Varma Mutual Pension Insurance Co Buys Shares of 137,458 International Business Machines Corporation $IBM

Varma Mutual Pension Insurance Co bought a new position in International Business Machines Corporation (NYSE:IBM) during the 2nd quarter, HoldingsChannel reports. The firm bought 137,458 shares of the technology company’s stock, valued at approximately $38,655,000.

Several other institutional investors and hedge funds also recently made changes to their positions in IBM. Basepoint Wealth LLC acquired a new stake in International Business Machines during the 4th quarter worth $25,000. Cornerstone Financial Management LLC bought a new position in shares of International Business Machines during the 4th quarter valued at about $28,000. Harborfront Financial Group LLC acquired a new position in shares of International Business Machines in the 2nd quarter valued at approximately $27,000. Hara Capital LLC acquired a new position in shares of International Business Machines in the 2nd quarter valued at approximately $28,000. Finally, SWAN Capital LLC bought a new stake in International Business Machines during the 3rd quarter worth approximately $28,000. Institutional investors and hedge funds own 58.96% of the company’s stock.

International Business Machines Trading Down 0.0%

NYSE:IBM opened at $234.87 on Monday. The company has a market cap of $221.28 billion, a P/E ratio of 20.84, a price-to-earnings-growth ratio of 2.24 and a beta of 0.71. International Business Machines Corporation has a twelve month low of $199.19 and a twelve month high of $332.46. The business has a 50 day moving average price of $241.67 and a two-hundred day moving average price of $247.02. The company has a quick ratio of 0.74, a current ratio of 0.79 and a debt-to-equity ratio of 1.63.

International Business Machines (NYSE:IBM) last posted its quarterly earnings data on Wednesday, July 22nd. The technology company reported $2.93 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $2.93. International Business Machines had a net margin of 15.52% and a return on equity of 35.65%. The company had revenue of $17.16 billion for the quarter, compared to the consensus estimate of $17.46 billion. During the same period last year, the company earned $2.80 earnings per share. The firm’s revenue was up 1.1% compared to the same quarter last year. As a group, analysts expect that International Business Machines Corporation will post 12.33 EPS for the current fiscal year.

International Business Machines Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Monday, August 10th will be given a dividend of $1.69 per share. The ex-dividend date of this dividend is Monday, August 10th. This represents a $6.76 annualized dividend and a yield of 2.9%. International Business Machines’s payout ratio is 59.98%.

Analysts Set New Price Targets

A number of brokerages have weighed in on IBM. Weiss Ratings lowered shares of International Business Machines from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, June 24th. Piper Sandler upgraded shares of International Business Machines to an “overweight” rating in a report on Tuesday, June 23rd. Craig Hallum began coverage on shares of International Business Machines in a research report on Wednesday, August 19th. They issued a “buy” rating on the stock. JPMorgan Chase & Co. reduced their target price on shares of International Business Machines from $291.00 to $250.00 and set an “overweight” rating for the company in a research note on Friday, July 17th. Finally, Oppenheimer cut International Business Machines from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 15th. Sixteen analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $265.90.

Insider Buying and Selling

In other news, SVP Robert Thomas sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $230.32, for a total value of $5,758,000.00. Following the completion of the transaction, the senior vice president owned 47,800 shares in the company, valued at $11,009,296. This trade represents a 34.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.27% of the stock is owned by company insiders.

About International Business Machines

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.