INTERNATIONAL BUSINESS MACHS IBM
COM · Common Stock · CUSIP 459200101 · ISIN US4592001014
American multinational technology company
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($411.4m this quarter). Holder counts are more reliable. Shares outstanding: 916.7m as of 2024-02-09, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $163.37. Options: 64 managers hold calls ($2.8bn notional), 68 hold puts ($2.5bn).
Trends to Q4 2023
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 2,288 |
| Q4 2022 | 2,435 |
| Q1 2023 | 2,398 |
| Q2 2023 | 2,428 |
| Q3 2023 | 2,468 |
| Q4 2023 | 2,685 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2022 | 1,084 | 999 |
| Q1 2023 | 1,155 | 1,029 |
| Q2 2023 | 1,118 | 1,054 |
| Q3 2023 | 1,113 | 1,062 |
| Q4 2023 | 1,149 | 1,145 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2023 | $2.3bn | $1.9bn | 0.83 |
| Q2 2023 | $2.3bn | $1.5bn | 0.67 |
| Q3 2023 | $2.3bn | $2.1bn | 0.91 |
| Q4 2023 | $2.8bn | $2.5bn | 0.88 |
Biggest buyers
| MORGAN STANLEY | Added | +13.3m |
| JPMORGAN CHASE & CO | Added | +8.4m |
| BlackRock Inc. | Added | +2.3m |
| RENAISSANCE TECHNOLOGIES LLC | Added | +1.3m |
| GEODE CAPITAL MANAGEMENT, LLC | Added | +1.2m |
| Capital Wealth Planning, LLC | New | +1.1m |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Added | +1.0m |
| BARCLAYS PLC | Added | +936.4k |
| NEUBERGER BERMAN GROUP LLC | Added | +929.3k |
| GOLDMAN SACHS GROUP INC | Added | +914.9k |
Biggest sellers
| NORGES BANK | Reduced | -2.1m |
| FMR LLC | Reduced | -1.2m |
| FRANKLIN RESOURCES INC | Reduced | -905.7k |
| TWO SIGMA INVESTMENTS, LP | Reduced | -592.7k |
| TWO SIGMA ADVISERS, LP | Reduced | -553.4k |
| MARSHALL WACE, LLP | Reduced | -546.2k |
| Contrarius Investment Management Ltd | Sold out | -451.4k |
| FEDERATED HERMES, INC. | Reduced | -415.0k |
| TORONTO DOMINION BANK | Reduced | -412.1k |
| Qube Research & Technologies Ltd | Reduced | -401.7k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $511.6m3.1m shares |
| CITADEL ADVISORS LLC | Reduced | $355.7m2.2m shares |
| BANK OF AMERICA CORP /DE/ | Added | $180.0m1.1m shares |
| JANE STREET GROUP, LLC | Added | $166.1m1.0m shares |
| MILLENNIUM MANAGEMENT LLC | Added | $159.1m973.0k shares |
| D. E. Shaw & Co., Inc. | Reduced | $157.8m964.9k shares |
| SIMPLEX TRADING, LLC | Added | $120.6m740.3k shares |
| Squarepoint Ops LLC | Added | $110.0m672.3k shares |
| PEAK6 Investments LLC | Added | $85.5m522.6k shares |
| UBS Group AG | Added | $78.4m479.6k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $352.4m2.2m shares |
| MILLENNIUM MANAGEMENT LLC | Added | $238.2m1.5m shares |
| CITADEL ADVISORS LLC | Reduced | $231.8m1.4m shares |
| UBS Group AG | Added | $151.2m924.4k shares |
| GOLDMAN SACHS GROUP INC | Added | $127.2m777.9k shares |
| Balyasny Asset Management L.P. | Reduced | $127.1m776.9k shares |
| SIMPLEX TRADING, LLC | Added | $85.3m697.6k shares |
| BNP PARIBAS FINANCIAL MARKETS | Added | $85.0m5.2k shares |
| BANK OF AMERICA CORP /DE/ | Added | $82.2m502.7k shares |
| BARCLAYS PLC | New | $79.1m483.4k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-30 | 7.5% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q4 2023
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q1 2022 | 0 | — | 0 | — | — |
| Q2 2022 | 0 | — | 1 | $222.5k | — |
| Q3 2022 | 1 | $125.0k | 0 | — | — |
| Q4 2022 | 0 | — | 1 | $445.1k | — |
| Q1 2023 | 0 | — | 1 | $5.2m | — |
| Q2 2023 | 0 | — | 0 | — | — |
| Q3 2023 | 0 | — | 0 | — | — |
| Q4 2023 | 0 | — | 0 | — | — |
None reported in Q4 2023.
