Summit Financial LLC Acquires 9,393 Shares of International Business Machines Co. (NYSE:IBM)

Summit Financial LLC grew its stake in shares of International Business Machines Co. (NYSE:IBM) by 67.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,394 shares of the technology company’s stock after buying an additional 9,393 shares during the quarter. Summit Financial LLC’s holdings in International Business Machines were worth $5,143,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. United Bank grew its holdings in shares of International Business Machines by 53.3% in the third quarter. United Bank now owns 5,628 shares of the technology company’s stock worth $1,244,000 after purchasing an additional 1,956 shares during the last quarter. Quest Partners LLC boosted its position in International Business Machines by 23,700.0% during the 3rd quarter. Quest Partners LLC now owns 238 shares of the technology company’s stock valued at $53,000 after buying an additional 237 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in International Business Machines in the 3rd quarter worth $4,355,000. Vinva Investment Management Ltd purchased a new position in shares of International Business Machines in the third quarter valued at about $599,000. Finally, L.M. Kohn & Company raised its stake in shares of International Business Machines by 12.9% during the third quarter. L.M. Kohn & Company now owns 2,238 shares of the technology company’s stock valued at $495,000 after acquiring an additional 255 shares during the last quarter. Hedge funds and other institutional investors own 58.96% of the company’s stock.

International Business Machines Stock Performance

Shares of International Business Machines stock opened at $243.83 on Monday. International Business Machines Co. has a 1 year low of $162.62 and a 1 year high of $266.45. The firm’s 50-day moving average is $249.51 and its 200 day moving average is $231.62. The stock has a market cap of $226.10 billion, a price-to-earnings ratio of 38.04, a PEG ratio of 5.81 and a beta of 0.74. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.04 and a quick ratio of 1.00.

International Business Machines (NYSE:IBM) last issued its earnings results on Wednesday, January 29th. The technology company reported $3.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.77 by $0.15. International Business Machines had a net margin of 9.60% and a return on equity of 38.99%. Sell-side analysts anticipate that International Business Machines Co. will post 10.78 EPS for the current fiscal year.

International Business Machines Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Monday, February 10th were issued a $1.67 dividend. This represents a $6.68 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date of this dividend was Monday, February 10th. International Business Machines’s payout ratio is 104.21%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on IBM. BMO Capital Markets boosted their price target on International Business Machines from $260.00 to $280.00 and gave the company a “market perform” rating in a report on Thursday, January 30th. Morgan Stanley boosted their price target on shares of International Business Machines from $217.00 to $228.00 and gave the company an “equal weight” rating in a research report on Thursday, January 30th. The Goldman Sachs Group restated a “buy” rating on shares of International Business Machines in a report on Wednesday, February 5th. Bank of America upped their target price on International Business Machines from $260.00 to $270.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Finally, JPMorgan Chase & Co. raised their target price on International Business Machines from $233.00 to $244.00 and gave the company a “neutral” rating in a research note on Thursday, January 30th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, International Business Machines has an average rating of “Hold” and an average target price of $231.44.

Insider Transactions at International Business Machines

In related news, SVP Robert David Thomas sold 26,543 shares of International Business Machines stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $253.01, for a total value of $6,715,644.43. Following the completion of the sale, the senior vice president now directly owns 45,007 shares in the company, valued at approximately $11,387,221.07. This trade represents a 37.10 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.18% of the company’s stock.

About International Business Machines

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.