Red Door Wealth Management LLC Acquires 1,831 Shares of International Business Machines Corporation $IBM

Red Door Wealth Management LLC grew its holdings in shares of International Business Machines Corporation (NYSE:IBM) by 53.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,232 shares of the technology company’s stock after acquiring an additional 1,831 shares during the quarter. Red Door Wealth Management LLC’s holdings in International Business Machines were worth $1,476,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Wedge Capital Management L L P NC increased its position in International Business Machines by 3.5% during the 3rd quarter. Wedge Capital Management L L P NC now owns 1,666 shares of the technology company’s stock worth $470,000 after purchasing an additional 57 shares in the last quarter. Corsicana & Co. bought a new stake in shares of International Business Machines during the third quarter worth $111,000. Flputnam Investment Management Co. grew its stake in shares of International Business Machines by 8.1% during the third quarter. Flputnam Investment Management Co. now owns 103,108 shares of the technology company’s stock worth $29,093,000 after buying an additional 7,750 shares during the last quarter. Benson Investment Management Company Inc. acquired a new position in shares of International Business Machines during the third quarter worth $6,383,000. Finally, Congress Asset Management Co. lifted its stake in shares of International Business Machines by 0.4% in the 3rd quarter. Congress Asset Management Co. now owns 52,863 shares of the technology company’s stock valued at $14,916,000 after acquiring an additional 218 shares during the last quarter. 58.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on IBM. Morgan Stanley reduced their price objective on International Business Machines from $256.00 to $252.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 23rd. Jefferies Financial Group boosted their price target on International Business Machines from $280.00 to $305.00 and gave the stock a “hold” rating in a report on Tuesday, October 21st. Wall Street Zen downgraded International Business Machines from a “buy” rating to a “hold” rating in a research note on Saturday. Royal Bank Of Canada cut their target price on shares of International Business Machines from $315.00 to $300.00 and set an “outperform” rating on the stock in a research report on Thursday, October 23rd. Finally, Weiss Ratings raised shares of International Business Machines from a “hold (c+)” rating to a “buy (b)” rating in a report on Saturday, October 25th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $293.38.

International Business Machines Trading Up 0.2%

NYSE:IBM opened at $300.94 on Friday. The firm has a market cap of $281.30 billion, a P/E ratio of 36.00, a P/E/G ratio of 3.00 and a beta of 0.69. The company has a debt-to-equity ratio of 1.97, a quick ratio of 0.89 and a current ratio of 0.93. International Business Machines Corporation has a 52 week low of $214.50 and a 52 week high of $324.90. The firm’s fifty day moving average is $301.03 and its 200-day moving average is $279.66.

International Business Machines (NYSE:IBM) last issued its quarterly earnings results on Wednesday, October 22nd. The technology company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.45 by $0.20. The firm had revenue of $16.33 billion for the quarter, compared to analyst estimates of $16.10 billion. International Business Machines had a return on equity of 37.76% and a net margin of 12.09%.The company’s revenue was up 9.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.30 earnings per share. Equities analysts expect that International Business Machines Corporation will post 10.78 earnings per share for the current year.

International Business Machines Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 10th. Investors of record on Monday, November 10th were paid a dividend of $1.68 per share. This represents a $6.72 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Monday, November 10th. International Business Machines’s dividend payout ratio is 80.38%.

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.