Envestnet Cuts IBM Stake by 4% Amid Quarter

Envestnet Asset Management Inc., a global investment manager, reduced its stake in International Business Machines Corporation (IBM) by 4.1% during the second quarter, according to recent SEC filings.

The fund sold 43,951 shares of IBM's stock during this period, trimming its position from 1,016,199 shares to 972,248 shares, valued at approximately $285 million.

This is not an isolated move; several other large investors have also adjusted their holdings in the tech giant. Andra AP fonden increased its stake in IBM by 9.7%, while State Street Corp raised its position by 2.7% during the same quarter.