Holders, Q4 2023
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.30% of their portfolio | 82.6m $13.5bn | Added +529.7k |
| BlackRock Inc. 0.32% of their portfolio | 75.5m $12.3bn | Added +2.3m |
| STATE STREET CORP 0.44% of their portfolio | 55.0m $9.0bn | Added +281.3k |
| MORGAN STANLEY 0.21% of their portfolio | 29.5m $4.8bn | Added +13.3m |
| GEODE CAPITAL MANAGEMENT, LLC 0.32% of their portfolio | 18.8m $3.1bn | Added +1.2m |
| JPMORGAN CHASE & CO 0.14% of their portfolio | 16.6m $2.7bn | Added +8.4m |
| BANK OF AMERICA CORP /DE/ 0.29% of their portfolio | 15.7m $2.6bn | Added +189.0k |
| NORTHERN TRUST CORP 0.29% of their portfolio | 9.7m $1.6bn | Reduced -319.3k |
| Bank of New York Mellon Corp 0.29% of their portfolio | 8.9m $1.4bn | Added +167.7k |
| Amundi 0.60% of their portfolio | 8.3m $1.3bn | Added +451.2k |
| AMERIPRISE FINANCIAL INC 0.39% of their portfolio | 8.0m $1.3bn | Added +71.3k |
| Legal & General Group Plc 0.33% of their portfolio | 6.5m $1.1bn | Added +110.1k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.27% of their portfolio | 6.5m $1.0bn | Added +61.0k |
| California Public Employees Retirement System 0.79% of their portfolio | 6.4m $1.0bn | Added +11.2k |
| NORGES BANK 0.18% of their portfolio | 6.2m $1.0bn | Reduced -2.1m |
| ROYAL BANK OF CANADA 0.23% of their portfolio | 5.6m $908.4m | Added +668.3k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.35% of their portfolio | 5.5m $899.0m | Added +127.8k |
| GOLDMAN SACHS GROUP INC 0.19% of their portfolio | 5.4m $887.1m | Added +914.9k |
| Invesco Ltd. 0.18% of their portfolio | 4.5m $739.5m | Added +149.6k |
| DIMENSIONAL FUND ADVISORS LP 0.21% of their portfolio | 4.5m $736.0m | Added +97.5k |
| WELLS FARGO & COMPANY/MN 0.20% of their portfolio | 4.3m $704.0m | Reduced -10.4k |
| FMR LLC 0.05% of their portfolio | 4.1m $663.1m | Reduced -1.2m |
| Nuveen Asset Management, LLC 0.20% of their portfolio | 3.7m $608.1m | Reduced -61.8k |
| BARCLAYS PLC 0.31% of their portfolio | 3.6m $594.0m | Added +936.4k |
| DEUTSCHE BANK AG\ 0.28% of their portfolio | 3.3m $541.0m | Added +711.3k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.55% of their portfolio | 3.2m $528.2m | Added +1.0m |
| FIRST TRUST ADVISORS LP 0.56% of their portfolio | 3.1m $511.2m | Reduced -361.9k |
| Swiss National Bank 0.34% of their portfolio | 2.8m $465.9m | Reduced -71.9k |
| UBS Group AG 0.18% of their portfolio | 2.7m $445.3m | Added +343.6k |
| CREDIT SUISSE AG/ 0.43% of their portfolio | 2.7m $442.4m | Added +77.7k |
| Sumitomo Mitsui Trust Group, Inc. 0.32% of their portfolio | 2.7m $434.0m | Reduced -43.5k |
| HSBC HOLDINGS PLC 0.39% of their portfolio | 2.6m $419.8m | Added +810.1k |
| BANK OF MONTREAL /CAN/ 0.11% of their portfolio | 2.1m $349.1m | Added +623.6k |
| STIFEL FINANCIAL CORP 0.39% of their portfolio | 1.9m $312.0m | Reduced -23.2k |
| RENAISSANCE TECHNOLOGIES LLC 0.47% of their portfolio | 1.8m $301.4m | Added +1.3m |
