Sterneck Capital Management LLC Cuts Stock Holdings in International Business Machines Co. (NYSE:IBM)

Sterneck Capital Management LLC cut its stake in shares of International Business Machines Co. (NYSE:IBM) by 7.9% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 13,905 shares of the technology company’s stock after selling 1,186 shares during the period. International Business Machines accounts for approximately 1.7% of Sterneck Capital Management LLC’s holdings, making the stock its 18th biggest holding. Sterneck Capital Management LLC’s holdings in International Business Machines were worth $3,074,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in IBM. FPC Investment Advisory Inc. purchased a new position in International Business Machines in the first quarter valued at approximately $26,000. ESL Trust Services LLC purchased a new stake in International Business Machines during the first quarter worth approximately $28,000. Creekmur Asset Management LLC acquired a new stake in shares of International Business Machines in the fourth quarter worth $29,000. Ables Iannone Moore & Associates Inc. acquired a new position in shares of International Business Machines during the 4th quarter valued at $31,000. Finally, Oliver Lagore Vanvalin Investment Group acquired a new position in shares of International Business Machines during the 2nd quarter valued at $36,000. 58.96% of the stock is currently owned by institutional investors and hedge funds.

International Business Machines Price Performance

IBM opened at $222.70 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.12 and a debt-to-equity ratio of 2.20. The company’s 50-day moving average price is $202.93 and its 200 day moving average price is $186.04. International Business Machines Co. has a fifty-two week low of $135.87 and a fifty-two week high of $224.15. The firm has a market cap of $204.57 billion, a price-to-earnings ratio of 25.22, a price-to-earnings-growth ratio of 4.90 and a beta of 0.70.

International Business Machines (NYSE:IBM) last announced its quarterly earnings results on Wednesday, July 24th. The technology company reported $2.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.16 by $0.27. The business had revenue of $15.77 billion for the quarter, compared to the consensus estimate of $15.62 billion. International Business Machines had a return on equity of 40.59% and a net margin of 13.52%. The business’s revenue was up 1.9% on a year-over-year basis. During the same quarter last year, the business posted $2.18 EPS. As a group, sell-side analysts expect that International Business Machines Co. will post 10.1 earnings per share for the current year.

International Business Machines Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Friday, August 9th were given a dividend of $1.67 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $6.68 annualized dividend and a dividend yield of 3.00%. International Business Machines’s dividend payout ratio is currently 75.65%.

Analyst Upgrades and Downgrades

IBM has been the topic of several research reports. Hsbc Global Res raised International Business Machines to a “moderate sell” rating in a research report on Friday, July 26th. Bernstein Bank raised their target price on International Business Machines from $185.00 to $210.00 and gave the company a “market perform” rating in a report on Thursday. The Goldman Sachs Group upped their price target on International Business Machines from $220.00 to $250.00 and gave the stock a “buy” rating in a report on Monday. Jefferies Financial Group lifted their price objective on shares of International Business Machines from $190.00 to $200.00 and gave the company a “hold” rating in a research note on Thursday, July 25th. Finally, StockNews.com upgraded shares of International Business Machines from a “hold” rating to a “buy” rating in a research note on Wednesday, June 19th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $194.35.

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.