International Business Machines Corporation (NYSE:IBM – Get Free Report)’s stock price dropped 1.5% during mid-day trading on Monday . The company traded as low as $264.80 and last traded at $268.1930. Approximately 7,058,024 shares changed hands during trading, a decline of 1% from the average daily volume of 7,127,987 shares. The stock had previously closed at $272.24.
Wall Street Analyst Weigh In
IBM has been the topic of a number of recent research reports. Needham & Company LLC initiated coverage on shares of International Business Machines in a research note on Wednesday, June 3rd. They set a “buy” rating on the stock. Weiss Ratings upgraded shares of International Business Machines from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, June 9th. Jefferies Financial Group cut their price target on shares of International Business Machines from $370.00 to $320.00 and set a “buy” rating on the stock in a research note on Monday, April 20th. Royal Bank Of Canada reiterated an “outperform” rating on shares of International Business Machines in a research note on Thursday, May 28th. Finally, Oppenheimer cut their price target on shares of International Business Machines from $380.00 to $320.00 and set an “outperform” rating on the stock in a research note on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, International Business Machines currently has a consensus rating of “Moderate Buy” and an average target price of $304.17.
Read Our Latest Analysis on IBM
International Business Machines Price Performance
International Business Machines (NYSE:IBM – Get Free Report) last released its earnings results on Wednesday, April 22nd. The technology company reported $1.91 earnings per share for the quarter, topping analysts’ consensus estimates of $1.81 by $0.10. International Business Machines had a net margin of 15.61% and a return on equity of 37.23%. The firm had revenue of $15.92 billion for the quarter, compared to analyst estimates of $15.60 billion. During the same period in the prior year, the firm earned $1.60 earnings per share. The business’s quarterly revenue was up 9.5% compared to the same quarter last year. As a group, sell-side analysts forecast that International Business Machines Corporation will post 12.38 earnings per share for the current fiscal year.
International Business Machines Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Friday, May 8th were issued a $1.69 dividend. This represents a $6.76 dividend on an annualized basis and a yield of 2.5%. This is a positive change from International Business Machines’s previous quarterly dividend of $1.68. The ex-dividend date of this dividend was Friday, May 8th. International Business Machines’s dividend payout ratio is currently 59.77%.
Hedge Funds Weigh In On International Business Machines
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Shariaportfolio Inc. acquired a new position in International Business Machines in the first quarter valued at approximately $278,000. FAS Wealth Partners Inc. boosted its holdings in International Business Machines by 1.1% in the first quarter. FAS Wealth Partners Inc. now owns 7,598 shares of the technology company’s stock valued at $1,842,000 after purchasing an additional 86 shares in the last quarter. Pine Valley Investments Ltd Liability Co boosted its holdings in International Business Machines by 1.1% in the first quarter. Pine Valley Investments Ltd Liability Co now owns 20,341 shares of the technology company’s stock valued at $4,930,000 after purchasing an additional 225 shares in the last quarter. Farmers National Bank boosted its holdings in International Business Machines by 13.9% in the first quarter. Farmers National Bank now owns 28,786 shares of the technology company’s stock valued at $6,977,000 after purchasing an additional 3,518 shares in the last quarter. Finally, Blue Edge Capital LLC boosted its holdings in International Business Machines by 22.9% in the first quarter. Blue Edge Capital LLC now owns 8,316 shares of the technology company’s stock valued at $2,016,000 after purchasing an additional 1,551 shares in the last quarter. 58.96% of the stock is owned by institutional investors and hedge funds.
About International Business Machines
International Business Machines Corporation (IBM) is a global technology and consulting company headquartered in Armonk, New York. Founded in 1911 as the Computing-Tabulating-Recording Company (CTR) and renamed IBM in 1924, the company has evolved from early electromechanical machines to a diversified technology provider serving enterprises and governments worldwide. IBM is publicly traded on the New York Stock Exchange under the ticker symbol IBM.
IBM’s principal businesses encompass cloud computing and software, infrastructure and systems, consulting and technology services, and research and development.
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