Summit Financial LLC Purchases 9,393 Shares of International Business Machines Co. (NYSE:IBM)

Summit Financial LLC raised its position in International Business Machines Co. (NYSE:IBM) by 67.1% during the fourth quarter, Holdings Channel reports. The fund owned 23,394 shares of the technology company’s stock after acquiring an additional 9,393 shares during the period. Summit Financial LLC’s holdings in International Business Machines were worth $5,143,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Blue Zone Wealth Advisors LLC purchased a new position in shares of International Business Machines in the fourth quarter worth approximately $242,000. Brady Martz Wealth Solutions LLC bought a new position in International Business Machines in the fourth quarter worth approximately $1,940,000. Tranquilli Financial Advisor LLC purchased a new position in shares of International Business Machines during the 4th quarter worth $373,000. Truist Financial Corp grew its position in shares of International Business Machines by 6.5% during the 4th quarter. Truist Financial Corp now owns 811,062 shares of the technology company’s stock valued at $178,296,000 after acquiring an additional 49,591 shares during the period. Finally, Nordea Investment Management AB increased its stake in shares of International Business Machines by 6.5% in the 4th quarter. Nordea Investment Management AB now owns 75,638 shares of the technology company’s stock worth $16,615,000 after purchasing an additional 4,625 shares in the last quarter. 58.96% of the stock is owned by hedge funds and other institutional investors.

International Business Machines Stock Down 1.0 %

Shares of IBM opened at $243.83 on Monday. The firm has a fifty day moving average price of $249.51 and a 200-day moving average price of $231.62. The company has a current ratio of 1.04, a quick ratio of 1.00 and a debt-to-equity ratio of 1.82. The firm has a market capitalization of $226.10 billion, a P/E ratio of 38.04, a P/E/G ratio of 5.81 and a beta of 0.74. International Business Machines Co. has a 12-month low of $162.62 and a 12-month high of $266.45.

International Business Machines (NYSE:IBM) last released its quarterly earnings data on Wednesday, January 29th. The technology company reported $3.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.77 by $0.15. International Business Machines had a net margin of 9.60% and a return on equity of 38.99%. Equities research analysts expect that International Business Machines Co. will post 10.78 earnings per share for the current year.

International Business Machines Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Monday, February 10th were issued a dividend of $1.67 per share. The ex-dividend date was Monday, February 10th. This represents a $6.68 annualized dividend and a yield of 2.74%. International Business Machines’s payout ratio is currently 104.21%.

Insider Buying and Selling at International Business Machines

In other news, SVP Robert David Thomas sold 26,543 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $253.01, for a total transaction of $6,715,644.43. Following the transaction, the senior vice president now owns 45,007 shares of the company’s stock, valued at approximately $11,387,221.07. This represents a 37.10 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.18% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on IBM shares. JPMorgan Chase & Co. boosted their price target on International Business Machines from $233.00 to $244.00 and gave the company a “neutral” rating in a report on Thursday, January 30th. Erste Group Bank upgraded International Business Machines from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 17th. Morgan Stanley raised their target price on shares of International Business Machines from $217.00 to $228.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 30th. StockNews.com lowered shares of International Business Machines from a “buy” rating to a “hold” rating in a research report on Saturday, March 15th. Finally, Sanford C. Bernstein raised their price objective on shares of International Business Machines from $210.00 to $215.00 and gave the company a “market perform” rating in a research report on Friday, January 3rd. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, International Business Machines has an average rating of “Hold” and a consensus price target of $231.44.

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.