Westpac Banking Corp Increases Position in International Business Machines Co. (NYSE:IBM)

Westpac Banking Corp raised its position in International Business Machines Co. (NYSE:IBM) by 588.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 46,800 shares of the technology company’s stock after buying an additional 40,000 shares during the period. International Business Machines comprises about 0.7% of Westpac Banking Corp’s portfolio, making the stock its 28th largest holding. Westpac Banking Corp’s holdings in International Business Machines were worth $10,288,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its stake in International Business Machines by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 91,839,252 shares of the technology company’s stock worth $20,189,023,000 after purchasing an additional 1,539,888 shares during the period. State Street Corp grew its holdings in International Business Machines by 2.2% during the 3rd quarter. State Street Corp now owns 55,671,883 shares of the technology company’s stock worth $12,307,940,000 after acquiring an additional 1,200,803 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of International Business Machines by 2.1% in the 4th quarter. Geode Capital Management LLC now owns 20,909,646 shares of the technology company’s stock valued at $4,589,145,000 after acquiring an additional 427,499 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of International Business Machines by 1.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,665,256 shares of the technology company’s stock valued at $1,465,223,000 after buying an additional 126,547 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of International Business Machines during the fourth quarter worth about $1,236,176,000. 58.96% of the stock is currently owned by institutional investors and hedge funds.

International Business Machines Stock Performance

Shares of NYSE IBM opened at $249.90 on Thursday. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.04 and a quick ratio of 1.00. The company has a market capitalization of $231.72 billion, a P/E ratio of 38.99, a price-to-earnings-growth ratio of 5.81 and a beta of 0.74. International Business Machines Co. has a one year low of $162.62 and a one year high of $266.45. The business’s 50-day moving average price is $251.05 and its two-hundred day moving average price is $232.26.

International Business Machines (NYSE:IBM) last announced 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 return on equity of 38.99% and a net margin of 9.60%. Analysts anticipate that International Business Machines Co. will post 10.78 earnings per share for the current fiscal year.

International Business Machines Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Monday, February 10th were paid a $1.67 dividend. This represents a $6.68 annualized dividend and a yield of 2.67%. The ex-dividend date of this dividend was Monday, February 10th. International Business Machines’s dividend payout ratio is 104.21%.

Insider Buying and Selling

In other news, SVP Robert David Thomas sold 26,543 shares of the 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 sale, the senior vice president now directly owns 45,007 shares of the company’s stock, valued at $11,387,221.07. This represents a 37.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.18% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. UBS Group increased their price target on International Business Machines from $150.00 to $160.00 and gave the stock a “sell” rating in a report on Tuesday, January 14th. Royal Bank of Canada reissued an “outperform” rating and set a $250.00 price target on shares of International Business Machines in a research report on Monday, January 27th. Jefferies Financial Group reduced their price target on International Business Machines from $270.00 to $265.00 and set a “hold” rating on the stock in a research note on Monday. Wedbush initiated coverage on shares of International Business Machines in a research report on Monday, February 3rd. They set an “outperform” rating for the company. Finally, Erste Group Bank upgraded shares of International Business Machines from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 17th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, International Business Machines has an average rating of “Hold” and an average price target of $231.13.

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.