Cardinal Point Capital Management ULC increased its position in shares of International Business Machines Corporation (NYSE:IBM – Free Report) by 8.7% during the third quarter, Holdings Channel reports. The fund owned 42,431 shares of the technology company’s stock after acquiring an additional 3,398 shares during the quarter. Cardinal Point Capital Management ULC’s holdings in International Business Machines were worth $9,332,000 at the end of the most recent quarter.
A number of other large investors have also made changes to their positions in the company. Portus Wealth Advisors LLC acquired a new position in International Business Machines in the 1st quarter worth approximately $26,000. Harborfront Financial Group LLC acquired a new stake in International Business Machines during the 2nd quarter valued at $27,000. Hara Capital LLC acquired a new stake in International Business Machines during the 2nd quarter valued at $28,000. Bare Financial Services Inc lifted its holdings in shares of International Business Machines by 114.6% in the second quarter. Bare Financial Services Inc now owns 103 shares of the technology company’s stock valued at $29,000 after purchasing an additional 55 shares in the last quarter. Finally, Caitlin John LLC purchased a new stake in shares of International Business Machines in the second quarter valued at $35,000. Institutional investors and hedge funds own 58.96% of the company’s stock.
Analysts Set New Price Targets
IBM has been the subject of several recent analyst reports. Evercore decreased their target price on International Business Machines from $310.00 to $250.00 and set an “outperform” rating for the company in a research report on Thursday, July 16th. Daiwa Securities Group dropped their price target on International Business Machines from $247.00 to $217.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 29th. Bank of America reduced their price objective on International Business Machines from $330.00 to $280.00 and set a “buy” rating for the company in a research note on Wednesday, July 15th. Weiss Ratings upgraded International Business Machines from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, October 14th. Finally, Susquehanna restated a “neutral” rating on shares of International Business Machines in a research report on Wednesday. Twenty analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, International Business Machines currently has a consensus rating of “Moderate Buy” and an average price target of $255.76.
View Our Latest Stock Report on IBM
More International Business Machines News
Here are the key news stories impacting International Business Machines this week:
- Positive Sentiment: Q3 results exceeded expectations: IBM reported adjusted earnings of $2.95 per share versus consensus estimates near $2.85-$2.88, while revenue rose approximately 5% year over year to $17.1 billion, ahead of the roughly $16.8 billion forecast. IBM beats on top and bottom lines
- Positive Sentiment: Software and infrastructure growth accelerated: Software revenue increased 8% to $7.8 billion and Infrastructure revenue rose 4% to $3.7 billion. Management said previously delayed infrastructure deals began closing, supporting the view that the prior-quarter slowdown was temporary. IBM raises annual software revenue outlook
- Positive Sentiment: Cash-flow outlook improved: IBM generated $3.0 billion in free cash flow during the quarter and expects full-year free cash flow to increase by more than $1 billion from the prior year. The company maintained its 4%-5% full-year constant-currency revenue-growth forecast. IBM third-quarter results
- Positive Sentiment: CEO Arvind Krishna highlighted momentum in enterprise AI and “Super Intelligence” initiatives, while IBM’s partnerships around open-source AI inference and its quantum-computing strategy add longer-term growth catalysts.
- Neutral Sentiment: IBM’s GAAP net income rose to $2.19 billion from $1.74 billion a year earlier, and the board declared a quarterly dividend of $1.69 per share.
- Negative Sentiment: Gross margin was narrower than expected, which could limit the benefit of revenue growth if elevated AI, infrastructure, or implementation costs persist.
Insider Buying and Selling at International Business Machines
In other news, SVP Robert Thomas sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $230.32, for a total transaction of $5,758,000.00. Following the completion of the sale, the senior vice president directly owned 47,800 shares of the company’s stock, valued at $11,009,296. This trade represents a 34.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.27% of the stock is owned by company insiders.
International Business Machines Trading Up 3.6%
Shares of NYSE:IBM opened at $250.67 on Thursday. The company has a quick ratio of 0.74, a current ratio of 0.79 and a debt-to-equity ratio of 1.63. International Business Machines Corporation has a 12-month low of $199.19 and a 12-month high of $332.46. The firm has a fifty day moving average of $232.36 and a two-hundred day moving average of $243.60. The firm has a market capitalization of $236.16 billion, a P/E ratio of 22.24, a price-to-earnings-growth ratio of 2.32 and a beta of 0.73.
International Business Machines (NYSE:IBM – Get Free Report) last released its quarterly earnings data on Wednesday, October 21st. The technology company reported $2.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.85 by $0.10. International Business Machines had a return on equity of 35.65% and a net margin of 15.52%. The firm had revenue of $17.10 billion during the quarter, compared to analysts’ expectations of $16.82 billion. During the same quarter last year, the firm earned $2.65 earnings per share. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. On average, equities analysts expect that International Business Machines Corporation will post 12.34 EPS for the current fiscal year.
About International Business Machines
International Business Machines Corporation (NYSE:IBM), commonly known as IBM, is a global technology and consulting company that helps organizations modernize their information technology and business operations. Its offerings include hybrid cloud solutions, artificial intelligence software and services, enterprise software, IT infrastructure, cybersecurity, data analytics, and technology consulting.
IBM provides products and services to businesses, governments, and other institutions across industries and regions worldwide.
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