Sumitomo Life Insurance Co. Decreases Position in International Business Machines Co. (NYSE:IBM)

Sumitomo Life Insurance Co. lowered its stake in shares of International Business Machines Co. (NYSE:IBM) by 55.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,637 shares of the technology company’s stock after selling 6,965 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in International Business Machines were worth $1,246,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Sunpointe LLC purchased a new stake in International Business Machines during the 3rd quarter worth about $231,000. SeaCrest Wealth Management LLC grew its position in shares of International Business Machines by 0.5% during the third quarter. SeaCrest Wealth Management LLC now owns 15,925 shares of the technology company’s stock worth $3,521,000 after buying an additional 72 shares in the last quarter. Bill Few Associates Inc. increased its stake in shares of International Business Machines by 4.5% during the third quarter. Bill Few Associates Inc. now owns 15,375 shares of the technology company’s stock worth $3,399,000 after buying an additional 666 shares during the period. Mason & Associates LLC acquired a new stake in International Business Machines in the third quarter valued at approximately $208,000. Finally, Bourne Lent Asset Management Inc. acquired a new position in International Business Machines during the 3rd quarter worth approximately $254,000. 58.96% of the stock is currently owned by institutional investors and hedge funds.

International Business Machines Stock Performance

Shares of IBM opened at $233.64 on Thursday. The stock has a market capitalization of $214.62 billion, a P/E ratio of 26.46, a P/E/G ratio of 5.21 and a beta of 0.70. The company has a debt-to-equity ratio of 2.20, a quick ratio of 1.08 and a current ratio of 1.12. International Business Machines Co. has a 1 year low of $135.87 and a 1 year high of $237.37. The company’s fifty day moving average is $210.57 and its two-hundred day moving average is $188.54.

International Business Machines (NYSE:IBM) last issued its quarterly earnings results on Wednesday, July 24th. The technology company reported $2.43 earnings per share (EPS) 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 business had revenue of $15.77 billion for the quarter, compared to analyst estimates of $15.62 billion. During the same period in the previous year, the business posted $2.18 earnings per share. The business’s revenue was up 1.9% compared to the same quarter last year. On average, sell-side analysts predict that International Business Machines Co. will post 10.1 earnings per share for the current year.

International Business Machines Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Friday, August 9th were issued a dividend of $1.67 per share. This represents a $6.68 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date of this dividend was Friday, August 9th. International Business Machines’s dividend payout ratio is presently 75.65%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Jefferies Financial Group raised their price objective on shares of International Business Machines from $190.00 to $200.00 and gave the company a “hold” rating in a report on Thursday, July 25th. Stifel Nicolaus lifted their price target on International Business Machines from $205.00 to $246.00 and gave the stock a “buy” rating in a report on Wednesday. UBS Group raised their target price on International Business Machines from $130.00 to $145.00 and gave the stock a “sell” rating in a research report on Wednesday, September 4th. StockNews.com upgraded International Business Machines from a “hold” rating to a “buy” rating in a research note on Wednesday, June 19th. Finally, Royal Bank of Canada increased their price target on shares of International Business Machines from $211.00 to $250.00 and gave the company an “outperform” rating in a research note on Thursday, October 10th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, International Business Machines presently has a consensus rating of “Hold” and a consensus price target of $200.82.

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.