250,000 Shares in Interpublic Group of Companies, Inc. (The) (NYSE:IPG) Acquired by Alberta Investment Management Corp

Key Points

• Alberta Investment Management Corp has invested approximately $6.79 million in Interpublic Group of Companies (NYSE:IPG), acquiring 250,000 shares during the first quarter.
• Interpublic Group reported a quarterly earnings per share of $0.75, exceeding analysts' expectations of $0.55, despite a 6.6% decline in revenue compared to the previous year.
• A quarterly dividend of $0.33 per share will be paid on September 16, 2023, representing an annualized yield of 5.4%.

Alberta Investment Management Corp purchased a new position in Interpublic Group of Companies, Inc. (The) (NYSE:IPG - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 250,000 shares of the business services provider's stock, valued at approximately $6,790,000. Alberta Investment Management Corp owned approximately 0.07% of Interpublic Group of Companies at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Prosperity Consulting Group LLC lifted its position in Interpublic Group of Companies by 2.3% during the fourth quarter. Prosperity Consulting Group LLC now owns 21,236 shares of the business services provider's stock valued at $595,000 after buying an additional 470 shares during the period. Penserra Capital Management LLC lifted its position in Interpublic Group of Companies by 3.8% during the first quarter. Penserra Capital Management LLC now owns 15,102 shares of the business services provider's stock valued at $410,000 after buying an additional 552 shares during the period. Diversified Trust Co lifted its position in Interpublic Group of Companies by 0.5% during the first quarter. Diversified Trust Co now owns 119,908 shares of the business services provider's stock valued at $3,257,000 after buying an additional 572 shares during the period. GeoWealth Management LLC lifted its position in Interpublic Group of Companies by 20.7% during the fourth quarter. GeoWealth Management LLC now owns 3,341 shares of the business services provider's stock valued at $94,000 after buying an additional 573 shares during the period. Finally, Palouse Capital Management Inc. lifted its position in Interpublic Group of Companies by 1.1% during the first quarter. Palouse Capital Management Inc. now owns 54,763 shares of the business services provider's stock valued at $1,487,000 after buying an additional 574 shares during the period. 98.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

IPG has been the subject of several recent research reports. JPMorgan Chase & Co. lowered their price objective on Interpublic Group of Companies from $35.00 to $33.00 and set an "overweight" rating for the company in a research report on Thursday, July 10th. Citigroup reissued a "buy" rating and set a $35.00 price objective on shares of Interpublic Group of Companies in a research report on Tuesday, April 15th. UBS Group lowered their price target on Interpublic Group of Companies from $27.00 to $25.60 and set a "neutral" rating for the company in a research report on Wednesday, July 23rd. Wall Street Zen initiated coverage on Interpublic Group of Companies in a research report on Tuesday, May 20th. They issued a "hold" rating for the company. Finally, Barclays lowered Interpublic Group of Companies from an "overweight" rating to an "equal weight" rating and lowered their price target for the stock from $34.00 to $27.50 in a research report on Wednesday, June 25th. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Interpublic Group of Companies has an average rating of "Hold" and a consensus price target of $32.39.

Interpublic Group of Companies Stock Performance

NYSE:IPG traded down $0.37 during mid-day trading on Friday, reaching $24.23. The company's stock had a trading volume of 4,219,129 shares, compared to its average volume of 7,380,161. Interpublic Group of Companies, Inc. has a 12-month low of $22.51 and a 12-month high of $33.05. The firm's fifty day moving average price is $24.35 and its two-hundred day moving average price is $25.55. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.78. The stock has a market cap of $8.87 billion, a P/E ratio of 20.53 and a beta of 1.05.

Interpublic Group of Companies (NYSE:IPG - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The business services provider reported $0.75 earnings per share for the quarter, topping analysts' consensus estimates of $0.55 by $0.20. The business had revenue of $2.17 billion during the quarter, compared to analyst estimates of $2.15 billion. Interpublic Group of Companies had a return on equity of 28.72% and a net margin of 4.27%. Interpublic Group of Companies's revenue was down 6.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.61 EPS. On average, equities analysts forecast that Interpublic Group of Companies, Inc. will post 2.66 EPS for the current fiscal year.

Interpublic Group of Companies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date is Tuesday, September 2nd. Interpublic Group of Companies's payout ratio is currently 111.86%.

About Interpublic Group of Companies

The Interpublic Group of Companies, Inc provides advertising and marketing services worldwide. It operates in three segments: Media, Data & Engagement Solutions, Integrated Advertising & Creativity Led Solutions, and Specialized Communications & Experiential Solutions. The Media, Data & Engagement Solutions segment provides media and communications services, digital services and products, advertising and marketing technology, e-commerce services, data management and analytics, strategic consulting, and digital brand experience under the IPG Mediabrands, UM, Initiative, Kinesso, Acxiom, Huge, MRM, and R/GA brand names.