International Business Machines Corp.

New York symbol IBM, is the world’s largest computer company. It specializes in large mainframe computers for governments and corporations.

Dear client:


IBM continues to increase revenue from its new businesses such as cloud computing (the storage of data files on remote servers using the Internet). The company expects those sales to eventually offset falling revenue for its traditional computer consulting and mainframe operations....
INTERNATIONAL BUSINESS MACHINES CORP. $182 (New York symbol IBM; Conservative Growth Dividend Payer Portfolio, Manufacturing & Industry sector; Shares outstanding: 950.9 million; Market cap: $173.1 billion; Dividend yield: 3.1%; Dividend Sustainability Rating: Above Average; www.ibm.com) is one of the world’s largest computer companies, with operations in over 175 countries.


The company has a long history of adjusting to rapid changes in the computer technology industry....
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These top technology firms are leaders in their industries. That gives them plenty of cash flow for developing new products and services. It also positions them to increase share buybacks and dividends.


INTERNATIONAL BUSINESS MACHINES CORP. $152 (New York symbol IBM; Conservative Growth Dividend Payer Portfolio, Manufacturing & Industry sector; Shares outstanding: 955.8 million; Market cap: $145.3 billion; Price-to-sales ratio: 1.8; Dividend yield: 3.7%; Dividend Sustainability Rating: Above Average; www.ibm.com) is one of the world’s largest computer companies, with operations in over 175 countries.


IBM recently raised its quarterly dividend by 7.7%, to $1.40 a share from $1.30....
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INTERNATIONAL BUSINESS MACHINES CORP. $161 (New York symbol IBM, Conservative Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 960.0 million; Market cap: $154.6 billion; Priceto- sales ratio: 1.9; Dividend yield: 3.5%; TSINetwork Rating: Above Average; www.ibm.com) continues to see slowing demand for its mainframe computers and consulting services....
INTERNATIONAL BUSINESS MACHINES CORP. $153 (New York symbol IBM, Conservative Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 960.0 million; Market cap: $146.9 billion; Price-to-sales ratio: 1.8; Dividend yield: 3.7%; TSINetwork Rating: Above Average; www.ibm.com) began operating in 1911, and is now one of the world’s largest computer companies with operations in over 175 countries....
IBM has a long history of breaking free of declining technologies. In 2004, it sold its personal computer operations as falling prices hurt the profitability of this business. More recently, it sold its less-profitable server and computer chip businesses.

The company continues to aggressively expand into faster-growing fields such as cloud computing— storing and managing data on the Internet....