Convergence Financial LLC Raises Stock Position in International Business Machines Corporation $IBM

Convergence Financial LLC lifted its position in shares of International Business Machines Corporation (NYSE:IBM) by 276.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,373 shares of the technology company’s stock after acquiring an additional 4,681 shares during the quarter. Convergence Financial LLC’s holdings in International Business Machines were worth $1,798,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in International Business Machines by 0.8% in the third quarter. Vanguard Group Inc. now owns 95,776,307 shares of the technology company’s stock valued at $27,024,243,000 after purchasing an additional 724,832 shares during the last quarter. State Street Corp raised its stake in shares of International Business Machines by 0.3% during the 2nd quarter. State Street Corp now owns 54,536,963 shares of the technology company’s stock worth $16,076,406,000 after buying an additional 147,721 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of International Business Machines by 1.9% in the 2nd quarter. Geode Capital Management LLC now owns 21,936,235 shares of the technology company’s stock worth $6,444,527,000 after buying an additional 400,131 shares in the last quarter. Legal & General Group Plc grew its stake in International Business Machines by 3.4% in the 2nd quarter. Legal & General Group Plc now owns 7,126,503 shares of the technology company’s stock valued at $2,100,751,000 after acquiring an additional 234,318 shares during the last quarter. Finally, Norges Bank purchased a new position in International Business Machines during the 2nd quarter valued at about $2,011,122,000. 58.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on IBM shares. BMO Capital Markets reaffirmed a “market perform” rating and issued a $350.00 price target on shares of International Business Machines in a report on Thursday, January 29th. Sanford C. Bernstein restated a “market perform” rating on shares of International Business Machines in a research report on Wednesday, December 10th. UBS Group set a $317.00 target price on International Business Machines in a report on Thursday, January 29th. Weiss Ratings reissued a “buy (b)” rating on shares of International Business Machines in a report on Thursday, January 22nd. Finally, Dbs Bank upgraded International Business Machines from a “hold” rating to a “moderate buy” rating in a research report on Monday, January 19th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, International Business Machines presently has an average rating of “Moderate Buy” and an average target price of $330.07.

International Business Machines Price Performance

Shares of NYSE:IBM opened at $257.20 on Friday. The company has a market cap of $240.41 billion, a P/E ratio of 23.07, a P/E/G ratio of 2.57 and a beta of 0.69. The business has a fifty day simple moving average of $294.08 and a 200-day simple moving average of $284.00. International Business Machines Corporation has a 52 week low of $214.50 and a 52 week high of $324.90. The company has a quick ratio of 0.92, a current ratio of 0.96 and a debt-to-equity ratio of 1.67.

International Business Machines (NYSE:IBM) last issued its quarterly earnings results on Wednesday, January 28th. The technology company reported $4.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.33 by $0.19. The firm had revenue of $19.69 billion for the quarter, compared to analyst estimates of $19.23 billion. International Business Machines had a return on equity of 38.15% and a net margin of 15.69%.The firm’s quarterly revenue was up 12.2% on a year-over-year basis. During the same period last year, the company earned $3.92 EPS. Equities research analysts forecast that International Business Machines Corporation will post 10.78 EPS for the current year.

International Business Machines Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 10th. Investors of record on Tuesday, February 10th will be issued a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Tuesday, February 10th. International Business Machines’s payout ratio is presently 60.27%.

Insider Buying and Selling

In related news, Director David N. Farr purchased 1,000 shares of the company’s stock in a transaction that occurred on Friday, January 30th. The stock was purchased at an average price of $304.00 per share, with a total value of $304,000.00. Following the completion of the transaction, the director owned 9,258 shares of the company’s stock, valued at approximately $2,814,432. This trade represents a 12.11% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.18% 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.