FY2024 EPS Estimates for International Business Machines Co. (NYSE:IBM) Reduced by Wedbush

International Business Machines Co. (NYSE:IBM) – Equities research analysts at Wedbush dropped their FY2024 earnings per share (EPS) estimates for shares of International Business Machines in a research note issued on Monday, April 29th. Wedbush analyst M. Katri now expects that the technology company will post earnings of $9.98 per share for the year, down from their prior estimate of $10.15. Wedbush currently has a “Neutral” rating and a $160.00 price target on the stock. The consensus estimate for International Business Machines’ current full-year earnings is $9.92 per share.

Several other research firms have also recently commented on IBM. Sanford C. Bernstein boosted their target price on International Business Machines from $165.00 to $186.00 and gave the stock a “market perform” rating in a research report on Thursday, March 7th. Jefferies Financial Group reduced their target price on International Business Machines from $215.00 to $210.00 and set a “hold” rating for the company in a research report on Tuesday, April 23rd. StockNews.com cut International Business Machines from a “buy” rating to a “hold” rating in a research report on Wednesday. BMO Capital Markets reduced their target price on International Business Machines from $210.00 to $190.00 and set a “market perform” rating for the company in a research report on Thursday, April 25th. Finally, JPMorgan Chase & Co. cut their price objective on International Business Machines from $190.00 to $185.00 and set a “neutral” rating for the company in a report on Thursday, April 25th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $181.29.

International Business Machines Price Performance

International Business Machines stock opened at $165.71 on Thursday. International Business Machines has a 52 week low of $120.55 and a 52 week high of $199.18. The business has a 50-day simple moving average of $186.15 and a 200 day simple moving average of $170.82. The company has a quick ratio of 1.09, a current ratio of 1.13 and a debt-to-equity ratio of 2.32. The stock has a market cap of $152.22 billion, a price-to-earnings ratio of 18.77, a PEG ratio of 4.05 and a beta of 0.74.

International Business Machines (NYSE:IBM) last released its quarterly earnings data on Tuesday, April 30th. The technology company reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.59 by $0.09. International Business Machines had a return on equity of 40.21% and a net margin of 13.18%. The company had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.53 billion. During the same period in the previous year, the company posted $1.36 EPS. The firm’s revenue for the quarter was up 1.5% compared to the same quarter last year.

Institutional Investors Weigh In On International Business Machines

A number of hedge funds and other institutional investors have recently modified their holdings of IBM. Naples Money Management LLC bought a new stake in shares of International Business Machines in the 4th quarter valued at about $28,000. Creekmur Asset Management LLC bought a new position in International Business Machines during the 4th quarter valued at approximately $29,000. Briaud Financial Planning Inc bought a new position in International Business Machines during the 3rd quarter valued at approximately $31,000. Ables Iannone Moore & Associates Inc. bought a new position in International Business Machines during the 4th quarter valued at approximately $31,000. Finally, Stone House Investment Management LLC raised its position in International Business Machines by 971.4% during the 3rd quarter. Stone House Investment Management LLC now owns 225 shares of the technology company’s stock valued at $32,000 after purchasing an additional 204 shares during the last quarter. Institutional investors own 58.96% of the company’s stock.

International Business Machines Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Stockholders of record on Friday, May 10th will be paid a $1.67 dividend. This represents a $6.68 dividend on an annualized basis and a dividend yield of 4.03%. The ex-dividend date of this dividend is Thursday, May 9th. This is a positive change from International Business Machines’s previous quarterly dividend of $1.66. International Business Machines’s payout ratio is 75.20%.

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.