| RHUMBLINE ADVISERS 0.30% of their portfolio | 1.8m $287.9m | Reduced -10.6k |
| ALLIANCEBERNSTEIN L.P. 0.11% of their portfolio | 1.7m $281.4m | Added +356.9k |
| FRANKLIN RESOURCES INC 0.13% of their portfolio | 1.7m $279.3m | Reduced -905.7k |
| LSV ASSET MANAGEMENT 0.61% of their portfolio | 1.7m $279.0m | Added +127.7k |
| National Pension Service 0.38% of their portfolio | 1.7m $272.4m | Added +36.4k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.34% of their portfolio | 1.5m $243.1m | Added +23.3k |
| ProShare Advisors LLC 0.74% of their portfolio | 1.5m $242.9m | Reduced -151.1k |
| CITADEL ADVISORS LLC 0.24% of their portfolio | 1.5m $238.5m | Added +885.6k |
| APG Asset Management N.V. 0.42% of their portfolio | 1.4m $213.4m | Reduced -19.6k |
| HighTower Advisors, LLC 0.39% of their portfolio | 1.4m $233.3m | Added +53.1k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.03% of their portfolio | 1.4m $228.6m | Added +43.9k |
| NEUBERGER BERMAN GROUP LLC 0.20% of their portfolio | 1.4m $227.7m | Added +929.3k |
| RAYMOND JAMES & ASSOCIATES 0.17% of their portfolio | 1.4m $223.3m | Added +60.2k |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.29% of their portfolio | 1.3m $217.4m | Reduced -275.9k |
| DekaBank Deutsche Girozentrale 0.43% of their portfolio | 1.3m $207.4m | Added +110.4k |
| LAZARD ASSET MANAGEMENT LLC 0.26% of their portfolio | 1.3m $206.2m | Added +4.1k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.29% of their portfolio | 1.3m $205.9m | Reduced -104.1k |
| CITIGROUP INC 0.27% of their portfolio | 1.2m $202.0m | Reduced -62.3k |
| ENVESTNET ASSET MANAGEMENT INC 0.08% of their portfolio | 1.2m $197.8m | Reduced -9.9k |
| PNC Financial Services Group, Inc. 0.15% of their portfolio | 1.2m $196.2m | Reduced -22.7k |
| Unisphere Establishment 2.00% of their portfolio | 1.2m $193.8m | First filing |
| Aberdeen Group plc 0.42% of their portfolio | 1.2m $193.8m | Added +220.1k |
| Epoch Investment Partners, Inc. 0.84% of their portfolio | 1.1m $185.4m | Reduced -194.1k |
| Robeco Institutional Asset Management B.V. 0.44% of their portfolio | 1.1m $183.3m | Added +38.1k |
| AQR CAPITAL MANAGEMENT LLC 0.34% of their portfolio | 1.1m $179.5m | Added +374.0k |
| LPL Financial LLC 0.11% of their portfolio | 1.1m $178.5m | Added +32.3k |
| PRUDENTIAL FINANCIAL INC 0.27% of their portfolio | 1.1m $176.8m | Reduced -190.4k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.30% of their portfolio | 1.1m $169.5m | Added +49.3k |
| Capital Wealth Planning, LLC 1.98% of their portfolio | 1.1m $172.9m | New |
| PRINCIPAL FINANCIAL GROUP INC 0.11% of their portfolio | 1.0m $171.4m | Reduced -2.5k |
| CANADA LIFE ASSURANCE Co 0.37% of their portfolio | 1.0m $170.5m | Reduced -103.7k |
| Swedbank AB 0.28% of their portfolio | 1.0m $170.7m | Reduced -41.6k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.34% of their portfolio | 1.0m $163.9m | Added +106.2k |
