Legal & General Group Plc Lowers Stake in International Business Machines Corporation $IBM

Legal & General Group Plc lowered its stake in shares of International Business Machines Corporation (NYSE:IBM) by 2.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 7,101,495 shares of the technology company’s stock after selling 201,227 shares during the period. International Business Machines accounts for approximately 0.5% of Legal & General Group Plc’s portfolio, making the stock its 28th largest holding. Legal & General Group Plc’s holdings in International Business Machines were worth $2,103,534,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently made changes to their positions in the stock. CVA Family Office LLC boosted its position in shares of International Business Machines by 1.4% during the 4th quarter. CVA Family Office LLC now owns 2,389 shares of the technology company’s stock worth $708,000 after purchasing an additional 33 shares during the period. Foster Group Inc. boosted its position in shares of International Business Machines by 1.3% during the 4th quarter. Foster Group Inc. now owns 2,507 shares of the technology company’s stock worth $742,000 after purchasing an additional 33 shares during the period. New Covenant Trust Company N.A. boosted its position in shares of International Business Machines by 3.8% during the 4th quarter. New Covenant Trust Company N.A. now owns 905 shares of the technology company’s stock worth $264,000 after purchasing an additional 33 shares during the period. McGowan Group Asset Management Inc. boosted its position in International Business Machines by 1.2% in the 4th quarter. McGowan Group Asset Management Inc. now owns 2,693 shares of the technology company’s stock valued at $798,000 after buying an additional 33 shares during the period. Finally, CFS Investment Advisory Services LLC boosted its position in International Business Machines by 0.4% in the 3rd quarter. CFS Investment Advisory Services LLC now owns 9,359 shares of the technology company’s stock valued at $2,878,000 after buying an additional 34 shares during the period. Hedge funds and other institutional investors own 58.96% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on IBM shares. JPMorgan Chase & Co. decreased their price target on shares of International Business Machines from $317.00 to $283.00 and set a “neutral” rating for the company in a research report on Wednesday, March 18th. Oppenheimer decreased their price target on shares of International Business Machines from $380.00 to $320.00 and set an “outperform” rating for the company in a research report on Thursday, April 16th. Citigroup started coverage on shares of International Business Machines in a research report on Friday, April 10th. They issued a “buy” rating and a $285.00 price target for the company. UBS Group raised shares of International Business Machines from a “sell” rating to a “neutral” rating and set a $236.00 price target for the company in a research report on Wednesday, February 25th. Finally, BMO Capital Markets decreased their price target on shares of International Business Machines from $290.00 to $270.00 and set a “market perform” rating for the company in a research report on Thursday, April 23rd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, International Business Machines has a consensus rating of “Moderate Buy” and an average target price of $294.41.

Insider Activity

In other news, Director Michael Miebach acquired 434 shares of the firm’s stock in a transaction dated Wednesday, February 25th. The stock was acquired at an average cost of $233.33 per share, with a total value of $101,265.22. Following the transaction, the director owned 434 shares in the company, valued at approximately $101,265.22. This trade represents a ? increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.27% of the company’s stock.

International Business Machines Price Performance

International Business Machines stock opened at $253.88 on Monday. The stock has a market cap of $238.62 billion, a P/E ratio of 22.45, a price-to-earnings-growth ratio of 2.63 and a beta of 0.58. The company has a fifty day simple moving average of $238.70 and a 200-day simple moving average of $272.21. International Business Machines Corporation has a 12-month low of $212.34 and a 12-month high of $324.90. The company has a current ratio of 0.80, a quick ratio of 0.76 and a debt-to-equity ratio of 1.75.

International Business Machines (NYSE:IBM) last released its quarterly earnings data on Wednesday, April 22nd. The technology company reported $1.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.81 by $0.10. The business had revenue of $15.92 billion during the quarter, compared to analysts’ expectations of $15.60 billion. International Business Machines had a net margin of 15.61% and a return on equity of 37.23%. The company’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.60 EPS. Equities analysts expect that International Business Machines Corporation will post 12.4 EPS for the current fiscal year.

International Business Machines Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Friday, May 8th will be given a dividend of $1.69 per share. This is an increase from International Business Machines’s previous quarterly dividend of $1.68. The ex-dividend date of this dividend is Friday, May 8th. This represents a $6.76 annualized dividend and a dividend yield of 2.7%. International Business Machines’s dividend payout ratio is presently 59.77%.

Key Headlines Impacting International Business Machines

Here are the key news stories impacting International Business Machines this week:

• Positive Sentiment: IBM and the U.S. Commerce Department announced a plan to launch America’s first purpose-built quantum foundry, with IBM set to receive the largest share of federal support and contribute matching capital. IBM and U.S. Department of Commerce Announce America’s First Purpose-Built Quantum Foundry, Supported by Proposed $1 Billion CHIPS Award
• Positive Sentiment: Analysts and media reports say the quantum funding package is a major new catalyst for IBM, helping drive strong share-price momentum and lifting sentiment around the stock’s long-term growth prospects. IBM shares extend rally as Wedbush calls US quantum investment a “new catalyst”
• Positive Sentiment: IBM’s push into quantum computing and related hot tech segments is being viewed as evidence the company is expanding beyond legacy businesses into higher-growth opportunities. Why IBM Stock Was Rocking it This Week
• Neutral Sentiment: Some coverage highlights that IBM’s valuation, debt load, and execution risk will matter as the company commits capital to the quantum foundry project. IBM’s US$1b Anderon Quantum Foundry Puts Valuation And Debt In Focus

About International Business Machines

International Business Machines Corporation (IBM) is a global technology and consulting company headquartered in Armonk, New York. Founded in 1911 as the Computing-Tabulating-Recording Company (CTR) and renamed IBM in 1924, the company has evolved from early electromechanical machines to a diversified technology provider serving enterprises and governments worldwide. IBM is publicly traded on the New York Stock Exchange under the ticker symbol IBM.

IBM’s principal businesses encompass cloud computing and software, infrastructure and systems, consulting and technology services, and research and development.