Hennessy Advisors Inc. Lowers Holdings in International Business Machines Co. (NYSE:IBM)

Hennessy Advisors Inc. reduced its holdings in International Business Machines Co. (NYSE:IBM - Free Report) by 15.9% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 56,100 shares of the technology company's stock after selling 10,600 shares during the quarter. Hennessy Advisors Inc.'s holdings in International Business Machines were worth $10,713,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in IBM. Norges Bank bought a new stake in International Business Machines in the fourth quarter worth approximately $1,019,009,000. International Assets Investment Management LLC increased its holdings in International Business Machines by 15,439.1% in the fourth quarter. International Assets Investment Management LLC now owns 2,653,462 shares of the technology company's stock worth $433,974,000 after purchasing an additional 2,636,386 shares in the last quarter. Morgan Stanley increased its holdings in International Business Machines by 13.4% in the third quarter. Morgan Stanley now owns 16,257,789 shares of the technology company's stock worth $2,280,968,000 after purchasing an additional 1,919,490 shares in the last quarter. Capital Wealth Planning LLC bought a new stake in International Business Machines in the fourth quarter worth approximately $172,887,000. Finally, Junto Capital Management LP bought a new stake in shares of International Business Machines during the fourth quarter valued at approximately $62,020,000. 58.96% of the stock is currently owned by institutional investors.

International Business Machines Stock Performance

IBM stock traded up $2.10 during midday trading on Friday, hitting $172.95. The company's stock had a trading volume of 4,058,104 shares, compared to its average volume of 4,566,611. International Business Machines Co. has a 1 year low of $131.55 and a 1 year high of $199.18. The company has a quick ratio of 1.09, a current ratio of 1.13 and a debt-to-equity ratio of 2.32. The stock's 50-day moving average price is $169.95 and its 200 day moving average price is $176.40. The stock has a market cap of $158.87 billion, a price-to-earnings ratio of 19.59, a PEG ratio of 4.24 and a beta of 0.72.

International Business Machines (NYSE:IBM - Get Free Report) last issued its quarterly earnings results on Tuesday, April 30th. The technology company reported $1.68 EPS for the quarter, beating analysts' consensus estimates of $1.59 by $0.09. International Business Machines had a return on equity of 40.21% and a net margin of 13.18%. The firm had revenue of $14.46 billion for the quarter, compared to analysts' expectations of $14.53 billion. During the same quarter in the prior year, the firm earned $1.36 EPS. The business's revenue for the quarter was up 1.5% compared to the same quarter last year. On average, equities analysts forecast that International Business Machines Co. will post 9.9 EPS for the current year.

International Business Machines Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Friday, May 10th were given a dividend of $1.67 per share. This represents a $6.68 dividend on an annualized basis and a dividend yield of 3.86%. The ex-dividend date was Thursday, May 9th. This is a boost from International Business Machines's previous quarterly dividend of $1.66. International Business Machines's dividend payout ratio is currently 75.65%.

Analyst Ratings Changes

Several research firms have recently commented on IBM. JPMorgan Chase & Co. decreased their price objective on International Business Machines from $190.00 to $185.00 and set a "neutral" rating for the company in a report on Thursday, April 25th. The Goldman Sachs Group began coverage on International Business Machines in a report on Monday. They set a "buy" rating and a $200.00 price objective for the company. Stifel Nicolaus restated a "buy" rating and set a $190.00 price objective on shares of International Business Machines in a report on Thursday, May 16th. BMO Capital Markets decreased their price objective on International Business Machines from $210.00 to $190.00 and set a "market perform" rating for the company in a report on Thursday, April 25th. Finally, UBS Group lifted their target price on International Business Machines from $125.00 to $130.00 and gave the company a "sell" rating in a research report on Monday, April 22nd. Three analysts have rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $182.53.

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.