International Business Machines Co. (NYSE:IBM) Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. cut its stake in shares of International Business Machines Co. (NYSE:IBM) by 16.5% in the 3rd quarter, Holdings Channel.com reports. The firm owned 131,097 shares of the technology company’s stock after selling 25,992 shares during the period. Pinnacle Associates Ltd.’s holdings in International Business Machines were worth $28,983,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Susquehanna Fundamental Investments LLC purchased a new position in shares of International Business Machines during the 2nd quarter worth approximately $7,160,000. Smith Thornton Advisors LLC purchased a new position in International Business Machines in the second quarter worth $702,000. Retirement Planning Group LLC acquired a new stake in International Business Machines in the third quarter valued at $618,000. GAMMA Investing LLC boosted its position in shares of International Business Machines by 42.4% during the 2nd quarter. GAMMA Investing LLC now owns 9,370 shares of the technology company’s stock worth $1,621,000 after purchasing an additional 2,788 shares in the last quarter. Finally, Anderson Hoagland & Co. acquired a new position in shares of International Business Machines during the 3rd quarter worth $4,050,000. 58.96% of the stock is currently owned by hedge funds and other institutional investors.

International Business Machines Stock Down 1.9 %

Shares of IBM traded down $4.02 during midday trading on Wednesday, reaching $206.41. 2,021,049 shares of the company were exchanged, compared to its average volume of 4,242,674. International Business Machines Co. has a 1-year low of $142.59 and a 1-year high of $237.37. The stock has a 50-day moving average price of $216.23 and a 200-day moving average price of $190.85. The company has a current ratio of 1.12, a quick ratio of 1.08 and a debt-to-equity ratio of 2.20. The company has a market cap of $189.61 billion, a price-to-earnings ratio of 23.53, a P/E/G ratio of 4.84 and a beta of 0.70.

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

International Business Machines Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Tuesday, November 12th will be given a dividend of $1.67 per share. This represents a $6.68 dividend on an annualized basis and a dividend yield of 3.24%. International Business Machines’s payout ratio is 75.65%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Evercore ISI boosted their price objective on shares of International Business Machines from $215.00 to $240.00 and gave the stock an “outperform” rating in a report on Wednesday, September 11th. The Goldman Sachs Group lifted their price target on shares of International Business Machines from $220.00 to $250.00 and gave the company a “buy” rating in a research report on Monday, September 30th. BMO Capital Markets upped their price target on International Business Machines from $235.00 to $260.00 and gave the stock a “market perform” rating in a report on Thursday, October 24th. Bank of America lifted their price objective on International Business Machines from $209.00 to $250.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, 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 research report on Wednesday, October 2nd. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, International Business Machines has a consensus rating of “Hold” and an average price target 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.