Palumbo Wealth Management LLC Acquires 1,320 Shares of International Business Machines Corporation (NYSE:IBM)

Palumbo Wealth Management LLC raised its holdings in shares of International Business Machines Corporation (NYSE:IBM) by 14.5% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,436 shares of the technology company’s stock after purchasing an additional 1,320 shares during the period. Palumbo Wealth Management LLC’s holdings in International Business Machines were worth $2,595,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vision Financial Markets LLC bought a new position in shares of International Business Machines during the fourth quarter valued at approximately $31,000. Rialto Wealth Management LLC bought a new position in shares of International Business Machines during the fourth quarter valued at approximately $35,000. Tacita Capital Inc increased its stake in shares of International Business Machines by 174.3% during the fourth quarter. Tacita Capital Inc now owns 192 shares of the technology company’s stock valued at $42,000 after purchasing an additional 122 shares in the last quarter. Park Square Financial Group LLC bought a new position in shares of International Business Machines during the fourth quarter valued at approximately $43,000. Finally, Measured Risk Portfolios Inc. bought a new position in shares of International Business Machines during the fourth quarter valued at approximately $43,000. Institutional investors own 58.96% of the company’s stock.

International Business Machines Trading Down 0.9%

NYSE:IBM opened at $280.67 on Monday. The company has a current ratio of 1.01, a quick ratio of 0.97 and a debt-to-equity ratio of 2.09. International Business Machines Corporation has a 12 month low of $170.41 and a 12 month high of $286.91. The company has a market cap of $260.85 billion, a PE ratio of 48.31, a price-to-earnings-growth ratio of 5.90 and a beta of 0.66. The company has a 50 day simple moving average of $257.71 and a two-hundred day simple moving average of $245.71.

International Business Machines (NYSE:IBM) last posted its earnings results on Wednesday, April 23rd. The technology company reported $1.60 EPS for the quarter, topping analysts’ consensus estimates of $1.42 by $0.18. International Business Machines had a net margin of 8.71% and a return on equity of 37.43%. The business had revenue of $14.54 billion during the quarter, compared to the consensus estimate of $14.41 billion. During the same quarter in the previous year, the firm posted $1.68 EPS. The firm’s revenue was up .5% on a year-over-year basis. Research analysts forecast that International Business Machines Corporation will post 10.78 earnings per share for the current year.

International Business Machines Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Friday, May 9th were given a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a yield of 2.39%. This is an increase from International Business Machines’s previous quarterly dividend of $1.67. International Business Machines’s payout ratio is 115.66%.

Analysts Set New Price Targets

A number of brokerages have weighed in on IBM. Wall Street Zen downgraded shares of International Business Machines from a “buy” rating to a “hold” rating in a research note on Wednesday, May 21st. Wedbush raised their price target on shares of International Business Machines from $300.00 to $325.00 and gave the company an “outperform” rating in a research report on Friday. UBS Group reissued a “sell” rating and set a $170.00 price target (up previously from $160.00) on shares of International Business Machines in a research report on Wednesday, April 23rd. Erste Group Bank raised shares of International Business Machines from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 17th. Finally, BMO Capital Markets reissued a “market perform” rating on shares of International Business Machines in a research report on Wednesday, April 23rd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, International Business Machines currently has a consensus rating of “Hold” and a consensus price target of $253.75.

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.