SouthState Corp Trims Stock Position in International Business Machines Co. (NYSE:IBM)

SouthState Corp cut its stake in International Business Machines Co. (NYSE:IBM) by 1.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,452 shares of the technology company’s stock after selling 337 shares during the period. SouthState Corp’s holdings in International Business Machines were worth $5,815,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Gray Wealth Management Inc. lifted its position in International Business Machines by 17.3% in the fourth quarter. Gray Wealth Management Inc. now owns 2,119 shares of the technology company’s stock valued at $466,000 after acquiring an additional 313 shares during the last quarter. IMG Wealth Management Inc. purchased a new stake in shares of International Business Machines in the fourth quarter valued at about $218,000. SlateStone Wealth LLC raised its holdings in shares of International Business Machines by 1.9% in the fourth quarter. SlateStone Wealth LLC now owns 11,001 shares of the technology company’s stock valued at $2,418,000 after buying an additional 202 shares during the last quarter. GWN Securities Inc. purchased a new stake in shares of International Business Machines in the fourth quarter valued at about $1,677,000. Finally, Altus Wealth Group LLC raised its holdings in shares of International Business Machines by 14.6% in the fourth quarter. Altus Wealth Group LLC now owns 1,443 shares of the technology company’s stock valued at $317,000 after buying an additional 184 shares during the last quarter. 58.96% of the stock is owned by hedge funds and other institutional investors.

International Business Machines Stock Up 1.0 %

IBM stock opened at $248.15 on Monday. The company’s 50 day simple moving average is $244.23 and its 200-day simple moving average is $228.47. The firm has a market capitalization of $230.10 billion, a PE ratio of 38.71, a P/E/G ratio of 5.81 and a beta of 0.74. International Business Machines Co. has a 12 month low of $162.62 and a 12 month high of $266.45. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.04 and a quick ratio of 1.00.

International Business Machines (NYSE:IBM) last released its quarterly earnings results on Wednesday, January 29th. The technology company reported $3.92 EPS for the quarter, beating the consensus estimate of $3.77 by $0.15. International Business Machines had a net margin of 9.60% and a return on equity of 38.99%. Equities analysts expect that International Business Machines Co. will post 10.78 earnings per share for the current fiscal year.

International Business Machines Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Monday, February 10th were paid a dividend of $1.67 per share. This represents a $6.68 annualized dividend and a dividend yield of 2.69%. The ex-dividend date of this dividend was Monday, February 10th. International Business Machines’s payout ratio is 104.21%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on IBM. Wedbush began coverage on shares of International Business Machines in a report on Monday, February 3rd. They issued an “outperform” rating for the company. Jefferies Financial Group increased their price target on shares of International Business Machines from $245.00 to $270.00 and gave the stock a “hold” rating in a report on Thursday, January 30th. JPMorgan Chase & Co. increased their price target on shares of International Business Machines from $233.00 to $244.00 and gave the stock a “neutral” rating in a report on Thursday, January 30th. Bank of America increased their price target on shares of International Business Machines from $260.00 to $270.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Finally, Oppenheimer started coverage on shares of International Business Machines in a report on Tuesday, February 11th. They set an “outperform” rating and a $320.00 price target for the company. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $231.44.

Insider Activity at International Business Machines

In related news, SVP Robert David Thomas sold 26,543 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $253.01, for a total transaction of $6,715,644.43. Following the transaction, the senior vice president now owns 45,007 shares of the company’s stock, valued at approximately $11,387,221.07. This represents a 37.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.07% of the company’s stock.

About International Business Machines

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.