Cresset Asset Management LLC Sells 40,754 Shares of International Business Machines Co. (NYSE:IBM)

Cresset Asset Management LLC reduced its position in shares of International Business Machines Co. (NYSE:IBM) by 21.7% in the 4th quarter, Holdings Channel reports. The institutional investor owned 147,484 shares of the technology company’s stock after selling 40,754 shares during the quarter. Cresset Asset Management LLC’s holdings in International Business Machines were worth $32,421,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of IBM. Compass Financial Services Inc bought a new stake in International Business Machines during the fourth quarter worth about $26,000. Vision Financial Markets LLC acquired a new position in shares of International Business Machines during the 4th quarter worth approximately $31,000. Avondale Wealth Management boosted its holdings in shares of International Business Machines by 56.0% in the 4th quarter. Avondale Wealth Management now owns 156 shares of the technology company’s stock valued at $34,000 after buying an additional 56 shares during the last quarter. Valued Wealth Advisors LLC grew its stake in shares of International Business Machines by 134.3% in the fourth quarter. Valued Wealth Advisors LLC now owns 157 shares of the technology company’s stock valued at $35,000 after buying an additional 90 shares in the last quarter. Finally, Rialto Wealth Management LLC acquired a new position in International Business Machines during the fourth quarter worth $35,000. Institutional investors own 58.96% of the company’s stock.

Wall Street Analyst Weigh In

IBM has been the subject of a number of recent analyst reports. UBS Group reiterated a “sell” rating and issued a $170.00 price target (up previously from $160.00) on shares of International Business Machines in a research note on Wednesday, April 23rd. Bank of America raised their target price on shares of International Business Machines from $260.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, January 30th. Wedbush restated an “outperform” rating and issued a $300.00 price objective on shares of International Business Machines in a research note on Thursday, April 24th. Royal Bank of Canada reiterated an “outperform” rating and set a $276.00 target price on shares of International Business Machines in a research note on Monday, April 14th. Finally, JPMorgan Chase & Co. increased their price target on International Business Machines from $233.00 to $244.00 and gave the company a “neutral” rating in a research note on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, International Business Machines currently has an average rating of “Hold” and an average target price of $248.50.

Insider Activity

In other International Business Machines news, SVP Robert David Thomas sold 26,543 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $253.01, for a total transaction of $6,715,644.43. Following the completion of the sale, the senior vice president now directly owns 45,007 shares in the company, valued at approximately $11,387,221.07. This trade represents a 37.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.18% of the company’s stock.

International Business Machines Stock Up 1.5 %

Shares of NYSE IBM opened at $249.22 on Tuesday. The company has a market cap of $231.62 billion, a price-to-earnings ratio of 38.88, a PEG ratio of 5.81 and a beta of 0.64. The company has a current ratio of 1.04, a quick ratio of 1.00 and a debt-to-equity ratio of 1.82. International Business Machines Co. has a 12 month low of $163.53 and a 12 month high of $266.45. The stock has a 50-day moving average price of $243.06 and a two-hundred day moving average price of $234.27.

International Business Machines (NYSE:IBM) last issued its quarterly earnings data on Wednesday, April 23rd. The technology company reported $1.60 EPS for the quarter, beating the consensus estimate of $1.42 by $0.18. The business had revenue of $14.54 billion during the quarter, compared to the consensus estimate of $14.41 billion. International Business Machines had a net margin of 9.60% and a return on equity of 38.99%. The firm’s revenue was up .5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.68 EPS. As a group, analysts forecast that International Business Machines Co. will post 10.78 earnings per share for the current fiscal year.

International Business Machines Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Friday, May 9th will be given a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.70%. This is a positive change from International Business Machines’s previous quarterly dividend of $1.67. International Business Machines’s payout ratio is 115.66%.

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.