Meeder Advisory Services Inc. Invests Heavily in International Business Machines Corporation
Meeder Advisory Services Inc. has acquired a new stake in International Business Machines Corporation (NYSE:IBM) valued at approximately $6,996,000, according to its latest Form 13F filing with the Securities & Exchange Commission.
The fund purchased 24,879 shares of IBM's stock during the second quarter, which represents the company's first investment in this technology giant. Meeder Advisory Services Inc. joins other institutional investors and hedge funds that have also recently modified their holdings of International Business Machines.
In related news, SVP Robert Thomas sold 25,000 shares of the firm's stock on August 26th at an average price of $230.32 for a total transaction of $5,758,000. Following this sale, the senior vice president directly owned 47,800 shares in the company.
The news comes as International Business Machines Corporation is making strides in quantum computing, with recent advancements supporting its growth narrative. Analysts have set a consensus price target of $265.90 for IBM's stock, indicating a potential upside for investors.