Calamos Wealth Management LLC reduced its stake in International Business Machines Corporation (NYSE:IBM) by 30.9% during the third quarter, selling 2,569 shares. The fund now holds 5,750 shares valued at $1,265,000, according to its latest SEC filing.
Several other institutional investors also adjusted their positions in IBM. BlackRock Inc. acquired a new stake worth about $21,586,659,000 in the second quarter, while State Street Corp increased its holdings by 2.7%, now owning 56,045,055 shares valued at $15,760,430,000. Bank of America Corp DE and Bank of New York Mellon Corp also bought new stakes worth $4,214,868,000 and $2,606,782,000, respectively. UBS AM increased its position by 0.7%, now owning 7,621,512 shares worth $2,143,245,000.
Wall Street analysts remain bullish on IBM, with a consensus rating of "Moderate Buy" and an average target price of $266.88. Recent reports from Royal Bank of Canada, Yorkville Ives, Jefferies Financial Group, Argus, and Barclays all provided positive outlooks, with target prices ranging from $270.00 to $280.00.
IBM's stock opened at $244.71 on Friday, with a market cap of $231.28 billion. The company reported quarterly earnings of $2.95 per share, beating estimates by $0.10, and revenue of $17.10 billion, up 4.7% year-over-year. The company also announced a quarterly dividend of $1.69 per share, payable on December 10th.