INTERNATIONAL BUSINESS MACHS

Ticker: IBM CUSIP: 459200101 Class: COM

Welch Group, LLC's Holding History (CIK: 0001443095)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 291,893 Value ($000) $86,462 Avg Close $298.78 Range $262.11 - $324.90

Q3 2025

Shares 301,260 Value ($000) $85,004 Avg Close $259.55 Range $232.08 - $292.01

Q2 2025

Shares 300,394 Value ($000) $88,550 Avg Close $253.82 Range $210.49 - $292.56

Q1 2025

Shares 301,213 Value ($000) $73,496 Avg Close $239.40 Range $209.20 - $261.47

Q4 2024

Shares 319,247 Value ($000) $70,314 Avg Close $216.31 Range $196.83 - $233.32

Q3 2024

Shares 322,975 Value ($000) $71,403 Avg Close $188.97 Range $166.24 - $216.80

Q2 2024

Shares 324,188 Value ($000) $56,068 Avg Close $165.85 Range $154.39 - $183.50

Q1 2024

Shares 324,278 Value ($000) $61,924 Avg Close $172.56 Range $148.54 - $189.10

Q4 2023

Shares 343,845 Value ($000) $56,236 Avg Close $141.50 Range $126.39 - $156.49

Q3 2023

Shares 342,074 Value ($000) $47,993 Avg Close $131.75 Range $120.98 - $141.33

Q2 2023

Shares 342,399 Value ($000) $45,816 Avg Close $118.05 Range $110.47 - $128.27

Q1 2023

Shares 335,472 Value ($000) $43,977 Avg Close $120.73 Range $110.43 - $131.92

Q4 2022

Shares 332,052 Value ($000) $46,783 Avg Close $123.05 Range $102.35 - $137.32

Q3 2022

Shares 323,562 Value ($000) $38,442 Avg Close $115.64 Range $105.06 - $124.09

Q2 2022

Shares 312,411 Value ($000) $44,109 Avg Close $117.50 Range $107.95 - $126.60

Q1 2022

Shares 302,550 Value ($000) $39,338 Avg Close $112.10 Range $102.68 - $121.43

Q4 2021

Shares 281,733 Value ($000) $37,656 Avg Close $106.49 Range $97.83 - $117.62

Q3 2021

Shares 263,539 Value ($000) $36,613 Avg Close $112.12 Range $106.97 - $117.48

Q2 2021

Shares 258,615 Value ($000) $37,910 Avg Close $113.44 Range $102.70 - $121.73

Q1 2021

Shares 254,209 Value ($000) $33,876 Avg Close $98.07 Range $91.22 - $107.97

Q4 2020

Shares 180,869 Value ($000) $22,768 Avg Close $93.41 Range $81.15 - $103.82

Q3 2020

Shares 228,841 Value ($000) $27,843 Avg Close $93.86 Range $87.12 - $99.96

Q2 2020

Shares 219,520 Value ($000) $26,511 Avg Close $91.40 Range $78.00 - $102.76

Q1 2020

Shares 217,015 Value ($000) $24,073 Avg Close $98.28 Range $67.58 - $117.24

Q4 2019

Shares 185,116 Value ($000) $24,813 Avg Close $99.90 Range $95.55 - $107.55

Q3 2019

Shares 191,942 Value ($000) $27,912 Avg Close $102.47 Range $94.04 - $110.34

Q2 2019

Shares 187,829 Value ($000) $25,902 Avg Close $98.62 Range $91.51 - $103.66

Q1 2019

Shares 179,509 Value ($000) $25,329 Avg Close $94.64 Range $78.71 - $101.33

Q4 2018

Shares 135,408 Value ($000) $15,392 Avg Close $87.95 Range $74.66 - $107.42

Q3 2018

Shares 159,681 Value ($000) $24,145 Avg Close $101.25 Range $95.14 - $106.71

Q2 2018

Shares 151,529 Value ($000) $21,169 Avg Close $99.95 Range $94.63 - $110.30

Q1 2018

Shares 144,206 Value ($000) $22,126 Avg Close $107.30 Range $98.32 - $115.38

Q4 2017

Shares 105,696 Value ($000) $16,216 Avg Close $102.11 Range $96.94 - $108.49

Q3 2017

Shares 105,095 Value ($000) $15,247 Avg Close $96.87 Range $92.88 - $103.07

Q2 2017

Shares 101,292 Value ($000) $15,582 Avg Close $103.77 Range $98.95 - $115.36

Q1 2017

Shares 91,501 Value ($000) $15,934 Avg Close $114.39 Range $107.32 - $119.58

Q4 2016

Shares 91,655 Value ($000) $15,214 Avg Close $103.05 Range $95.06 - $110.31

Q3 2016

Shares 90,541 Value ($000) $14,382 Avg Close $101.76 Range $95.61 - $106.13

Q2 2016

Shares 77,021 Value ($000) $11,690 Avg Close $95.13 Range $90.08 - $99.15

