Palumbo Wealth Management LLC Has $2 Million Holdings in International Business Machines Co. (NYSE:IBM)

Palumbo Wealth Management LLC grew its stake in International Business Machines Co. (NYSE:IBM) by 0.9% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,063 shares of the technology company’s stock after buying an additional 82 shares during the quarter. Palumbo Wealth Management LLC’s holdings in International Business Machines were worth $2,004,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in International Business Machines by 6.7% during the first quarter. Vanguard Group Inc. now owns 88,152,714 shares of the technology company’s stock worth $16,833,642,000 after acquiring an additional 5,546,855 shares in the last quarter. Legal & General Group Plc raised its position in International Business Machines by 4.1% during the second quarter. Legal & General Group Plc now owns 8,487,827 shares of the technology company’s stock worth $1,467,974,000 after acquiring an additional 330,694 shares in the last quarter. Ameriprise Financial Inc. raised its position in International Business Machines by 6.4% during the second quarter. Ameriprise Financial Inc. now owns 7,366,715 shares of the technology company’s stock worth $1,274,074,000 after acquiring an additional 444,698 shares in the last quarter. Dimensional Fund Advisors LP raised its position in International Business Machines by 6.8% during the second quarter. Dimensional Fund Advisors LP now owns 4,796,206 shares of the technology company’s stock worth $829,431,000 after acquiring an additional 304,390 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in International Business Machines by 151.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,515,666 shares of the technology company’s stock worth $671,352,000 after acquiring an additional 2,118,165 shares in the last quarter. Institutional investors and hedge funds own 58.96% of the company’s stock.

International Business Machines Trading Up 0.2 %

Shares of NYSE:IBM traded up $0.31 during mid-day trading on Thursday, hitting $205.21. The company had a trading volume of 638,440 shares, compared to its average volume of 4,250,011. The firm has a fifty day moving average price of $216.38 and a 200 day moving average price of $190.95. The company has a market capitalization of $188.51 billion, a PE ratio of 23.22, a price-to-earnings-growth ratio of 4.84 and a beta of 0.70. The company has a debt-to-equity ratio of 2.20, a current ratio of 1.12 and a quick ratio of 1.08. International Business Machines Co. has a one year low of $142.59 and a one year high of $237.37.

International Business Machines (NYSE:IBM) last posted its quarterly earnings results on Wednesday, October 23rd. The technology company reported $2.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.27 by $0.03. The business had revenue of $14.97 billion during the quarter, compared to the consensus estimate of $15.08 billion. International Business Machines had a net margin of 13.52% and a return on equity of 40.59%. International Business Machines’s revenue was up 1.5% compared to the same quarter last year. During the same quarter last year, the firm posted $2.20 EPS. As a group, research analysts forecast that International Business Machines Co. will post 10.13 EPS for the current year.

International Business Machines Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Tuesday, November 12th will be issued a $1.67 dividend. This represents a $6.68 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date is Tuesday, November 12th. International Business Machines’s dividend payout ratio (DPR) is currently 75.65%.

Analyst Upgrades and Downgrades

IBM has been the topic of several analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $250.00 price target on shares of International Business Machines in a research report on Thursday, October 24th. UBS Group raised their price target on shares of International Business Machines from $130.00 to $145.00 and gave the stock a “sell” rating in a research report on Wednesday, September 4th. StockNews.com lowered shares of International Business Machines from a “buy” rating to a “hold” rating in a research report on Friday, October 25th. BMO Capital Markets increased their price objective on shares of International Business Machines from $235.00 to $260.00 and gave the stock a “market perform” rating in a research note on Thursday, October 24th. Finally, Evercore ISI increased their price objective on shares of International Business Machines from $215.00 to $240.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 11th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $208.12.

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.