Drive Wealth Management LLC Takes $339,000 Position in International Business Machines Co. (NYSE:IBM)

Drive Wealth Management LLC bought a new stake in International Business Machines Co. (NYSE:IBM) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 1,532 shares of the technology company’s stock, valued at approximately $339,000.

Other large investors have also recently bought and sold shares of the company. Hazlett Burt & Watson Inc. increased its position in International Business Machines by 1,054.5% during the 3rd quarter. Hazlett Burt & Watson Inc. now owns 127 shares of the technology company’s stock worth $29,000 after purchasing an additional 116 shares in the last quarter. Hara Capital LLC acquired a new position in shares of International Business Machines in the third quarter valued at approximately $29,000. Oliver Lagore Vanvalin Investment Group purchased a new position in shares of International Business Machines during the second quarter valued at approximately $36,000. Wolff Wiese Magana LLC boosted its position in International Business Machines by 37.0% during the second quarter. Wolff Wiese Magana LLC now owns 222 shares of the technology company’s stock worth $38,000 after acquiring an additional 60 shares during the last quarter. Finally, Capital Performance Advisors LLP purchased a new stake in International Business Machines in the 3rd quarter worth approximately $43,000. Institutional investors and hedge funds own 58.96% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. The Goldman Sachs Group raised their price objective on International Business Machines from $220.00 to $250.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Jefferies Financial Group upped their price objective on shares of International Business Machines from $200.00 to $245.00 and gave the company a “hold” rating in a research note on Monday, October 21st. StockNews.com raised shares of International Business Machines from a “hold” rating to a “buy” rating in a research report on Tuesday, November 12th. Stifel Nicolaus increased their price target on shares of International Business Machines from $205.00 to $246.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Finally, BMO Capital Markets boosted their price objective on shares of International Business Machines from $235.00 to $260.00 and gave the company a “market perform” rating in a research note on Thursday, October 24th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $208.12.

Insider Transactions at International Business Machines

In other International Business Machines news, SVP Nickle Jaclyn Lamoreaux sold 3,600 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $215.20, for a total transaction of $774,720.00. Following the transaction, the senior vice president now owns 25,390 shares of the company’s stock, valued at $5,463,928. This trade represents a 12.42 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.07% of the company’s stock.

International Business Machines Stock Performance

International Business Machines stock opened at $208.09 on Tuesday. The company has a debt-to-equity ratio of 2.16, a current ratio of 1.06 and a quick ratio of 1.01. International Business Machines Co. has a 12-month low of $152.35 and a 12-month high of $237.37. The firm’s fifty day moving average price is $218.88 and its 200 day moving average price is $194.18. The company has a market capitalization of $192.41 billion, a price-to-earnings ratio of 30.29, a price-to-earnings-growth ratio of 4.60 and a beta of 0.71.

International Business Machines (NYSE:IBM) last announced its earnings results on Wednesday, October 23rd. The technology company reported $2.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.27 by $0.03. International Business Machines had a return on equity of 40.52% and a net margin of 10.22%. The company had revenue of $14.97 billion for the quarter, compared to analyst estimates of $15.08 billion. During the same period in the prior year, the company posted $2.20 EPS. International Business Machines’s quarterly revenue was up 1.5% on a year-over-year basis. On average, research analysts forecast that International Business Machines Co. will post 10.12 EPS for the current fiscal year.

International Business Machines Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Tuesday, November 12th will be issued a dividend of $1.67 per share. This represents a $6.68 annualized dividend and a yield of 3.21%. The ex-dividend date of this dividend is Tuesday, November 12th. International Business Machines’s dividend payout ratio is currently 97.23%.

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.