SouthState Corp Purchases 2,639 Shares of International Business Machines Corporation (NYSE:IBM)

SouthState Corp grew its position in shares of International Business Machines Corporation (NYSE:IBM - Free Report) by 10.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 29,091 shares of the technology company's stock after acquiring an additional 2,639 shares during the period. SouthState Corp's holdings in International Business Machines were worth $7,234,000 as of its most recent SEC filing.

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Other hedge funds and other institutional investors have also recently modified their holdings of the company. MinichMacGregor Wealth Management LLC bought a new position in shares of International Business Machines during the first quarter valued at about $396,000. Left Brain Wealth Management LLC raised its stake in International Business Machines by 1,547.8% in the first quarter. Left Brain Wealth Management LLC now owns 17,664 shares of the technology company's stock worth $4,392,000 after buying an additional 16,592 shares in the last quarter. Alpha Cubed Investments LLC raised its stake in International Business Machines by 47.0% in the first quarter. Alpha Cubed Investments LLC now owns 7,507 shares of the technology company's stock worth $1,867,000 after buying an additional 2,399 shares in the last quarter. Wedbush Securities Inc. raised its stake in International Business Machines by 5.6% in the first quarter. Wedbush Securities Inc. now owns 62,067 shares of the technology company's stock worth $15,434,000 after buying an additional 3,276 shares in the last quarter. Finally, Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. bought a new position in International Business Machines in the first quarter worth about $4,608,000. 58.96% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on IBM. Bank of America decreased their price target on shares of International Business Machines from $320.00 to $310.00 and set a "buy" rating for the company in a research note on Thursday, July 24th. Jefferies Financial Group reissued a "hold" rating on shares of International Business Machines in a research note on Wednesday, April 23rd. Stifel Nicolaus increased their price target on shares of International Business Machines from $290.00 to $310.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. Wall Street Zen raised shares of International Business Machines from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Finally, Morgan Stanley cut their price objective on shares of International Business Machines from $237.00 to $233.00 and set an "equal weight" rating on the stock in a report on Thursday, April 24th. One analyst has rated the stock with a sell rating, eight have given a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, International Business Machines currently has a consensus rating of "Moderate Buy" and a consensus target price of $268.75.

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View Our Latest Report on IBM

International Business Machines Price Performance

Shares of IBM opened at $241.88 on Friday. The company has a market capitalization of $224.80 billion, a P/E ratio of 39.27, a price-to-earnings-growth ratio of 3.74 and a beta of 0.69. The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 2.00. The firm has a 50 day moving average of $276.14 and a 200 day moving average of $258.25. International Business Machines Corporation has a twelve month low of $189.00 and a twelve month high of $296.16.

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International Business Machines (NYSE:IBM - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The technology company reported $2.80 earnings per share for the quarter, beating the consensus estimate of $2.65 by $0.15. The company had revenue of $16.98 billion during the quarter, compared to the consensus estimate of $16.58 billion. International Business Machines had a net margin of 9.11% and a return on equity of 37.62%. The firm's quarterly revenue was up 7.7% compared to the same quarter last year. During the same quarter last year, the firm earned $2.43 earnings per share. As a group, equities research analysts anticipate that International Business Machines Corporation will post 10.78 earnings per share for the current fiscal year.

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.

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