Johnson Investment Counsel Cuts Stake in IBM Amid Mixed Analyst Views
Johnson Investment Counsel Inc. has reduced its stake in International Business Machines Corporation (NYSE:IBM) by 9.1% in the second quarter, according to a recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 37,084 shares of IBM's stock after selling 3,703 shares during the quarter.
The holdings in IBM were worth $10,428,000 as of its most recent SEC filing. This is not an isolated incident, as a number of other hedge funds and institutional investors have also recently bought and sold shares of IBM.
Analysts continue to provide mixed views on the company's stock performance, with some raising their price objectives while others downgrade their ratings. Bank of America raised its price objective on IBM from $315.00 to $330.00 and gave the company a 'buy' rating in a research report. However, Citigroup dropped its target price on International Business Machines from $255.00 to $245.00 and set a 'buy' rating on the stock.
The company's recent quarterly earnings data showed that IBM reported $2.93 EPS for the quarter, hitting analysts' consensus estimates of $2.93. The firm had revenue of $17.16 billion for the quarter, compared to the consensus estimate of $17.46 billion.