Spinnaker Trust Decreases Position in International Business Machines Co. (NYSE:IBM)

Spinnaker Trust lessened its position in International Business Machines Co. (NYSE:IBM) by 6.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,467 shares of the technology company’s stock after selling 1,141 shares during the quarter. Spinnaker Trust’s holdings in International Business Machines were worth $3,641,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in IBM. Gordian Advisors LLC acquired a new position in shares of International Business Machines in the 3rd quarter worth approximately $230,000. Maia Wealth LLC grew its stake in shares of International Business Machines by 8.2% in the third quarter. Maia Wealth LLC now owns 1,331 shares of the technology company’s stock valued at $291,000 after buying an additional 101 shares in the last quarter. Centennial Wealth Advisory LLC grew its position in International Business Machines by 1.2% in the 3rd quarter. Centennial Wealth Advisory LLC now owns 9,932 shares of the technology company’s stock valued at $2,196,000 after acquiring an additional 120 shares in the last quarter. Umpqua Bank boosted its stake in shares of International Business Machines by 4.3% in the third quarter. Umpqua Bank now owns 2,281 shares of the technology company’s stock valued at $504,000 after purchasing an additional 94 shares during the period. Finally, Foster & Motley Inc. boosted its holdings in International Business Machines by 6.7% in the third quarter. Foster & Motley Inc. now owns 38,449 shares of the technology company’s stock valued at $8,500,000 after purchasing an additional 2,418 shares during the period. 58.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

IBM has been the topic of a number of analyst reports. Bank of America raised their price target on International Business Machines from $209.00 to $250.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $250.00 price objective on shares of International Business Machines in a report on Thursday, October 24th. Jefferies Financial Group upped their target price on International Business Machines from $200.00 to $245.00 and gave the company a “hold” rating in a research report on Monday, October 21st. Evercore ISI increased their price objective on International Business Machines from $215.00 to $240.00 and gave the company an “outperform” rating in a report on Wednesday, September 11th. Finally, StockNews.com cut shares of International Business Machines from a “buy” rating to a “hold” rating in a report on Friday, October 25th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $208.12.

International Business Machines Stock Up 2.1 %

Shares of IBM stock traded up $4.35 during mid-day trading on Wednesday, reaching $211.92. 885,652 shares of the company were exchanged, compared to its average volume of 4,238,579. The business’s 50 day simple moving average is $217.19 and its 200 day simple moving average is $191.71. The company has a market capitalization of $195.95 billion, a P/E ratio of 30.85, a P/E/G ratio of 4.68 and a beta of 0.71. International Business Machines Co. has a fifty-two week low of $145.28 and a fifty-two week high of $237.37. The company has a debt-to-equity ratio of 2.16, a quick ratio of 1.01 and a current ratio of 1.06.

International Business Machines (NYSE:IBM) last announced its quarterly earnings data on Wednesday, October 23rd. The technology company reported $2.30 earnings per share for the quarter, beating the consensus estimate of $2.27 by $0.03. International Business Machines had a return on equity of 40.52% and a net margin of 10.22%. The firm had revenue of $14.97 billion during the quarter, compared to analyst estimates of $15.08 billion. During the same period in the previous year, the company earned $2.20 earnings per share. International Business Machines’s quarterly revenue was up 1.5% on a year-over-year basis. Research analysts predict that International Business Machines Co. will post 10.11 earnings per share for the current year.

International Business Machines Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Tuesday, November 12th will be given a $1.67 dividend. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $6.68 dividend on an annualized basis and a dividend yield of 3.15%. International Business Machines’s payout ratio is currently 97.23%.

International Business Machines 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.