Convergence Investment Partners LLC Sells 1,118 Shares of International Business Machines Co. (NYSE:IBM)

Convergence Investment Partners LLC cut its position in International Business Machines Co. (NYSE:IBM) by 5.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 21,339 shares of the technology company’s stock after selling 1,118 shares during the period. International Business Machines makes up 1.8% of Convergence Investment Partners LLC’s holdings, making the stock its 9th largest position. Convergence Investment Partners LLC’s holdings in International Business Machines were worth $3,490,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Evanson Asset Management LLC boosted its stake in shares of International Business Machines by 10.4% in the third quarter. Evanson Asset Management LLC now owns 1,989 shares of the technology company’s stock worth $279,000 after buying an additional 187 shares during the last quarter. Lantz Financial LLC boosted its stake in shares of International Business Machines by 4.9% in the third quarter. Lantz Financial LLC now owns 11,238 shares of the technology company’s stock worth $1,577,000 after buying an additional 521 shares during the last quarter. Golden State Equity Partners boosted its stake in shares of International Business Machines by 3.2% in the third quarter. Golden State Equity Partners now owns 14,506 shares of the technology company’s stock worth $2,035,000 after buying an additional 443 shares during the last quarter. Signet Investment Advisory Group Inc. boosted its stake in shares of International Business Machines by 0.8% in the third quarter. Signet Investment Advisory Group Inc. now owns 14,538 shares of the technology company’s stock worth $2,040,000 after buying an additional 115 shares during the last quarter. Finally, Avestar Capital LLC boosted its stake in shares of International Business Machines by 28.5% in the third quarter. Avestar Capital LLC now owns 2,606 shares of the technology company’s stock worth $366,000 after buying an additional 578 shares during the last quarter. 58.96% of the stock is owned by institutional investors and hedge funds.

International Business Machines Price Performance

Shares of NYSE:IBM traded down $1.78 during midday trading on Friday, hitting $167.13. The company had a trading volume of 8,983,796 shares, compared to its average volume of 3,906,041. International Business Machines Co. has a twelve month low of $120.55 and a twelve month high of $199.18. The company has a debt-to-equity ratio of 2.32, a current ratio of 1.13 and a quick ratio of 0.93. The stock has a market cap of $153.21 billion, a price-to-earnings ratio of 18.93, a price-to-earnings-growth ratio of 3.30 and a beta of 0.70. The business’s 50-day simple moving average is $187.60 and its 200-day simple moving average is $170.34.

International Business Machines (NYSE:IBM) last posted its quarterly earnings results on Wednesday, April 24th. The technology company reported $1.68 EPS for the quarter, beating the consensus estimate of $1.59 by $0.09. International Business Machines had a return on equity of 40.21% and a net margin of 13.18%. The firm had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.53 billion. During the same quarter last year, the firm earned $1.36 earnings per share. The business’s revenue for the quarter was up 1.5% on a year-over-year basis. On average, research analysts predict that International Business Machines Co. will post 9.99 earnings per share for the current year.

International Business Machines Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Saturday, March 9th. Shareholders of record on Friday, February 9th were paid a dividend of $1.66 per share. The ex-dividend date was Thursday, February 8th. This represents a $6.64 annualized dividend and a yield of 3.97%. International Business Machines’s dividend payout ratio (DPR) is 75.20%.

Analyst Upgrades and Downgrades

IBM has been the topic of a number of recent analyst reports. Morgan Stanley lowered their price target on International Business Machines from $186.00 to $179.00 and set an “equal weight” rating on the stock in a research report on Friday. Wedbush increased their price target on International Business Machines from $140.00 to $160.00 and gave the stock a “neutral” rating in a research report on Thursday. Royal Bank of Canada increased their price target on International Business Machines from $179.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. Jefferies Financial Group decreased their target price on International Business Machines from $215.00 to $210.00 and set a “hold” rating on the stock in a research report on Tuesday, April 23rd. Finally, Stifel Nicolaus restated a “buy” rating and issued a $190.00 target price on shares of International Business Machines in a research report on Wednesday, April 17th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, International Business Machines presently has an average rating of “Hold” and a consensus target price of $184.08.

International Business Machines 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.