Patten Group Inc. Raises Stock Holdings in International Business Machines Co. (NYSE:IBM)

Patten Group Inc. boosted its position in shares of International Business Machines Co. (NYSE:IBM) by 4.2% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,833 shares of the technology company’s stock after purchasing an additional 392 shares during the quarter. Patten Group Inc.’s holdings in International Business Machines were worth $2,174,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Wedmont Private Capital boosted its position in International Business Machines by 6.7% during the 3rd quarter. Wedmont Private Capital now owns 10,354 shares of the technology company’s stock valued at $2,352,000 after acquiring an additional 647 shares in the last quarter. Marcum Wealth LLC boosted its position in shares of International Business Machines by 11.8% in the 3rd quarter. Marcum Wealth LLC now owns 10,075 shares of the technology company’s stock worth $2,227,000 after purchasing an additional 1,062 shares in the last quarter. Abner Herrman & Brock LLC boosted its position in shares of International Business Machines by 1.3% in the 3rd quarter. Abner Herrman & Brock LLC now owns 144,568 shares of the technology company’s stock worth $31,961,000 after purchasing an additional 1,862 shares in the last quarter. CWM LLC boosted its position in shares of International Business Machines by 5.6% in the 3rd quarter. CWM LLC now owns 126,654 shares of the technology company’s stock worth $28,001,000 after purchasing an additional 6,712 shares in the last quarter. Finally, Daymark Wealth Partners LLC boosted its position in shares of International Business Machines by 0.7% in the 3rd quarter. Daymark Wealth Partners LLC now owns 213,018 shares of the technology company’s stock worth $47,094,000 after purchasing an additional 1,527 shares in the last quarter. 58.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on IBM. Bank of America raised their price objective on International Business Machines from $209.00 to $250.00 and gave the stock a “buy” rating in a research report on Wednesday. Royal Bank of Canada lifted their price target on International Business Machines from $200.00 to $211.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Jefferies Financial Group lifted their price target on International Business Machines from $190.00 to $200.00 and gave the stock a “hold” rating in a research report on Thursday, July 25th. Stifel Nicolaus lifted their price target on International Business Machines from $190.00 to $205.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Finally, Evercore ISI lifted their price target on International Business Machines from $215.00 to $240.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 11th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, International Business Machines has an average rating of “Hold” and an average target price of $196.12.

International Business Machines Price Performance

Shares of International Business Machines stock opened at $234.30 on Thursday. The company has a quick ratio of 1.08, a current ratio of 1.12 and a debt-to-equity ratio of 2.20. International Business Machines Co. has a twelve month low of $135.87 and a twelve month high of $234.95. The business has a 50-day moving average price of $205.08 and a 200 day moving average price of $186.69. The firm has a market cap of $215.23 billion, a PE ratio of 26.53, a P/E/G ratio of 4.90 and a beta of 0.70.

International Business Machines (NYSE:IBM) last announced its earnings results on Wednesday, July 24th. The technology company reported $2.43 EPS for the quarter, beating analysts’ consensus estimates of $2.16 by $0.27. International Business Machines had a return on equity of 40.59% and a net margin of 13.52%. The business had revenue of $15.77 billion during the quarter, compared to analysts’ expectations of $15.62 billion. During the same quarter in the prior year, the firm earned $2.18 earnings per share. The business’s revenue was up 1.9% compared to the same quarter last year. Sell-side analysts predict that International Business Machines Co. will post 10.1 earnings per share for the current fiscal year.

International Business Machines Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Friday, August 9th were paid a $1.67 dividend. This represents a $6.68 annualized dividend and a dividend yield of 2.85%. The ex-dividend date of this dividend was Friday, August 9th. International Business Machines’s dividend payout ratio is currently 75.65%.

International Business Machines Company 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.