Concannon Wealth Management Lowers stake in International Business Machines Corp. (IBM)

International Business Machines Corp. (IBM) : Concannon Wealth Management reduced its stake in International Business Machines Corp. by 5.2% during the most recent quarter end. The investment management company now holds a total of 19,045 shares of International Business Machines Corp. which is valued at $3,059,960 after selling 1,045 shares in International Business Machines Corp. , the firm said in a disclosure report filed with the SEC on Aug 2, 2016.International Business Machines Corp. makes up approximately 3.06% of Concannon Wealth Management’s portfolio.

Other Hedge Funds, Including , Mcrae Capital Management Inc boosted its stake in IBM in the latest quarter, The investment management firm added 2,014 additional shares and now holds a total of 46,126 shares of International Business Machines Corp. which is valued at $7,411,064. International Business Machines Corp. makes up approx 3.29% of Mcrae Capital Management Inc’s portfolio.Ngam Advisors reduced its stake in IBM by selling 17,647 shares or 32.51% in the most recent quarter. The Hedge Fund company now holds 36,643 shares of IBM which is valued at $5,887,431. International Business Machines Corp. makes up approx 0.08% of Ngam Advisors’s portfolio.Banced Corp boosted its stake in IBM in the latest quarter, The investment management firm added 609 additional shares and now holds a total of 2,459 shares of International Business Machines Corp. which is valued at $388,571. International Business Machines Corp. makes up approx 0.68% of Banced Corp’s portfolio.

International Business Machines Corp. closed down -0.06 points or -0.04% at $162.04 with 30,39,306 shares getting traded on Monday. Post opening the session at $162.73, the shares hit an intraday low of $161.58 and an intraday high of $163.27 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, International Business Machines Corp. reported $2.95 EPS for the quarter, beating the analyst consensus estimate by $ 0.06 according to the earnings call on Jul 18, 2016. Analyst had a consensus of $2.89. The company had revenue of $20238.00 million for the quarter, compared to analysts expectations of $20063.32 million. The company’s revenue was down -2.8 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $3.84 EPS.

Many Wall Street Analysts have commented on International Business Machines Corp.. International Business Machines Corp. was Downgraded by Standpoint Research to ” Hold” on Jul 25, 2016. Company shares were Reiterated by Drexel Hamilton on Jul 19, 2016 to “Buy”, Firm has raised the Price Target to $ 186 from a previous price target of $166 .Company shares were Reiterated by JMP Securities on Jul 19, 2016 to “Mkt Outperform”, Firm has raised the Price Target to $ 172 from a previous price target of $157 .

International Business Machines Corporation is a technology company. The Company operates in five business segments: Global Technology Services (GTS) which includes Strategic Outsourcing Integrated Technology Services Cloud and Technology Support Services and also provides information technology (IT) infrastructure and business process services; Global Business Services (GBS) which offers its services across Consulting and Systems Integration Global Process Services and Application Management Services; Software which consists of middleware and operating systems software; Systems and Technology (STG) which provides infrastructure technologies and Global Financing which provides financing solutions for products or services that are critical to the end users’ business operations. Its IBM Watson Health Cloud platform collects clinical research and social data from a range of health sources and creates a cloud-based data sharing hub.

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