CapWealth Advisors Boosts IBM Holdings by 4.4% in Third Quarter
CapWealth Advisors LLC has increased its holdings in International Business Machines Corporation (NYSE: IBM) by 4.4% during the third quarter, according to its latest SEC filing. The institutional investor now owns 129,803 shares of IBM stock, valued at $28,548,000, making it the 17th largest position in their portfolio.
Other institutional investors have also adjusted their stakes in IBM. Assetmark Inc. raised its position by 24.8% in the first quarter, while Putnam Investment Management Co. acquired a new stake worth about $15,237,000 in the second quarter. Beacon Investment Advisory Services Inc. significantly boosted its holdings by 939.4% in the second quarter, and Evercore Wealth Management LLC increased its stake by 9.0% during the first quarter.
IBM stock recently traded down $1.27 to $221.37, with a market cap of $208.56 billion. The company reported earnings of $2.93 per share for the quarter ending July 22nd, meeting analysts' expectations. Revenue for the quarter was $17.16 billion, up 1.1% year-over-year. The stock has a 50-day moving average of $232.27 and a 200-day moving average of $244.89.
Analysts have set a consensus price target of $253.52 for IBM, with opinions ranging from Buy to Hold to Sell. The company also recently declared a quarterly dividend of $1.69 per share, representing a yield of 3.1%. Insider activity includes SVP Robert Thomas selling 25,000 shares at an average price of $230.32.