Millennium Management LLC Increases Stock Position in Intercontinental Hotels Group $IHG

Key Points

• Millennium Management LLC raised its stake in Intercontinental Hotels Group by 170.5%, acquiring an additional 192,342 shares, bringing its total holdings to 305,177 shares worth approximately $33.4 million.
• In Q1, several other hedge funds also increased their investments in the company, with stakes raised by Golden State Wealth Management, Brooklyn Investment Group, Whittier Trust Co., and TD Private Client Wealth LLC.
• Analyst ratings for Intercontinental Hotels Group saw an upgrade from "hold" to "buy" by Wall Street Zen, although the overall consensus remains a "hold" based on multiple analyst reports.

Millennium Management LLC increased its position in shares of Intercontinental Hotels Group (NYSE:IHG - Free Report) by 170.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 305,177 shares of the company's stock after acquiring an additional 192,342 shares during the period. Millennium Management LLC owned about 0.20% of Intercontinental Hotels Group worth $33,444,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. Aaron Wealth Advisors LLC boosted its position in shares of Intercontinental Hotels Group by 4.5% during the 1st quarter. Aaron Wealth Advisors LLC now owns 2,245 shares of the company's stock worth $246,000 after acquiring an additional 96 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Intercontinental Hotels Group by 4.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,092 shares of the company's stock worth $232,000 after acquiring an additional 96 shares in the last quarter. Golden State Wealth Management LLC boosted its position in shares of Intercontinental Hotels Group by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 228 shares of the company's stock worth $25,000 after acquiring an additional 114 shares in the last quarter. TD Private Client Wealth LLC boosted its position in shares of Intercontinental Hotels Group by 48.7% during the 1st quarter. TD Private Client Wealth LLC now owns 348 shares of the company's stock worth $38,000 after acquiring an additional 114 shares in the last quarter. Finally, Freedom Investment Management Inc. boosted its position in shares of Intercontinental Hotels Group by 4.4% during the 1st quarter. Freedom Investment Management Inc. now owns 3,929 shares of the company's stock worth $431,000 after acquiring an additional 166 shares in the last quarter. Institutional investors and hedge funds own 15.09% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded shares of Intercontinental Hotels Group from a "hold" rating to a "buy" rating in a research report on Saturday, August 30th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold".

Intercontinental Hotels Group Stock Down 1.8%

Intercontinental Hotels Group stock traded down $2.23 during midday trading on Friday, hitting $121.19. 104,228 shares of the stock were exchanged, compared to its average volume of 166,773. Intercontinental Hotels Group has a 52-week low of $94.78 and a 52-week high of $137.25. The stock has a market capitalization of $18.62 billion, a price-to-earnings ratio of 21.49, a price-to-earnings-growth ratio of 1.75 and a beta of 1.27. The business's 50-day moving average price is $119.96 and its 200-day moving average price is $115.54.

Intercontinental Hotels Group Cuts Dividend

The company also recently announced a semi-annual dividend, which will be paid on Thursday, October 2nd. Investors of record on Friday, August 22nd will be issued a dividend of $0.566 per share. This represents a yield of 140.0%. The ex-dividend date of this dividend is Friday, August 22nd. Intercontinental Hotels Group's dividend payout ratio is 20.04%.

Intercontinental Hotels Group Company Profile

InterContinental Hotels Group PLC owns, manages, franchises, and leases hotels in the Americas, Europe, Asia, the Middle East, Africa, and Greater China. The company operates hotels under the Six Senses, Regent, InterContinental Hotels & Resorts, Vignette Collection, Kimpton Hotels & Restaurants, Hotel Indigo, voco, HUALUXE, Crowne Plaza, Iberostar Beachfront Resorts, EVEN, Holiday Inn Express, Holiday Inn, Garner, avid hotels, Atwell Suites, Staybridge Suites, Iberostar Beachfront Resorts, Holiday Inn Club Vacations, and Candlewood Suites brand names.