abrdn plc Purchases 40,345 Shares of International Business Machines Co. (NYSE:IBM)

by · The Cerbat Gem

abrdn plc grew its position in International Business Machines Co. (NYSE:IBM – Free Report) by 2.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,476,726 shares of the technology company’s stock after acquiring an additional 40,345 shares during the quarter. abrdn plc’s holdings in International Business Machines were worth $325,242,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. LVW Advisors LLC purchased a new stake in International Business Machines during the first quarter valued at $330,000. Miracle Mile Advisors LLC raised its position in shares of International Business Machines by 5.3% during the 1st quarter. Miracle Mile Advisors LLC now owns 3,281 shares of the technology company’s stock valued at $627,000 after buying an additional 165 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of International Business Machines by 36.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 508,368 shares of the technology company’s stock valued at $97,078,000 after acquiring an additional 135,344 shares during the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH purchased a new position in International Business Machines in the first quarter worth about $1,967,000. Finally, Naviter Wealth LLC increased its stake in International Business Machines by 12.4% during the first quarter. Naviter Wealth LLC now owns 8,849 shares of the technology company’s stock worth $1,690,000 after acquiring an additional 975 shares during the last quarter. 58.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Bank of America lifted their target price on International Business Machines from $209.00 to $250.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Hsbc Global Res upgraded shares of International Business Machines to a “moderate sell” rating in a research report on Friday, July 26th. BMO Capital Markets raised their target price on shares of International Business Machines from $235.00 to $260.00 and gave the stock a “market perform” rating in a report on Thursday, October 24th. Stifel Nicolaus upped their price target on shares of International Business Machines from $205.00 to $246.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Finally, The Goldman Sachs Group boosted their target price on International Business Machines from $220.00 to $250.00 and gave the company a “buy” rating in a research report on Monday, September 30th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $208.12.

View Our Latest Analysis on IBM

International Business Machines Price Performance

Shares of IBM opened at $212.90 on Tuesday. The company’s fifty day moving average price is $215.94 and its 200-day moving average price is $190.65. International Business Machines Co. has a 1-year low of $142.58 and a 1-year high of $237.37. The company has a debt-to-equity ratio of 2.20, a current ratio of 1.12 and a quick ratio of 1.08. The firm has a market capitalization of $195.57 billion, a PE ratio of 24.11, a price-to-earnings-growth ratio of 4.84 and a beta of 0.70.

International Business Machines (NYSE:IBM – Get Free Report) last announced its quarterly earnings data on Wednesday, October 23rd. The technology company reported $2.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.27 by $0.03. The firm had revenue of $14.97 billion during the quarter, compared to analysts’ expectations of $15.08 billion. International Business Machines had a return on equity of 40.59% and a net margin of 13.52%. The company’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same period last year, the business posted $2.20 earnings per share. On average, equities research analysts predict that International Business Machines Co. will post 10.13 EPS for the current year.

International Business Machines Company Profile

(Free Report)

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.

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