Miracle Mile Advisors LLC Raises Position in International Business Machines Co. (NYSE:IBM)

Miracle Mile Advisors LLC grew its position in International Business Machines Co. (NYSE:IBM) by 5.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,281 shares of the technology company’s stock after purchasing an additional 165 shares during the quarter. Miracle Mile Advisors LLC’s holdings in International Business Machines were worth $627,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of IBM. Schonfeld Strategic Advisors LLC acquired a new stake in shares of International Business Machines in the 3rd quarter valued at $801,000. Axxcess Wealth Management LLC raised its holdings in shares of International Business Machines by 43.0% in the 3rd quarter. Axxcess Wealth Management LLC now owns 13,840 shares of the technology company’s stock valued at $1,942,000 after purchasing an additional 4,165 shares in the last quarter. Evergreen Capital Management LLC raised its stake in International Business Machines by 1.3% during the 3rd quarter. Evergreen Capital Management LLC now owns 11,878 shares of the technology company’s stock worth $1,666,000 after acquiring an additional 152 shares in the last quarter. Legacy Advisors LLC acquired a new stake in International Business Machines during the 3rd quarter worth $731,000. Finally, LaSalle St. Investment Advisors LLC raised its stake in International Business Machines by 15.4% during the 3rd quarter. LaSalle St. Investment Advisors LLC now owns 3,052 shares of the technology company’s stock worth $428,000 after acquiring an additional 408 shares in the last quarter. 58.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

IBM has been the topic of several research analyst reports. UBS Group lifted their price target on shares of International Business Machines from $125.00 to $130.00 and gave the stock a “sell” rating in a research note on Monday, April 22nd. The Goldman Sachs Group initiated coverage on shares of International Business Machines in a research note on Monday, June 24th. They set a “buy” rating and a $200.00 price target on the stock. JPMorgan Chase & Co. cut their price target on shares of International Business Machines from $190.00 to $185.00 and set a “neutral” rating on the stock in a research note on Thursday, April 25th. Stifel Nicolaus reiterated a “buy” rating and set a $190.00 price target on shares of International Business Machines in a research note on Thursday, May 16th. Finally, Wedbush lifted their price objective on shares of International Business Machines from $140.00 to $160.00 and gave the company a “neutral” rating in a research note on Thursday, April 25th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $182.53.

International Business Machines Stock Up 1.2 %

Shares of NYSE:IBM opened at $175.10 on Tuesday. The company has a market cap of $160.85 billion, a price-to-earnings ratio of 19.83, a PEG ratio of 4.27 and a beta of 0.71. The firm’s 50-day simple moving average is $169.95 and its 200-day simple moving average is $176.57. The company has a quick ratio of 1.09, a current ratio of 1.13 and a debt-to-equity ratio of 2.32. International Business Machines Co. has a fifty-two week low of $131.55 and a fifty-two week high of $199.18.

International Business Machines (NYSE:IBM) last issued its earnings results on Tuesday, April 30th. The technology company reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.59 by $0.09. The business had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.53 billion. International Business Machines had a net margin of 13.18% and a return on equity of 40.21%. The business’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.36 earnings per share. As a group, equities research analysts predict that International Business Machines Co. will post 9.9 earnings per share for the current year.

International Business Machines Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 10th. Investors of record on Friday, May 10th were issued a dividend of $1.67 per share. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $6.68 dividend on an annualized basis and a yield of 3.81%. This is an increase from International Business Machines’s previous quarterly dividend of $1.66. International Business Machines’s payout ratio is currently 75.65%.

About International Business Machines

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.