Ibex Wealth Advisors Sells Majority Stake in IBM
Ibex Wealth Advisors has significantly reduced its stake in International Business Machines Corporation (IBM) by selling 26,190 shares during the second quarter. The institutional investor now owns just 818 shares of IBM stock after the sale, valued at $230,000 as of its most recent SEC filing.
This is part of a broader trend where hedge funds are modifying their holdings in IBM. Basepoint Wealth LLC and Portus Wealth Advisors LLC have acquired new positions in the company during the fourth quarter, while Cornerstone Financial Management LLC bought a new position in the third quarter.
The value of IBM's stock remains strong, with a market cap of $220.47 billion and a P/E ratio of 20.76. The company reported quarterly earnings of $2.93 per share, meeting analyst expectations, and has a return on equity of 35.65% and a net margin of 15.52%.
Ibex Wealth Advisors' reduction in its stake in IBM is significant, representing a 97% decrease from the previous quarter. This move could be seen as a cautious approach to the company's performance, given the decline in mainframe sales and modest revenue growth.