Q1 2016

Shares 86,017 Value ($000) $13,027 Avg Close $84.07 Range $73.78 - $96.70

Q4 2015

Shares 62,851 Value ($000) $8,650 Avg Close $87.52 Range $82.31 - $94.87

Q3 2015

Shares 5,098 Value ($000) $740 Avg Close $95.35 Range $87.10 - $106.76

Q2 2015

Shares 4,472 Value ($000) $727 Avg Close $102.99 Range $96.57 - $107.49

Q1 2015

Shares 4,472 Value ($000) $718 Avg Close $96.47 Range $90.53 - $100.82

Q4 2014

Shares 4,345 Value ($000) $697 Avg Close $100.47 Range $91.12 - $114.79

Q3 2014

Shares 4,349 Value ($000) $826 Avg Close $114.33 Range $108.62 - $117.41

Q2 2014

Shares 4,361 Value ($000) $791 Avg Close $112.28 Range $107.17 - $118.40

Q1 2014

Shares 4,392 Value ($000) $845 Avg Close $109.22 Range $101.79 - $116.27

Q4 2013

Shares 4,396 Value ($000) $825 Avg Close $106.40 Range $101.46 - $111.01

Q3 2013

Shares 4,248 Value ($000) $787 Avg Close $111.55 Range $106.48 - $117.56

Q2 2013

Shares 4,061 Value ($000) $776 Avg Close $118.94 Range $109.29 - $125.13

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	291,893	$86,462	$298.78	$262.11 - $324.90
Q3 2025	301,260	$85,004	$259.55	$232.08 - $292.01
Q2 2025	300,394	$88,550	$253.82	$210.49 - $292.56
Q1 2025	301,213	$73,496	$239.40	$209.20 - $261.47
Q4 2024	319,247	$70,314	$216.31	$196.83 - $233.32
Q3 2024	322,975	$71,403	$188.97	$166.24 - $216.80
Q2 2024	324,188	$56,068	$165.85	$154.39 - $183.50
Q1 2024	324,278	$61,924	$172.56	$148.54 - $189.10
Q4 2023	343,845	$56,236	$141.50	$126.39 - $156.49
Q3 2023	342,074	$47,993	$131.75	$120.98 - $141.33
Q2 2023	342,399	$45,816	$118.05	$110.47 - $128.27
Q1 2023	335,472	$43,977	$120.73	$110.43 - $131.92
Q4 2022	332,052	$46,783	$123.05	$102.35 - $137.32
Q3 2022	323,562	$38,442	$115.64	$105.06 - $124.09
Q2 2022	312,411	$44,109	$117.50	$107.95 - $126.60
Q1 2022	302,550	$39,338	$112.10	$102.68 - $121.43
Q4 2021	281,733	$37,656	$106.49	$97.83 - $117.62
Q3 2021	263,539	$36,613	$112.12	$106.97 - $117.48
Q2 2021	258,615	$37,910	$113.44	$102.70 - $121.73
Q1 2021	254,209	$33,876	$98.07	$91.22 - $107.97
Q4 2020	180,869	$22,768	$93.41	$81.15 - $103.82
Q3 2020	228,841	$27,843	$93.86	$87.12 - $99.96
Q2 2020	219,520	$26,511	$91.40	$78.00 - $102.76
Q1 2020	217,015	$24,073	$98.28	$67.58 - $117.24
Q4 2019	185,116	$24,813	$99.90	$95.55 - $107.55
Q3 2019	191,942	$27,912	$102.47	$94.04 - $110.34
Q2 2019	187,829	$25,902	$98.62	$91.51 - $103.66
Q1 2019	179,509	$25,329	$94.64	$78.71 - $101.33
Q4 2018	135,408	$15,392	$87.95	$74.66 - $107.42
Q3 2018	159,681	$24,145	$101.25	$95.14 - $106.71
Q2 2018	151,529	$21,169	$99.95	$94.63 - $110.30
Q1 2018	144,206	$22,126	$107.30	$98.32 - $115.38
Q4 2017	105,696	$16,216	$102.11	$96.94 - $108.49
Q3 2017	105,095	$15,247	$96.87	$92.88 - $103.07
Q2 2017	101,292	$15,582	$103.77	$98.95 - $115.36
Q1 2017	91,501	$15,934	$114.39	$107.32 - $119.58
Q4 2016	91,655	$15,214	$103.05	$95.06 - $110.31
Q3 2016	90,541	$14,382	$101.76	$95.61 - $106.13
Q2 2016	77,021	$11,690	$95.13	$90.08 - $99.15
Q1 2016	86,017	$13,027	$84.07	$73.78 - $96.70
Q4 2015	62,851	$8,650	$87.52	$82.31 - $94.87
Q3 2015	5,098	$740	$95.35	$87.10 - $106.76
Q2 2015	4,472	$727	$102.99	$96.57 - $107.49
Q1 2015	4,472	$718	$96.47	$90.53 - $100.82
Q4 2014	4,345	$697	$100.47	$91.12 - $114.79
Q3 2014	4,349	$826	$114.33	$108.62 - $117.41
Q2 2014	4,361	$791	$112.28	$107.17 - $118.40
Q1 2014	4,392	$845	$109.22	$101.79 - $116.27
Q4 2013	4,396	$825	$106.40	$101.46 - $111.01
Q3 2013	4,248	$787	$111.55	$106.48 - $117.56
Q2 2013	4,061	$776	$118.94	$109.29 - $125.13