Global Retirement Partners Buys IBM Stake Worth $8.89 Million
Global Retirement Partners LLC has purchased 31,616 shares of International Business Machines Corporation (NYSE:IBM) in its most recent filing with the Securities & Exchange Commission. The stake is valued at approximately $8.89 million.
This is not the only institutional investor to make changes to their positions in IBM recently. Basepoint Wealth LLC, Portus Wealth Advisors LLC, Cornerstone Financial Management LLC, SWAN Capital LLC, and Bare Financial Services Inc have all bought new stakes in the technology company during different quarters this year.
International Business Machines Corporation has a market capitalization of $217.75 billion and a price-to-earnings ratio of 20.51. The firm's quarterly revenue was up 1.1% compared to the same quarter last year, and its net margin is 15.52%. IBM's stock opened at $231.12 on Wednesday.
The company's shares have declined by 21% this year. Analysts' price targets for IBM range from $225 to $360, with a consensus rating of 'Moderate Buy' and a consensus price target of $265.90. The business also recently announced a quarterly dividend of $1.69 per share.