Haverford Trust Invests Heavily in International Business Machines Corporation
Haverford Trust Co has made a new investment in International Business Machines Corporation (IBM). The company acquired 17,182 shares of IBM's stock during the second quarter, valued at approximately $4.832 million.
This is not an isolated instance of institutional investors taking notice of IBM. Several other firms have also increased their stakes in the company recently, including Orca Wealth Management LLC and Friday Financial. These additions bring the total number of shares held by these institutions to 5,791 and 1,938 respectively.
IBM's stock price opened at $234.77 on Tuesday, giving it a market capitalization of $221.18 billion. The company has a price-to-earnings ratio of 20.83, a PEG ratio of 2.24, and a beta of 0.71.
International Business Machines Corporation reported earnings per share (EPS) of $2.93 for the quarter, which was in line with analysts' expectations. The company's revenue came in at $17.16 billion, a 1.1% increase from the same period last year.