Eastern Bank Purchases 20,949 Shares of International Business Machines Co. (NYSE:IBM)

Eastern Bank raised its position in shares of International Business Machines Co. (NYSE:IBM) by 1,392.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 22,453 shares of the technology company’s stock after acquiring an additional 20,949 shares during the quarter. Eastern Bank’s holdings in International Business Machines were worth $4,964,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Sequoia Financial Advisors LLC boosted its position in shares of International Business Machines by 23.9% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 117,579 shares of the technology company’s stock valued at $25,994,000 after purchasing an additional 22,700 shares in the last quarter. Argus Investors Counsel Inc. acquired a new position in International Business Machines in the third quarter valued at approximately $422,000. Surience Private Wealth LLC acquired a new stake in shares of International Business Machines during the 3rd quarter worth approximately $3,478,000. Calton & Associates Inc. acquired a new stake in shares of International Business Machines during the 3rd quarter worth approximately $237,000. Finally, Oakworth Capital Inc. increased its stake in shares of International Business Machines by 31.1% in the 3rd quarter. Oakworth Capital Inc. now owns 2,294 shares of the technology company’s stock valued at $507,000 after acquiring an additional 544 shares in the last quarter. 58.96% of the stock is owned by institutional investors.

International Business Machines Price Performance

Shares of NYSE:IBM opened at $232.25 on Wednesday. International Business Machines Co. has a fifty-two week low of $135.87 and a fifty-two week high of $237.37. 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 50-day moving average is $213.86 and its 200 day moving average is $189.75. The company has a market capitalization of $213.35 billion, a P/E ratio of 26.30, a price-to-earnings-growth ratio of 5.21 and a beta of 0.70.

International Business Machines (NYSE:IBM) last issued its earnings results on Wednesday, July 24th. The technology company reported $2.43 earnings per share for the quarter, topping analysts’ consensus estimates of $2.16 by $0.27. International Business Machines had a net margin of 13.52% and a return on equity of 40.59%. The firm had revenue of $15.77 billion during the quarter, compared to analyst estimates of $15.62 billion. During the same quarter last year, the business earned $2.18 earnings per share. The company’s quarterly revenue was up 1.9% on a year-over-year basis. On average, equities research analysts forecast that International Business Machines Co. will post 10.1 earnings per share for the current year.

International Business Machines Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Friday, August 9th were given a $1.67 dividend. This represents a $6.68 annualized dividend and a dividend yield of 2.88%. The ex-dividend date was Friday, August 9th. International Business Machines’s dividend payout ratio (DPR) is presently 75.65%.

Analyst Upgrades and Downgrades

A number of research firms have commented on IBM. Jefferies Financial Group raised their price target on shares of International Business Machines from $200.00 to $245.00 and gave the stock a “hold” rating in a report on Monday. BMO Capital Markets boosted their target price on International Business Machines from $190.00 to $210.00 and gave the company a “market perform” rating in a research report on Thursday, July 25th. Royal Bank of Canada increased their price target on International Business Machines from $211.00 to $250.00 and gave the stock an “outperform” rating in a report on Thursday, October 10th. DZ Bank downgraded International Business Machines from a “buy” rating to a “hold” rating and set a $215.00 price objective for the company. in a report on Wednesday, October 2nd. Finally, UBS Group increased their target price on International Business Machines from $130.00 to $145.00 and gave the stock a “sell” rating in a report on Wednesday, September 4th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $205.71.

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.