Millennium Management LLC Grows Holdings in The Interpublic Group of Companies, Inc. (NYSE:IPG)

Millennium Management LLC increased its position in shares of The Interpublic Group of Companies, Inc. (NYSE:IPG) by 571.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,466,376 shares of the business services provider’s stock after purchasing an additional 1,248,062 shares during the quarter. Millennium Management LLC owned approximately 0.39% of Interpublic Group of Companies worth $42,657,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Benjamin Edwards Inc. raised its position in Interpublic Group of Companies by 73.8% in the second quarter. Benjamin Edwards Inc. now owns 883 shares of the business services provider’s stock worth $26,000 after acquiring an additional 375 shares during the period. Voisard Asset Management Group Inc. bought a new stake in Interpublic Group of Companies in the fourth quarter worth about $31,000. Hazlett Burt & Watson Inc. raised its position in Interpublic Group of Companies by 652.2% in the second quarter. Hazlett Burt & Watson Inc. now owns 1,038 shares of the business services provider’s stock worth $30,000 after acquiring an additional 900 shares during the period. International Assets Investment Management LLC bought a new stake in Interpublic Group of Companies in the second quarter worth about $32,000. Finally, EverSource Wealth Advisors LLC raised its position in Interpublic Group of Companies by 52.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,177 shares of the business services provider’s stock worth $38,000 after acquiring an additional 405 shares during the period. 98.43% of the stock is currently owned by hedge funds and other institutional investors.

Interpublic Group of Companies Price Performance

Shares of Interpublic Group of Companies stock opened at $31.22 on Wednesday. The company has a fifty day moving average of $31.18 and a 200-day moving average of $30.89. The Interpublic Group of Companies, Inc. has a 52-week low of $27.20 and a 52-week high of $35.17. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.06 and a current ratio of 1.07. The stock has a market capitalization of $11.78 billion, a price-to-earnings ratio of 11.11, a price-to-earnings-growth ratio of 5.23 and a beta of 1.10.

Interpublic Group of Companies (NYSE:IPG) last posted its quarterly earnings results on Wednesday, July 24th. The business services provider reported $0.61 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $2.71 billion during the quarter, compared to analyst estimates of $2.33 billion. During the same period in the prior year, the business posted $0.74 EPS. The firm’s revenue was up 1.6% compared to the same quarter last year. Equities research analysts expect that The Interpublic Group of Companies, Inc. will post 2.82 EPS for the current year.

Interpublic Group of Companies Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were issued a dividend of $0.33 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $1.32 dividend on an annualized basis and a yield of 4.23%. Interpublic Group of Companies’s dividend payout ratio is currently 46.98%.

Analyst Ratings Changes

IPG has been the topic of several research reports. BNP Paribas lowered shares of Interpublic Group of Companies from a “neutral” rating to an “underperform” rating in a research report on Monday. Morgan Stanley lowered shares of Interpublic Group of Companies from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $34.00 to $28.00 in a research report on Monday, July 22nd. Barclays lowered their price target on shares of Interpublic Group of Companies from $35.00 to $34.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 25th. Bank of America lowered their price target on shares of Interpublic Group of Companies from $36.00 to $35.00 and set a “buy” rating on the stock in a research report on Thursday, September 5th. Finally, JPMorgan Chase & Co. lowered shares of Interpublic Group of Companies from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $36.00 to $33.00 in a research report on Tuesday. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Interpublic Group of Companies presently has an average rating of “Hold” and a consensus price target of $32.63.

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.