Contravisory Cuts IBM Stake by 97.8% Amid Broad Ownership Shift
Contravisory Investment Management Inc. has reduced its holdings in International Business Machines Corporation (NYSE:IBM) by 97.8% according to a recent SEC filing.
The institutional investor sold 31,443 shares during the second quarter and now owns just 696 shares of IBM's stock worth $196,000 as of its most recent filing with the SEC.
This move is one of several changes in ownership among institutional investors in IBM. Norges Bank acquired a new position in IBM valued at $2.446 billion in the fourth quarter, while Capital World Investors boosted its holdings by 29.2% to own 22 million shares worth $6.524 billion.
Price T Rowe Associates Inc. MD increased its stake by 83.4%, and Corient Private Wealth LLC grew its holding by 359.6%. Vanguard Group Inc. also added to its position, increasing it by 1.5%.