New Vernon Capital Holdings II LLC Raises Holdings in Interpublic Group of Companies, Inc. (The) $IPG

Key Points

• New Vernon Capital Holdings II LLC significantly increased its position in Interpublic Group of Companies, adding 219,144 shares during Q1, raising its holdings by over 5,000% to 223,472 shares valued at approximately $6.07 million.
• Wall Street analysts have mixed views on Interpublic Group, with Barclays and UBS lowering their price targets, while JPMorgan maintains an "overweight" rating; currently, the stock holds an average rating of "Hold" with a target price of $32.01.
• Interpublic Group announced a $0.33 quarterly dividend with an annual yield of 4.9%, scheduled for payment on September 16, 2023, despite a high dividend payout ratio of 111.86%.

New Vernon Capital Holdings II LLC raised its position in shares of Interpublic Group of Companies, Inc. (The) (NYSE:IPG - Free Report) by 5,063.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 223,472 shares of the business services provider's stock after buying an additional 219,144 shares during the period. New Vernon Capital Holdings II LLC owned about 0.06% of Interpublic Group of Companies worth $6,069,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of IPG. Millennium Management LLC raised its stake in shares of Interpublic Group of Companies by 65.0% in the first quarter. Millennium Management LLC now owns 2,414,526 shares of the business services provider's stock valued at $65,579,000 after acquiring an additional 951,406 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Interpublic Group of Companies by 56.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 272,788 shares of the business services provider's stock valued at $7,379,000 after acquiring an additional 98,543 shares in the last quarter. Integrated Wealth Concepts LLC raised its stake in shares of Interpublic Group of Companies by 62.1% in the first quarter. Integrated Wealth Concepts LLC now owns 13,061 shares of the business services provider's stock valued at $355,000 after acquiring an additional 5,004 shares in the last quarter. Alliancebernstein L.P. raised its stake in shares of Interpublic Group of Companies by 149.0% in the first quarter. Alliancebernstein L.P. now owns 2,631,682 shares of the business services provider's stock valued at $71,476,000 after acquiring an additional 1,574,777 shares in the last quarter. Finally, AQR Arbitrage LLC raised its stake in shares of Interpublic Group of Companies by 158.5% in the first quarter. AQR Arbitrage LLC now owns 1,952,307 shares of the business services provider's stock valued at $52,527,000 after acquiring an additional 1,197,102 shares in the last quarter. 98.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. UBS Group reduced their price objective on Interpublic Group of Companies from $27.00 to $25.60 and set a "neutral" rating on the stock in a research note on Wednesday, July 23rd. Barclays cut Interpublic Group of Companies from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $34.00 to $27.50 in a research note on Wednesday, June 25th. JPMorgan Chase & Co. dropped their target price on Interpublic Group of Companies from $35.00 to $33.00 and set an "overweight" rating on the stock in a report on Thursday, July 10th. Finally, Wall Street Zen raised Interpublic Group of Companies to a "hold" rating in a report on Saturday, August 16th. Three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $32.01.

Interpublic Group of Companies Stock Down 2.6%

Shares of NYSE:IPG traded down $0.70 during trading on Wednesday, hitting $25.89. 2,026,933 shares of the company were exchanged, compared to its average volume of 6,761,173. The stock has a market capitalization of $9.48 billion, a P/E ratio of 21.94 and a beta of 1.09. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.07 and a quick ratio of 1.07. Interpublic Group of Companies, Inc. has a 12-month low of $22.51 and a 12-month high of $33.05. The firm's 50 day moving average price is $25.68 and its 200-day moving average price is $25.24.

Interpublic Group of Companies (NYSE:IPG - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The business services provider reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.20. The company had revenue of $2.17 billion for 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%.The business's quarterly revenue was down 6.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.61 earnings per share. On average, research analysts predict that Interpublic Group of Companies, Inc. will post 2.66 earnings per share for the current fiscal year.

Interpublic Group of Companies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $1.32 annualized dividend and a dividend yield of 5.1%. Interpublic Group of Companies's dividend payout ratio (DPR) is presently 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.