Concord Wealth Partners Invests $60,000 in The Interpublic Group of Companies, Inc. (NYSE:IPG)

Posted by Defense World Staff on Apr 13th, 2023

Concord Wealth Partners acquired a new position in shares of The Interpublic Group of Companies, Inc. (NYSE:IPG – Get Rating) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 1,796 shares of the business services provider’s stock, valued at approximately $60,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in IPG. First Trust Advisors LP lifted its holdings in shares of Interpublic Group of Companies by 1,196.9% during the 1st quarter. First Trust Advisors LP now owns 6,280,702 shares of the business services provider’s stock worth $222,651,000 after acquiring an additional 5,796,432 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Interpublic Group of Companies by 26.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 13,082,339 shares of the business services provider’s stock worth $334,910,000 after acquiring an additional 2,774,011 shares during the period. Beutel Goodman & Co Ltd. lifted its holdings in Interpublic Group of Companies by 18.6% during the 3rd quarter. Beutel Goodman & Co Ltd. now owns 6,864,901 shares of the business services provider’s stock valued at $175,741,000 after purchasing an additional 1,075,237 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Interpublic Group of Companies by 2.3% during the 1st quarter. Vanguard Group Inc. now owns 47,707,617 shares of the business services provider’s stock valued at $1,691,233,000 after purchasing an additional 1,075,059 shares during the last quarter. Finally, Amundi lifted its holdings in Interpublic Group of Companies by 11.8% during the 2nd quarter. Amundi now owns 7,694,955 shares of the business services provider’s stock valued at $211,785,000 after purchasing an additional 814,600 shares during the last quarter. 96.75% of the stock is owned by institutional investors.

Analysts Set New Price Targets

IPG has been the subject of several analyst reports. JPMorgan Chase & Co. lifted their price target on shares of Interpublic Group of Companies from $38.00 to $39.00 and gave the company an “overweight” rating in a report on Monday, January 23rd. StockNews.com initiated coverage on shares of Interpublic Group of Companies in a report on Thursday, March 16th. They set a “hold” rating for the company. Bank of America raised shares of Interpublic Group of Companies from a “neutral” rating to a “buy” rating and lifted their price target for the company from $38.00 to $40.00 in a report on Thursday, March 30th. BNP Paribas downgraded shares of Interpublic Group of Companies from an “outperform” rating to a “neutral” rating and set a $40.00 price target for the company. in a report on Wednesday, March 29th. Finally, Moffett Nathanson downgraded shares of Interpublic Group of Companies from an “outperform” rating to a “market perform” rating and lifted their price target for the company from $36.00 to $37.00 in a report on Friday, February 10th. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Interpublic Group of Companies presently has a consensus rating of “Hold” and a consensus price target of $39.63.

Interpublic Group of Companies Stock Up 0.5 %

Shares of NYSE:IPG opened at $37.45 on Thursday. The Interpublic Group of Companies, Inc. has a one year low of $25.14 and a one year high of $39.52. The company has a 50 day moving average of $36.23 and a 200-day moving average of $33.44. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market cap of $14.42 billion, a price-to-earnings ratio of 15.74, a P/E/G ratio of 1.77 and a beta of 1.12.

Interpublic Group of Companies (NYSE:IPG – Get Rating) last issued its quarterly earnings results on Thursday, February 9th. The business services provider reported $1.02 EPS for the quarter, topping the consensus estimate of $1.01 by $0.01. Interpublic Group of Companies had a net margin of 8.58% and a return on equity of 30.58%. The company had revenue of $2.55 billion during the quarter, compared to analysts’ expectations of $2.55 billion. During the same quarter in the previous year, the company earned $0.82 EPS. Interpublic Group of Companies’s revenue was up .1% on a year-over-year basis. On average, sell-side analysts forecast that The Interpublic Group of Companies, Inc. will post 2.85 earnings per share for the current year.

Interpublic Group of Companies Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 15th. Stockholders of record on Wednesday, March 1st were given a dividend of $0.31 per share. This is a boost from Interpublic Group of Companies’s previous quarterly dividend of $0.29. The ex-dividend date was Tuesday, February 28th. This represents a $1.24 annualized dividend and a dividend yield of 3.31%. Interpublic Group of Companies’s payout ratio is currently 52.10%.

Insider Transactions at Interpublic Group of Companies

In other news, EVP Andrew Bonzani sold 38,885 shares of Interpublic Group of Companies stock in a transaction that occurred on Wednesday, March 1st. The shares were sold at an average price of $35.61, for a total transaction of $1,384,694.85. Following the completion of the sale, the executive vice president now owns 111,769 shares in the company, valued at approximately $3,980,094.09. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CFO Ellen Tobi Johnson sold 30,437 shares of the business’s stock in a transaction that occurred on Wednesday, March 1st. The shares were sold at an average price of $35.56, for a total transaction of $1,082,339.72. Following the completion of the transaction, the chief financial officer now owns 133,533 shares in the company, valued at $4,748,433.48. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Andrew Bonzani sold 38,885 shares of the business’s stock in a transaction that occurred on Wednesday, March 1st. The shares were sold at an average price of $35.61, for a total transaction of $1,384,694.85. Following the transaction, the executive vice president now owns 111,769 shares of the company’s stock, valued at approximately $3,980,094.09. The disclosure for this sale can be found here. Insiders sold a total of 91,779 shares of company stock worth $3,250,936 in the last quarter. 0.33% of the stock is owned by company insiders.

About Interpublic Group of Companies

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Interpublic Group of Cos., Inc engages in the provision of marketing, communications, and business transformation services. It operates through the following segments: Media, Data, and Engagement Solutions, Integrated Advertising and Creativity Led Solutions, and Specialized Communications and Experiential Solutions.