Sequoia Financial Advisors Boosts Stake in International Business Machines Corporation

Sequoia Financial Advisors LLC increased its stake in International Business Machines Corporation by 6.9% during the second quarter, according to a recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased an additional 14,178 shares of the technology company's stock, bringing its total holdings to 221,104 shares worth $62,177,000.

The firm is not alone in making changes to its position in IBM. Several other institutional investors and hedge funds have also adjusted their stakes in the company, including Basepoint Wealth LLC, Portus Wealth Advisors LLC, Joseph Group Capital Management, Cornerstone Financial Management LLC, SWAN Capital LLC, JPMorgan, Sixth Street Partners, Wellington Management, FMR, and Bank of New York Mellon. These entities own a combined 58.96% of IBM's outstanding shares.

Despite the changes in institutional ownership, IBM has experienced fluctuations in its stock price. Shares opened at $228.53 on Tuesday, with a market capitalization of $215.31 billion and a price-to-earnings ratio of 20.28. The company reported earnings per share of $2.93 for the quarter, meeting analyst expectations.