IBM Stakeholder Shifts: NewEdge Advisors Reduces Holding by 48.3%
NewEdge Advisors LLC decreased its stake in International Business Machines Corporation (NYSE:IBM) by 48.3% during the first quarter, according to a recent filing with the Securities and Exchange Commission.
The institutional investor sold 183,086 shares of IBM's stock during the quarter, leaving it with 196,169 shares worth $47,549,000 as of its most recent SEC filing.
This is not an isolated incident - several other institutional investors have made changes to their positions in IBM. For example, Vanguard Group Inc. increased its stake in IBM by 1.5% during the fourth quarter and now owns 97,216,131 shares valued at $28,796,390,000.
These developments come as IBM faces ongoing challenges in its legacy infrastructure and services ecosystem, which is causing revenue declines according to Kyndryl's earnings commentary.