.18 earnings per share. As a group, analysts predict that International Business Machines Co. will post 10.1 EPS for the current fiscal year.

International Business Machines Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Friday, August 9th were paid a $1.67 dividend. This represents a $6.68 dividend on an annualized basis and a dividend yield of 2.88%. The ex-dividend date of this dividend was Friday, August 9th. International Business Machines’s dividend payout ratio is currently 75.65%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Bank of America increased their price target on shares of International Business Machines from $209.00 to $250.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. UBS Group lifted their target price on International Business Machines from $130.00 to $145.00 and gave the stock a “sell” rating in a research report on Wednesday, September 4th. Hsbc Global Res upgraded International Business Machines to a “moderate sell” rating in a report on Friday, July 26th. BMO Capital Markets raised their price objective on International Business Machines from $190.00 to $210.00 and gave the stock a “market perform” rating in a research note on Thursday, July 25th. Finally, Royal Bank of Canada boosted their target price on shares of International Business Machines from $211.00 to $250.00 and gave the company an “outperform” rating in a research note on Thursday, October 10th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $203.06.

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.