Addenda Capital Inc. Sells 6,431 Shares of International Business Machines Co. (NYSE:IBM)

Addenda Capital Inc. lowered its stake in shares of International Business Machines Co. (NYSE:IBM) by 15.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 34,929 shares of the technology company’s stock after selling 6,431 shares during the period. Addenda Capital Inc.’s holdings in International Business Machines were worth $8,685,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Tallon Kerry Patrick acquired a new stake in shares of International Business Machines during the fourth quarter worth about $902,000. Brighton Jones LLC raised its position in shares of International Business Machines by 12.4% during the fourth quarter. Brighton Jones LLC now owns 21,011 shares of the technology company’s stock worth $4,619,000 after purchasing an additional 2,323 shares during the period. Highland Capital Management LLC raised its position in shares of International Business Machines by 21.2% during the fourth quarter. Highland Capital Management LLC now owns 2,288 shares of the technology company’s stock worth $503,000 after purchasing an additional 400 shares during the period. Burford Brothers Inc. raised its position in shares of International Business Machines by 1.6% during the fourth quarter. Burford Brothers Inc. now owns 4,685 shares of the technology company’s stock worth $1,030,000 after purchasing an additional 73 shares during the period. Finally, New Wave Wealth Advisors LLC acquired a new stake in shares of International Business Machines during the fourth quarter worth about $168,000. Institutional investors own 58.96% of the company’s stock.

International Business Machines Stock Up 0.1%

NYSE:IBM opened at $258.88 on Friday. The firm has a market capitalization of $240.60 billion, a price-to-earnings ratio of 40.39, a price-to-earnings-growth ratio of 5.81 and a beta of 0.64. International Business Machines Co. has a twelve month low of $163.53 and a twelve month high of $269.28. The stock’s 50 day moving average price is $246.37 and its two-hundred day moving average price is $240.01. The company has a quick ratio of 1.00, a current ratio of 1.04 and a debt-to-equity ratio of 1.82.

International Business Machines (NYSE:IBM) last posted its quarterly earnings results on Wednesday, April 23rd. The technology company reported $1.60 earnings per share for the quarter, topping the consensus estimate of $1.42 by $0.18. The firm had revenue of $14.54 billion for the quarter, compared to analyst estimates of $14.41 billion. International Business Machines had a return on equity of 38.99% and a net margin of 9.60%. The business’s quarterly revenue was up .5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.68 EPS. Equities research analysts expect that International Business Machines Co. will post 10.78 earnings per share for the current fiscal year.

International Business Machines Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Friday, May 9th will be paid a dividend of $1.68 per share. This is an increase from International Business Machines’s previous quarterly dividend of $1.67. This represents a $6.72 annualized dividend and a dividend yield of 2.60%. International Business Machines’s payout ratio is currently 115.66%.

Insider Transactions at International Business Machines

In other news, SVP Robert David Thomas sold 26,543 shares of International Business Machines stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $253.01, for a total transaction of $6,715,644.43. Following the completion of the transaction, the senior vice president now directly owns 45,007 shares in the company, valued at approximately $11,387,221.07. The trade was a 37.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.18% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. BMO Capital Markets reaffirmed a “market perform” rating on shares of International Business Machines in a research report on Wednesday, April 23rd. Royal Bank of Canada lifted their target price on International Business Machines from $276.00 to $285.00 and gave the company an “outperform” rating in a research report on Thursday, May 15th. The Goldman Sachs Group reissued a “buy” rating on shares of International Business Machines in a research report on Wednesday, February 5th. Wall Street Zen lowered International Business Machines from a “buy” rating to a “hold” rating in a research report on Wednesday, May 21st. Finally, Erste Group Bank raised International Business Machines from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 17th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $249.06.

International Business Machines Company Profile

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.