Summit Financial LLC Takes Position in The Interpublic Group of Companies, Inc. (NYSE:IPG)

Summit Financial LLC acquired a new position in shares of The Interpublic Group of Companies, Inc. (NYSE:IPG) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 8,508 shares of the business services provider’s stock, valued at approximately $247,000.

Several other hedge funds have also recently added to or reduced their stakes in IPG. Voisard Asset Management Group Inc. bought a new stake in shares of Interpublic Group of Companies in the 4th quarter worth approximately $31,000. International Assets Investment Management LLC bought a new stake in shares of Interpublic Group of Companies in the 2nd quarter valued at approximately $32,000. Salomon & Ludwin LLC raised its holdings in shares of Interpublic Group of Companies by 2,024.6% in the 1st quarter. Salomon & Ludwin LLC now owns 1,296 shares of the business services provider’s stock worth $42,000 after buying an additional 1,235 shares in the last quarter. Headlands Technologies LLC bought a new position in Interpublic Group of Companies in the 1st quarter valued at $42,000. Finally, Assetmark Inc. lifted its position in Interpublic Group of Companies by 27.5% during the 4th quarter. Assetmark Inc. now owns 1,706 shares of the business services provider’s stock worth $56,000 after buying an additional 368 shares in the last quarter. Institutional investors own 98.43% of the company’s stock.

Interpublic Group of Companies Stock Down 1.5 %

Shares of NYSE IPG opened at $31.47 on Thursday. The Interpublic Group of Companies, Inc. has a 12-month low of $27.20 and a 12-month high of $35.17. The company has a quick ratio of 1.06, a current ratio of 1.07 and a debt-to-equity ratio of 0.75. The firm has a market cap of $11.88 billion, a PE ratio of 11.20, a P/E/G ratio of 3.44 and a beta of 1.12. The company’s fifty day simple moving average is $30.39 and its 200 day simple moving average is $31.03.

Interpublic Group of Companies (NYSE:IPG) last released its quarterly earnings data on Wednesday, July 24th. The business services provider reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.02. Interpublic Group of Companies had a net margin of 9.46% and a return on equity of 27.98%. The firm had revenue of $2.71 billion for the quarter, compared to the consensus estimate of $2.33 billion. During the same quarter in the prior year, the company posted $0.74 earnings per share. The business’s revenue was up 1.6% on a year-over-year basis. As a group, sell-side analysts forecast that The Interpublic Group of Companies, Inc. will post 2.82 earnings per share for the current fiscal year.

Interpublic Group of Companies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd 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 4.19%. The ex-dividend date of this dividend is Tuesday, September 3rd. Interpublic Group of Companies’s payout ratio is 46.98%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Bank of America cut their price objective on Interpublic Group of Companies from $38.00 to $37.00 and set a “buy” rating on the stock in a report on Tuesday, June 25th. Barclays cut their price objective on Interpublic Group of Companies from $35.00 to $34.00 and set an “equal weight” rating for the company in a report on Thursday, July 25th. JPMorgan Chase & Co. reduced their price objective on shares of Interpublic Group of Companies from $37.00 to $36.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Macquarie reduced their target price on shares of Interpublic Group of Companies from $33.00 to $31.00 and set a “neutral” rating for the company in a report on Thursday, July 25th. Finally, Morgan Stanley lowered shares of Interpublic Group of Companies from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $34.00 to $28.00 in a report on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $34.13.

Interpublic Group of Companies Profile

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.