International Business Machines Corporation $IBM Shares Bought by Convergence Financial LLC

Convergence Financial LLC grew its position in International Business Machines Corporation (NYSE:IBM) by 276.7% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 6,373 shares of the technology company’s stock after acquiring an additional 4,681 shares during the quarter. Convergence Financial LLC’s holdings in International Business Machines were worth $1,798,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of IBM. Norges Bank purchased a new stake in International Business Machines during the second quarter worth approximately $2,011,122,000. Vanguard Group Inc. lifted its holdings in shares of International Business Machines by 2.1% during the 2nd quarter. Vanguard Group Inc. now owns 95,051,475 shares of the technology company’s stock valued at $28,019,274,000 after acquiring an additional 1,913,708 shares in the last quarter. Laurel Wealth Advisors LLC boosted its position in International Business Machines by 27,928.2% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 1,903,116 shares of the technology company’s stock worth $561,001,000 after purchasing an additional 1,896,326 shares during the period. Franklin Resources Inc. increased its holdings in International Business Machines by 45.8% in the 2nd quarter. Franklin Resources Inc. now owns 1,313,241 shares of the technology company’s stock valued at $387,118,000 after purchasing an additional 412,574 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in International Business Machines by 1.9% in the second quarter. Geode Capital Management LLC now owns 21,936,235 shares of the technology company’s stock valued at $6,444,527,000 after purchasing an additional 400,131 shares during the period. Hedge funds and other institutional investors own 58.96% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on IBM shares. Argus set a $360.00 target price on International Business Machines in a research note on Friday, January 30th. Bank of America upped their price target on International Business Machines from $315.00 to $335.00 and gave the stock a “buy” rating in a report on Tuesday, January 13th. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of International Business Machines in a research report on Wednesday, December 10th. Wall Street Zen cut shares of International Business Machines from a “buy” rating to a “hold” rating in a research report on Sunday, January 11th. Finally, Evercore raised their price target on shares of International Business Machines from $330.00 to $345.00 and gave the company an “outperform” rating in a report on Thursday, January 29th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, International Business Machines has an average rating of “Moderate Buy” and a consensus price target of $330.07.

Insider Activity at International Business Machines

In other news, Director David N. Farr purchased 1,000 shares of the stock in a transaction dated Friday, January 30th. The stock was acquired at an average cost of $304.00 per share, for a total transaction of $304,000.00. Following the acquisition, the director owned 9,258 shares of the company’s stock, valued at $2,814,432. The trade was a 12.11% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.18% of the company’s stock.

International Business Machines Trading Up 0.4%

NYSE IBM opened at $257.20 on Friday. International Business Machines Corporation has a 12 month low of $214.50 and a 12 month high of $324.90. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.96 and a quick ratio of 0.92. The company has a market capitalization of $240.41 billion, a price-to-earnings ratio of 23.07, a price-to-earnings-growth ratio of 2.57 and a beta of 0.69. The company’s fifty day moving average price is $294.08 and its two-hundred day moving average price is $284.00.

International Business Machines (NYSE:IBM) last released its earnings results on Wednesday, January 28th. The technology company reported $4.52 earnings per share for the quarter, topping the consensus estimate of $4.33 by $0.19. International Business Machines had a net margin of 15.69% and a return on equity of 38.15%. The company had revenue of $19.69 billion during the quarter, compared to the consensus estimate of $19.23 billion. During the same quarter in the previous year, the firm earned $3.92 EPS. The company’s revenue was up 12.2% on a year-over-year basis. As a group, research analysts predict that International Business Machines Corporation will post 10.78 earnings per share for the current fiscal year.

International Business Machines Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 10th. Shareholders of record on Tuesday, February 10th will be issued a dividend of $1.68 per share. This represents a $6.72 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Tuesday, February 10th. International Business Machines’s dividend payout ratio (DPR) is currently 60.27%.

International Business Machines Company Profile

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.