Cynosure Group LLC Invests $12.43 Million in International Business Machines Corporation (NYSE:IBM)

Cynosure Group LLC purchased a new position in shares of International Business Machines Corporation (NYSE:IBM) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 49,993 shares of the technology company’s stock, valued at approximately $12,431,000. International Business Machines comprises 1.7% of Cynosure Group LLC’s investment portfolio, making the stock its 14th biggest holding.

Other large investors have also modified their holdings of the company. Brighton Jones LLC grew its holdings in International Business Machines by 12.4% in the fourth quarter. Brighton Jones LLC now owns 21,011 shares of the technology company’s stock valued at $4,619,000 after purchasing an additional 2,323 shares during the last quarter. FIL Ltd boosted its stake in International Business Machines by 7.8% in the 4th quarter. FIL Ltd now owns 2,493 shares of the technology company’s stock worth $548,000 after buying an additional 180 shares during the last quarter. Colonial Trust Advisors boosted its stake in International Business Machines by 21.6% in the 4th quarter. Colonial Trust Advisors now owns 1,035 shares of the technology company’s stock worth $228,000 after buying an additional 184 shares during the last quarter. First Foundation Advisors boosted its stake in International Business Machines by 2.6% in the 4th quarter. First Foundation Advisors now owns 2,941 shares of the technology company’s stock worth $647,000 after buying an additional 75 shares during the last quarter. Finally, Jaffetilchin Investment Partners LLC raised its holdings in shares of International Business Machines by 1.7% in the 4th quarter. Jaffetilchin Investment Partners LLC now owns 16,892 shares of the technology company’s stock worth $3,713,000 after purchasing an additional 276 shares during the period. Hedge funds and other institutional investors own 58.96% of the company’s stock.

International Business Machines Trading Down 3.3%

IBM stock opened at $241.88 on Friday. The business has a fifty day moving average price of $276.14 and a 200 day moving average price of $258.01. International Business Machines Corporation has a fifty-two week low of $189.00 and a fifty-two week high of $296.16. The stock has a market capitalization of $224.80 billion, a price-to-earnings ratio of 39.27, a P/E/G ratio of 3.86 and a beta of 0.69. The company has a debt-to-equity ratio of 2.00, a current ratio of 0.91 and a quick ratio of 0.87.

International Business Machines (NYSE:IBM) last released its earnings results on Wednesday, July 23rd. The technology company reported $2.80 EPS 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 analysts’ expectations of $16.58 billion. International Business Machines had a return on equity of 37.62% and a net margin of 9.11%. The business’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same period last year, the firm earned $2.43 EPS. Analysts expect that International Business Machines Corporation will post 10.78 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently commented on IBM. JPMorgan Chase & Co. raised their target price on International Business Machines from $244.00 to $290.00 and gave the company a “neutral” rating in a report on Thursday, July 24th. Wedbush raised their target price on International Business Machines from $300.00 to $325.00 and gave the company an “outperform” rating in a report on Friday, June 20th. Wall Street Zen upgraded International Business Machines from a “hold” rating to a “buy” rating in a research note on Saturday, July 26th. The Goldman Sachs Group raised their price objective on International Business Machines from $270.00 to $310.00 and gave the company a “buy” rating in a research note on Wednesday, July 2nd. Finally, Morgan Stanley lowered their price objective on International Business Machines from $237.00 to $233.00 and set an “equal weight” rating for the company in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $268.75.

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.