Assenagon Asset Management S.A. Purchases 3,097,994 Shares of Interpublic Group of Companies, Inc. (The) $IPG

Key Points

• Assenagon Asset Management S.A. significantly increased its stake in the Interpublic Group of Companies by 14,575.4%, acquiring a total of 3,119,249 shares worth approximately $76.36 million.
• Analysts have mixed opinions on IPG, with the average consensus rating being "Hold" and a price target of $32.01, while UBS and Barclays have downgraded their target prices.
• Interpublic Group recently declared a quarterly dividend of $0.33 per share, yielding 5.1%, with a payout ratio of 111.86%.

Assenagon Asset Management S.A. boosted its holdings in Interpublic Group of Companies, Inc. (The) (NYSE:IPG - Free Report) by 14,575.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,119,249 shares of the business services provider's stock after purchasing an additional 3,097,994 shares during the period. Assenagon Asset Management S.A. owned about 0.84% of Interpublic Group of Companies worth $76,359,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Sentry Investment Management LLC purchased a new position in shares of Interpublic Group of Companies during the 1st quarter valued at $31,000. FNY Investment Advisers LLC bought a new position in Interpublic Group of Companies in the first quarter worth $44,000. Grove Bank & Trust increased its holdings in shares of Interpublic Group of Companies by 1,219.5% in the 1st quarter. Grove Bank & Trust now owns 2,164 shares of the business services provider's stock worth $59,000 after purchasing an additional 2,000 shares in the last quarter. Brooklyn Investment Group grew its holdings in shares of Interpublic Group of Companies by 20.0% in the first quarter. Brooklyn Investment Group now owns 2,349 shares of the business services provider's stock worth $64,000 after acquiring an additional 391 shares during the period. Finally, Ancora Advisors LLC purchased a new position in Interpublic Group of Companies during the first quarter valued at $102,000. Hedge funds and other institutional investors own 98.43% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on IPG shares. JPMorgan Chase & Co. cut their target price on Interpublic Group of Companies from $35.00 to $33.00 and set an "overweight" rating on the stock in a research note on Thursday, July 10th. Barclays cut Interpublic Group of Companies from an "overweight" rating to an "equal weight" rating and dropped their target price for the company from $34.00 to $27.50 in a research report on Wednesday, June 25th. UBS Group lowered their price objective 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. Finally, Wall Street Zen upgraded Interpublic Group of Companies to a "hold" rating in a research note on Saturday, August 16th. Three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Interpublic Group of Companies has an average rating of "Hold" and an average price target of $32.01.

Interpublic Group of Companies Price Performance

IPG stock traded up $0.61 on Tuesday, hitting $26.12. 3,016,176 shares of the company's stock traded hands, compared to its average volume of 6,723,436. 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 $9.57 billion, a price-to-earnings ratio of 22.12 and a beta of 1.09. Interpublic Group of Companies, Inc. has a 1-year low of $22.51 and a 1-year high of $33.05. The stock has a fifty day moving average of $25.86 and a 200-day moving average of $25.15.

Interpublic Group of Companies (NYSE:IPG - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The business services provider reported $0.75 EPS for the quarter, topping the consensus estimate of $0.55 by $0.20. Interpublic Group of Companies had a net margin of 4.27% and a return on equity of 28.72%. The company had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.15 billion. During the same quarter in the prior year, the business posted $0.61 EPS. Interpublic Group of Companies's quarterly revenue was down 6.6% on a year-over-year basis. On average, 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 firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd were given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 5.1%. The ex-dividend date of this dividend was 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.