Connor Clark & Lunn Investment Management Ltd. Decreases Stock Holdings in International Business Machines Co. (NYSE:IBM)

Connor Clark & Lunn Investment Management Ltd. trimmed its position in International Business Machines Co. (NYSE:IBM) by 31.4% during the 4th quarter, Holdings Channel reports. The institutional investor owned 97,622 shares of the technology company’s stock after selling 44,595 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in International Business Machines were worth $21,460,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in IBM. Raymond James Financial Inc. purchased a new position in International Business Machines during the 4th quarter valued at $592,746,000. Holocene Advisors LP purchased a new position in International Business Machines during the 3rd quarter valued at $573,306,000. State Street Corp increased its position 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 valued at $12,307,940,000 after purchasing an additional 1,200,803 shares during the period. KBC Group NV increased its position in International Business Machines by 90.4% during the 4th quarter. KBC Group NV now owns 1,687,253 shares of the technology company’s stock valued at $370,909,000 after purchasing an additional 800,930 shares during the period. Finally, Strategic Financial Concepts LLC increased its position in International Business Machines by 23,311.1% during the 4th quarter. Strategic Financial Concepts LLC now owns 697,182 shares of the technology company’s stock valued at $153,262,000 after purchasing an additional 694,204 shares during the period. 58.96% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at International Business Machines

In other International Business Machines news, SVP Robert David Thomas sold 26,543 shares of the company’s stock in a transaction dated 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 transaction, the senior vice president now owns 45,007 shares in the company, valued at approximately $11,387,221.07. This represents a 37.10 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.07% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on IBM. Sanford C. Bernstein boosted their price objective on shares of International Business Machines from $210.00 to $215.00 and gave the company a “market perform” rating in a research report on Friday, January 3rd. StockNews.com upgraded shares of International Business Machines from a “hold” rating to a “buy” rating in a report on Friday, March 7th. Oppenheimer began coverage on shares of International Business Machines in a report on Tuesday, February 11th. They set an “outperform” rating and a $320.00 target price on the stock. Bank of America boosted their target price on shares of International Business Machines from $260.00 to $270.00 and gave the company a “buy” rating in a report on Thursday, January 30th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $250.00 target price on shares of International Business Machines in a report on Monday, January 27th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $231.44.

International Business Machines Stock Performance

Shares of International Business Machines stock opened at $245.67 on Friday. 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 stock has a market cap of $227.80 billion, a price-to-earnings ratio of 38.33, a PEG ratio of 5.81 and a beta of 0.74. The firm’s 50-day moving average is $243.72 and its 200 day moving average is $227.70. International Business Machines Co. has a 1 year low of $162.62 and a 1 year high of $266.45.

International Business Machines (NYSE:IBM) last posted its earnings results on Wednesday, January 29th. The technology company reported $3.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.77 by $0.15. International Business Machines had a net margin of 9.60% and a return on equity of 38.99%. Sell-side analysts anticipate that International Business Machines Co. will post 10.78 EPS for the current fiscal year.

International Business Machines Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Monday, February 10th were paid a dividend of $1.67 per share. This represents a $6.68 annualized dividend and a yield of 2.72%. The ex-dividend date was Monday, February 10th. International Business Machines’s dividend payout ratio is currently 104.21%.

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.