International Business Machines (NYSE:IBM) Price Target Raised to $260.00 at Bank of America

International Business Machines (NYSE:IBM) had its target price lifted by Bank of America from $250.00 to $260.00 in a research report sent to investors on Thursday morning,Benzinga reports. Bank of America currently has a buy rating on the technology company’s stock.

IBM has been the subject of a number of other reports. Morgan Stanley raised their price target on International Business Machines from $208.00 to $222.00 and gave the stock an “equal weight” rating in a report on Monday, December 16th. DZ Bank lowered International Business Machines from a “buy” rating to a “hold” rating and set a $215.00 target price for the company. in a report on Wednesday, October 2nd. The Goldman Sachs Group increased their price target on shares of 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 increased their target price on shares of International Business Machines from $200.00 to $245.00 and gave the stock a “hold” rating in a research note on Monday, October 21st. Finally, JPMorgan Chase & Co. boosted their price target on shares of International Business Machines from $227.00 to $233.00 and gave the company a “neutral” rating in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, International Business Machines has a consensus rating of “Hold” and an average target price of $220.73.

International Business Machines Price Performance

International Business Machines stock opened at $225.63 on Thursday. International Business Machines has a 12 month low of $162.62 and a 12 month high of $239.35. The company has a current ratio of 1.06, a quick ratio of 1.01 and a debt-to-equity ratio of 2.16. The business’s 50 day simple moving average is $223.60 and its 200 day simple moving average is $211.90. The company has a market cap of $208.63 billion, a price-to-earnings ratio of 32.84, a PEG ratio of 4.80 and a beta of 0.74.

International Business Machines (NYSE:IBM) last posted its earnings results on Wednesday, October 23rd. The technology company reported $2.30 earnings per share 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 the consensus estimate of $15.08 billion. International Business Machines had a net margin of 10.22% and a return on equity of 40.52%. The company’s revenue was up 1.5% on a year-over-year basis. During the same quarter last year, the company earned $2.20 earnings per share. Sell-side analysts forecast that International Business Machines will post 10.16 EPS for the current year.

International Business Machines Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Tuesday, November 12th were issued a $1.67 dividend. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $6.68 dividend on an annualized basis and a dividend yield of 2.96%. International Business Machines’s payout ratio is 97.23%.

Insider Activity at International Business Machines

In other news, SVP Nickle Jaclyn Lamoreaux sold 3,600 shares of the firm’s stock in a transaction dated 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 directly owns 25,390 shares of the company’s stock, valued at approximately $5,463,928. This trade represents a 12.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.07% of the stock is owned by insiders.

Institutional Investors Weigh In On International Business Machines

Several institutional investors have recently bought and sold shares of the stock. State Street Corp boosted its stake in shares of International Business Machines by 2.2% during the third quarter. State Street Corp now owns 55,671,883 shares of the technology company’s stock valued at $12,307,940,000 after purchasing an additional 1,200,803 shares during the period. Legal & General Group Plc boosted its position in International Business Machines by 4.1% during the 2nd quarter. Legal & General Group Plc now owns 8,487,827 shares of the technology company’s stock valued at $1,467,974,000 after buying an additional 330,694 shares during the period. Ameriprise Financial Inc. grew its holdings in International Business Machines by 6.4% in the 2nd quarter. Ameriprise Financial Inc. now owns 7,366,715 shares of the technology company’s stock worth $1,274,074,000 after acquiring an additional 444,698 shares during the last quarter. FMR LLC increased its position in shares of International Business Machines by 6.0% in the third quarter. FMR LLC now owns 5,195,933 shares of the technology company’s stock valued at $1,148,717,000 after acquiring an additional 294,276 shares during the period. Finally, Swiss National Bank raised its stake in shares of International Business Machines by 0.5% during the third quarter. Swiss National Bank now owns 2,726,700 shares of the technology company’s stock valued at $602,819,000 after acquiring an additional 12,400 shares during the last quarter. 58.96% of the stock is currently owned by hedge funds and other institutional investors.

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.