Cullen Capital Management LLC Cuts Stake in International Business Machines Corporation $IBM

Cullen Capital Management LLC lowered its position in International Business Machines Corporation (NYSE:IBM) by 9.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 154,588 shares of the technology company’s stock after selling 16,412 shares during the quarter. Cullen Capital Management LLC’s holdings in International Business Machines were worth $45,791,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in IBM. Norges Bank purchased a new position in shares of International Business Machines in the fourth quarter worth $2,446,429,000. Capital World Investors boosted its position in International Business Machines by 29.2% during the 4th quarter. Capital World Investors now owns 22,021,912 shares of the technology company’s stock valued at $6,523,720,000 after buying an additional 4,976,756 shares during the period. Vanguard Group Inc. grew its holdings in International Business Machines by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 97,216,131 shares of the technology company’s stock worth $28,796,390,000 after acquiring an additional 1,439,824 shares during the last quarter. First Trust Advisors LP grew its holdings in International Business Machines by 39.6% in the 3rd quarter. First Trust Advisors LP now owns 3,052,880 shares of the technology company’s stock worth $861,401,000 after acquiring an additional 865,253 shares during the last quarter. Finally, Valpey Financial Services LLC increased its position in shares of International Business Machines by 27,670.9% in the fourth quarter. Valpey Financial Services LLC now owns 867,007 shares of the technology company’s stock valued at $256,816,000 after acquiring an additional 863,885 shares during the period. Hedge funds and other institutional investors own 58.96% of the company’s stock.

International Business Machines Stock Down 1.1%

Shares of NYSE IBM opened at $271.77 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.76 and a debt-to-equity ratio of 1.75. International Business Machines Corporation has a 12 month low of $212.34 and a 12 month high of $332.46. The firm has a market capitalization of $255.43 billion, a PE ratio of 24.03, a price-to-earnings-growth ratio of 2.85 and a beta of 0.67. The firm has a fifty day simple moving average of $250.02 and a two-hundred day simple moving average of $270.34.

International Business Machines (NYSE:IBM) last announced its quarterly earnings data on Wednesday, April 22nd. The technology company reported $1.91 EPS for the quarter, beating the consensus estimate of $1.81 by $0.10. The business had revenue of $15.92 billion during the quarter, compared to analyst estimates of $15.60 billion. International Business Machines had a return on equity of 37.23% and a net margin of 15.61%.The company’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.60 earnings per share. Equities analysts expect that International Business Machines Corporation will post 12.38 earnings per share for the current year.

International Business Machines Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Friday, May 8th were given a dividend of $1.69 per share. This is an increase from International Business Machines’s previous quarterly dividend of $1.68. This represents a $6.76 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Friday, May 8th. International Business Machines’s payout ratio is 59.77%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on IBM shares. BMO Capital Markets dropped their target price on shares of International Business Machines from $290.00 to $270.00 and set a “market perform” rating for the company in a report on Thursday, April 23rd. Royal Bank Of Canada restated an “outperform” rating on shares of International Business Machines in a report on Thursday, May 28th. JPMorgan Chase & Co. lowered their price target on International Business Machines from $317.00 to $283.00 and set a “neutral” rating for the company in a research report on Wednesday, March 18th. Needham & Company LLC assumed coverage on International Business Machines in a report on Wednesday, June 3rd. They issued a “buy” rating for the company. Finally, DZ Bank raised International Business Machines from a “hold” rating to a “buy” rating and set a $295.00 target price on the stock in a research note on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, International Business Machines currently has a consensus rating of “Moderate Buy” and a consensus target price of $304.17.

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.