International Business Machines (NYSE:IBM) Trading Up 1.8% – Here’s What Happened

International Business Machines Corporation (NYSE:IBM)’s share price shot up 1.8% on Wednesday . The stock traded as high as $294.49 and last traded at $286.1630. Approximately 6,822,964 shares were traded during trading, a decline of 7% from the average daily volume of 7,299,441 shares. The stock had previously closed at $281.21.

Analyst Ratings Changes

IBM has been the topic of a number of research analyst reports. DZ Bank raised shares of International Business Machines from a “hold” rating to a “buy” rating and set a $295.00 price target on the stock in a report on Friday, April 24th. Wedbush set a $350.00 price target on International Business Machines in a research report on Tuesday, June 2nd. Citigroup boosted their price objective on shares of International Business Machines from $285.00 to $375.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Piper Sandler upgraded International Business Machines to an “overweight” rating in a research note on Tuesday, June 23rd. Finally, KeyCorp lowered shares of International Business Machines to a “sector weight” rating in a report on Tuesday, June 23rd. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $306.76.

International Business Machines Stock Down 0.2%

The company has a current ratio of 0.80, a quick ratio of 0.76 and a debt-to-equity ratio of 1.75. The stock’s fifty day moving average is $256.25 and its 200 day moving average is $266.20. The company has a market capitalization of $271.58 billion, a P/E ratio of 25.55, a price-to-earnings-growth ratio of 2.96 and a beta of 0.68.

International Business Machines (NYSE:IBM) last posted its earnings results on Wednesday, April 22nd. The technology company reported $1.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.81 by $0.10. The company had revenue of $15.92 billion for the quarter, compared to analysts’ expectations of $15.60 billion. International Business Machines had a return on equity of 37.23% and a net margin of 15.61%.International Business Machines’s quarterly revenue was up 9.5% on a year-over-year basis. During the same period last year, the firm earned $1.60 earnings per share. Research analysts predict that International Business Machines Corporation will post 12.4 EPS for the current fiscal year.

International Business Machines Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Investors 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 dividend yield of 2.3%. The ex-dividend date was Friday, May 8th. International Business Machines’s dividend payout ratio is presently 59.77%.

Hedge Funds Weigh In On International Business Machines

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Foster Group Inc. boosted its position in International Business Machines by 1.3% in the 4th quarter. Foster Group Inc. now owns 2,507 shares of the technology company’s stock valued at $742,000 after buying an additional 33 shares during the period. CVA Family Office LLC increased its position in shares of International Business Machines by 1.4% during the fourth quarter. CVA Family Office LLC now owns 2,389 shares of the technology company’s stock worth $708,000 after acquiring an additional 33 shares during the period. New Covenant Trust Company N.A. increased its position in shares of International Business Machines by 3.8% during the fourth quarter. New Covenant Trust Company N.A. now owns 905 shares of the technology company’s stock worth $264,000 after acquiring an additional 33 shares during the period. McGowan Group Asset Management Inc. raised its stake in shares of International Business Machines by 1.2% in the fourth quarter. McGowan Group Asset Management Inc. now owns 2,693 shares of the technology company’s stock valued at $798,000 after acquiring an additional 33 shares in the last quarter. Finally, Altman Advisors Inc. boosted its holdings in International Business Machines by 0.3% in the third quarter. Altman Advisors Inc. now owns 9,929 shares of the technology company’s stock valued at $2,802,000 after purchasing an additional 34 shares during the period. Hedge funds and other institutional investors own 58.96% of the company’s stock.

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.