Intercontinental Hotels Group $IHG Shares Acquired by ABC Arbitrage SA

Key Points

• ABC Arbitrage SA increased its stake in Intercontinental Hotels Group by 31% in Q1, buying 31,754 more shares and bringing its total holding to 134,259 shares worth about $17.9 million.
• Several other institutional investors also boosted their positions, and hedge funds and institutions now own about 15.09% of IHG’s stock.
• Analyst sentiment remains positive overall: Jefferies raised its price target to $195, and the stock currently has a consensus rating of Moderate Buy with an average target price of $174.50.

ABC Arbitrage SA boosted its position in Intercontinental Hotels Group (NYSE:IHG - Free Report) by 31.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 134,259 shares of the company's stock after purchasing an additional 31,754 shares during the period. Intercontinental Hotels Group comprises approximately 2.4% of ABC Arbitrage SA's holdings, making the stock its 12th largest position. ABC Arbitrage SA owned about 0.09% of Intercontinental Hotels Group worth $17,918,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the business. Brown Brothers Harriman & Co. lifted its stake in shares of Intercontinental Hotels Group by 178.5% in the fourth quarter. Brown Brothers Harriman & Co. now owns 181 shares of the company's stock valued at $25,000 after purchasing an additional 116 shares during the period. Caitong International Asset Management Co. Ltd raised its holdings in Intercontinental Hotels Group by 1,453.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 202 shares of the company's stock worth $28,000 after purchasing an additional 189 shares during the last quarter. Fifth Third Bancorp raised its holdings in Intercontinental Hotels Group by 111.0% during the fourth quarter. Fifth Third Bancorp now owns 211 shares of the company's stock worth $30,000 after purchasing an additional 111 shares during the last quarter. Cullen Frost Bankers Inc. boosted its position in Intercontinental Hotels Group by 72.2% during the fourth quarter. Cullen Frost Bankers Inc. now owns 217 shares of the company's stock worth $30,000 after purchasing an additional 91 shares in the last quarter. Finally, Global Retirement Partners LLC grew its holdings in Intercontinental Hotels Group by 525.6% in the fourth quarter. Global Retirement Partners LLC now owns 269 shares of the company's stock valued at $38,000 after purchasing an additional 226 shares during the last quarter. Hedge funds and other institutional investors own 15.09% of the company's stock.

Analyst Ratings Changes

IHG has been the subject of a number of research analyst reports. Sanford C. Bernstein raised their price target on Intercontinental Hotels Group from $141.00 to $154.00 and gave the company a "market perform" rating in a research report on Friday, May 15th. Jefferies Financial Group raised their price target on Intercontinental Hotels Group from $160.00 to $195.00 and gave the stock a "buy" rating in a research report on Friday, June 26th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Intercontinental Hotels Group in a report on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $174.50.

Intercontinental Hotels Group Stock Down 1.6%

IHG stock opened at $162.34 on Tuesday. The company has a 50 day moving average price of $160.93 and a two-hundred day moving average price of $146.65. Intercontinental Hotels Group has a one year low of $113.32 and a one year high of $175.89.

About Intercontinental Hotels Group

Intercontinental Hotels Group plc (IHG) is a multinational hospitality company that develops, owns, manages and franchises a broad portfolio of hotels and resorts. The company operates across full-service luxury and upscale segments as well as midscale and extended-stay categories, providing lodging, food and beverage, meeting and event services, and related guest amenities. IHG's business model emphasizes brand franchising and management agreements, while retaining ownership or direct investments in a smaller portion of its global property portfolio.

IHG's brand portfolio spans global and regional names designed to serve different traveler needs and market segments.

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