Ridgewood Investments Boosts IBM Stake by 84.5% in Third Quarter

Ridgewood Investments LLC significantly increased its stake in International Business Machines Corporation (NYSE: IBM) during the third quarter, boosting its holdings by 84.5%. The firm now owns 5,082 shares of IBM stock, worth approximately $1,118,000, after acquiring an additional 2,328 shares.

Several other institutional investors also adjusted their positions in IBM. Olistico Wealth LLC raised its stake by 9.7%, now holding 5,022 shares valued at $1,104,000. Tompkins Financial Corp increased its holdings by 7.0%, owning 9,171 shares worth $2,017,000. Other investors, including Baker Tilly Wealth Management LLC, Ferguson Wellman Capital Management Inc., and CapWealth Advisors LLC, also reported increases in their IBM holdings.

Analysts have recently shared mixed opinions on IBM. Bank of America lowered its price target from $330.00 to $280.00 but maintained a "buy" rating. JPMorgan Chase & Co. reduced its target price from $291.00 to $250.00, keeping an "overweight" rating. Craig Hallum initiated coverage with a "buy" rating, while Susquehanna increased its target price to $235.00 with a "neutral" rating. KeyCorp downgraded IBM to a "sector weight" rating.

IBM's stock recently traded at $221.39, with a market capitalization of $208.58 billion. The company reported quarterly earnings of $2.93 per share, meeting consensus estimates, and announced a quarterly dividend of $1.69 per share, representing a 3.1% yield. Insider activity included a sale of 25,000 shares by SVP Robert Thomas at an average price of $230.32.