Canandaigua National Bank & Trust Co. Cuts Stock Position in International Business Machines Co. (NYSE:IBM)

Canandaigua National Bank & Trust Co. decreased its position in shares of International Business Machines Co. (NYSE:IBM) by 0.3% in the third quarter, HoldingsChannel reports. The fund owned 31,795 shares of the technology company’s stock after selling 101 shares during the quarter. Canandaigua National Bank & Trust Co.’s holdings in International Business Machines were worth $7,029,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Curbstone Financial Management Corp lifted its holdings in shares of International Business Machines by 11.4% during the 3rd quarter. Curbstone Financial Management Corp now owns 3,090 shares of the technology company’s stock valued at $683,000 after purchasing an additional 316 shares during the last quarter. Czech National Bank raised its stake in International Business Machines by 7.2% in the third quarter. Czech National Bank now owns 187,647 shares of the technology company’s stock valued at $41,485,000 after buying an additional 12,599 shares during the last quarter. Central Pacific Bank Trust Division boosted its holdings in International Business Machines by 39.9% in the third quarter. Central Pacific Bank Trust Division now owns 1,649 shares of the technology company’s stock worth $365,000 after acquiring an additional 470 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its stake in shares of International Business Machines by 4.7% during the third quarter. Massmutual Trust Co. FSB ADV now owns 8,470 shares of the technology company’s stock worth $1,873,000 after acquiring an additional 377 shares during the last quarter. Finally, Cascade Investment Advisors Inc. acquired a new position in shares of International Business Machines during the third quarter valued at about $210,000. 58.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on IBM shares. The Goldman Sachs Group lifted their target price on shares of International Business Machines from $220.00 to $250.00 and gave the stock a “buy” rating in a research note on Monday. DZ Bank lowered shares of International Business Machines from a “buy” rating to a “hold” rating and set a $215.00 price objective on the stock. in a report on Wednesday. UBS Group raised their target price on International Business Machines from $130.00 to $145.00 and gave the stock a “sell” rating in a research note on Wednesday, September 4th. 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. Finally, 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. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $194.35.

International Business Machines Stock Performance

Shares of NYSE IBM opened at $222.70 on Friday. International Business Machines Co. has a 1 year low of $135.87 and a 1 year high of $224.15. The company has a debt-to-equity ratio of 2.20, a quick ratio of 1.08 and a current ratio of 1.12. The company’s fifty day moving average price is $202.93 and its 200 day moving average price is $186.04. The company has a market capitalization of $204.57 billion, a PE ratio of 25.22, a price-to-earnings-growth ratio of 4.90 and a beta of 0.70.

International Business Machines (NYSE:IBM) last posted 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. The firm had revenue of $15.77 billion for the quarter, compared to analysts’ expectations of $15.62 billion. International Business Machines had a return on equity of 40.59% and a net margin of 13.52%. The company’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period last year, the firm earned $2.18 EPS. On average, research analysts predict that International Business Machines Co. will post 10.1 earnings per share for the current year.

International Business Machines Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Friday, August 9th were paid a dividend of $1.67 per share. This represents a $6.68 annualized dividend and a dividend yield of 3.00%. The ex-dividend date of this dividend was Friday, August 9th. International Business Machines’s payout ratio is 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.