Riggs Asset Managment Co. Inc. Cuts Position in International Business Machines Corporation (NYSE:IBM)

Riggs Asset Managment Co. Inc. cut its stake in International Business Machines Corporation (NYSE:IBM) by 0.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,741 shares of the technology company’s stock after selling 89 shares during the quarter. Riggs Asset Managment Co. Inc.’s holdings in International Business Machines were worth $3,168,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. MinichMacGregor Wealth Management LLC purchased a new position in International Business Machines during the 1st quarter worth $396,000. Treasurer of the State of North Carolina grew its stake in International Business Machines by 0.8% during the 4th quarter. Treasurer of the State of North Carolina now owns 495,574 shares of the technology company’s stock valued at $108,942,000 after purchasing an additional 4,131 shares during the last quarter. Mufg Securities Americas Inc. purchased a new stake in International Business Machines during the 4th quarter valued at about $3,000,000. Magnolia Private Wealth LLC purchased a new stake in International Business Machines during the 1st quarter valued at about $239,000. Finally, Ferguson Wellman Capital Management Inc. grew its stake in International Business Machines by 0.8% during the 1st quarter. Ferguson Wellman Capital Management Inc. now owns 141,448 shares of the technology company’s stock valued at $35,172,000 after purchasing an additional 1,058 shares during the last quarter. 58.96% of the stock is currently owned by hedge funds and other institutional investors.

International Business Machines Price Performance

NYSE:IBM opened at $291.66 on Friday. International Business Machines Corporation has a 12 month low of $174.45 and a 12 month high of $296.16. The stock has a 50 day moving average of $268.36 and a two-hundred day moving average of $249.86. The company has a current ratio of 1.01, a quick ratio of 0.97 and a debt-to-equity ratio of 2.09. The firm has a market cap of $271.06 billion, a P/E ratio of 50.20, a price-to-earnings-growth ratio of 6.13 and a beta of 0.69.

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

International Business Machines Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Friday, May 9th were given a $1.68 dividend. This is a positive change from International Business Machines’s previous quarterly dividend of $1.67. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.30%. International Business Machines’s dividend payout ratio is 115.66%.

Wall Street Analyst Weigh In

Several analysts have weighed in on IBM shares. Wall Street Zen downgraded International Business Machines from a “buy” rating to a “hold” rating in a research note on Wednesday, May 21st. BMO Capital Markets reissued a “market perform” rating on shares of International Business Machines in a report on Wednesday, April 23rd. Wedbush boosted their price objective on International Business Machines from $300.00 to $325.00 and gave the company an “outperform” rating in a report on Friday, June 20th. Morgan Stanley decreased their price objective on International Business Machines from $237.00 to $233.00 and set an “equal weight” rating for the company in a report on Thursday, April 24th. Finally, Jefferies Financial Group reissued a “hold” rating on shares of International Business Machines in a report on Wednesday, April 23rd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $257.50.

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.