Northcape Wealth Management Buys IBM Shares Worth Over $5 Million
Northcape Wealth Management LLC has purchased 18,471 shares of International Business Machines Corporation (NYSE:IBM) stock in the second quarter, according to its latest Form 13F filing with the Securities & Exchange Commission.
The institutional investor bought the shares for approximately $5.19 million, making up about 1.4% of Northcape's investment portfolio and its 20th largest holding.
This is not an isolated incident; other institutional investors have also made changes to their positions in IBM during the same quarter. For example, Basepoint Wealth LLC purchased a new stake worth around $25,000, while Portus Wealth Advisors LLC acquired a new stake valued at $26,000.
IBM's stock currently has a Moderate Buy rating among analysts, with 16 of them recommending a buy and 11 holding a hold rating. The company's consensus price target is $265.90 per share.