IBM (NYSE:IBM) announced its quarterly earnings results on Wednesday. The technology company reported $3.17 earnings per share for the quarter, beating the consensus estimate of $3.06 by $0.11, RTT News reports. The company had revenue of $19.20 billion during the quarter, compared to analysts’ expectations of $19.20 billion. IBM had a return on equity of 68.76% and a net margin of 10.98%. IBM’s quarterly revenue was down 4.0% on a year-over-year basis. During the same period last year, the business earned $3.08 earnings per share. IBM updated its FY 2019 guidance to $13.90 EPS and its FY19 guidance to $13.90 EPS.
Shares of IBM traded down $0.46 during trading hours on Wednesday, hitting $143.07. 4,596,151 shares of the stock were exchanged, compared to its average volume of 3,788,136. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.31 and a current ratio of 1.36. IBM has a 12-month low of $105.94 and a 12-month high of $154.36. The firm has a market capitalization of $127.07 billion, a P/E ratio of 10.36, a price-to-earnings-growth ratio of 2.60 and a beta of 1.25. The stock has a 50-day moving average price of $137.01.
In related news, SVP Kenneth M. Keverian sold 2,690 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $135.50, for a total transaction of $364,495.00. Following the completion of the sale, the senior vice president now directly owns 34,665 shares in the company, valued at $4,697,107.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Kenneth M. Keverian sold 2,083 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $132.00, for a total value of $274,956.00. Following the sale, the senior vice president now owns 34,465 shares of the company’s stock, valued at $4,549,380. The disclosure for this sale can be found here. Insiders have sold 7,000 shares of company stock valued at $940,430 over the last quarter. 0.19% of the stock is owned by company insiders.
Several research analysts recently weighed in on IBM shares. BMO Capital Markets started coverage on Yelp in a research report on Wednesday, April 17th. They set an “outperform” rating for the company. Citigroup reduced their price target on UnitedHealth Group from $288.00 to $247.00 and set a “neutral” rating for the company in a research report on Wednesday, April 17th. Credit Suisse Group lifted their price target on Delta Air Lines from $37.00 to $68.00 and gave the company an “outperform” rating in a research report on Thursday, April 11th. Zacks Investment Research cut HANNOVER RUECK/S from a “hold” rating to a “sell” rating in a research report on Monday, April 22nd. Finally, UBS Group set a $160.00 price target on IBM and gave the company a “buy” rating in a research report on Wednesday, April 17th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $155.17.
International Business Machines Corporation operates as an integrated technology and services company worldwide. Its Cognitive Solutions segment offers a portfolio of enterprise artificial intelligence platforms, such as analytics and data management platforms, cloud data services, talent management, and industry solutions primarily under the Watson Platform, Watson Health, and Watson Internet of Things names.
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