| Caisse de depot et placement du Quebec 0.41% of their portfolio | 989.6k $161.8m | Added +438.7k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.32% of their portfolio | 950.5k $155.5m | Added +32.7k |
| FORT WASHINGTON INVESTMENT ADVISORS INC /OH/ 1.07% of their portfolio | 945.3k $154.6m | Reduced -33.2k |
| W1M Investment Management Ltd 3.66% of their portfolio | 921.6k $150.8m | Added +97.0k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.32% of their portfolio | 889.0k $145.4m | Reduced -31.4k |
| Retirement Systems of Alabama 0.61% of their portfolio | 873.7k $142.9m | Reduced -4.7k |
| Mitsubishi UFJ Trust & Banking Corp 0.31% of their portfolio | 803.5k $131.4m | Added +15.6k |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.37% of their portfolio | 802.9k $131.3m | Reduced -73.2k |
| STOREBRAND ASSET MANAGEMENT AS 0.44% of their portfolio | 742.6k $121.5m | Added +69.4k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.22% of their portfolio | 718.1k $117.4m | Reduced -10.3k |
| TORONTO DOMINION BANK 0.16% of their portfolio | 681.9k $111.5m | Reduced -412.1k |
| Korea Investment CORP 0.29% of their portfolio | 677.2k $110.8m | Added +91.5k |
| Slate Path Capital LP 2.44% of their portfolio | 671.0k $109.7m | New |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.14% of their portfolio | 668.7k $109.4m | Reduced -150.7k |
| VICTORY CAPITAL MANAGEMENT INC 0.11% of their portfolio | 664.6k $108.7m | Reduced -282.4k |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.31% of their portfolio | 661.2k $108.1m | Added +422.4k |
| Janney Montgomery Scott LLC 0.35% of their portfolio | 659.0k $107.8m | Reduced -22.8k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.06% of their portfolio | 657.0k $107.5m | Reduced -5.0k |
| BNP PARIBAS FINANCIAL MARKETS 0.19% of their portfolio | 632.9k $103.5m | Reduced -166.1k |
| JANUS HENDERSON GROUP PLC 0.06% of their portfolio | 612.4k $100.2m | Added +478.4k |
| TD Asset Management Inc 0.10% of their portfolio | 592.8k $97.0m | Reduced -82.2k |
| Raymond James Financial Services Advisors, Inc. 0.16% of their portfolio | 588.3k $96.2m | Reduced -13.0k |
| AMERICAN CENTURY COMPANIES INC 0.07% of their portfolio | 588.0k $96.2m | Added +60.3k |
| US BANCORP \DE\ 0.14% of their portfolio | 573.8k $93.8m | Added +14.8k |
| TRUIST FINANCIAL CORP 0.14% of their portfolio | 538.3k $88.0m | Reduced -22.4k |
| Russell Investments Group, Ltd. 0.15% of their portfolio | 530.4k $86.8m | Added +87.2k |
| Connor, Clark & Lunn Investment Management Ltd. 0.40% of their portfolio | 526.5k $86.1m | Added +237.2k |
| NOMURA ASSET MANAGEMENT CO LTD 0.35% of their portfolio | 524.1k $85.7m | Reduced -3.1k |
| Chevy Chase Trust Holdings, LLC 0.31% of their portfolio | 524.0k $85.7m | Reduced -65 |
| Asset Management One Co., Ltd. 0.34% of their portfolio | 516.6k $84.6m | Reduced -12.8k |
| State of New Jersey Common Pension Fund D 0.28% of their portfolio | 515.2k $84.3m | Added +2.0k |
| Mirae Asset Global Investments Co., Ltd. 0.17% of their portfolio | 514.6k $84.2m | Added +29.0k |