Interpublic Group of Companies (NYSE:IPG) Given New $37.00 Price Target at Bank of America

Interpublic Group of Companies (NYSE:IPG) had its price target cut by Bank of America from $38.00 to $37.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the business services provider’s stock. Bank of America‘s price target indicates a potential upside of 27.02% from the company’s previous close.

Separately, Wells Fargo & Company dropped their price target on Interpublic Group of Companies from $32.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 25th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $35.00.

Interpublic Group of Companies Price Performance

Shares of NYSE IPG opened at $29.13 on Tuesday. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.75. The company has a market capitalization of $10.99 billion, a price-to-earnings ratio of 10.37, a price-to-earnings-growth ratio of 2.66 and a beta of 1.13. Interpublic Group of Companies has a twelve month low of $27.20 and a twelve month high of $40.90. The business has a 50 day simple moving average of $30.78 and a 200-day simple moving average of $31.75.

Interpublic Group of Companies (NYSE:IPG) last posted its quarterly earnings results on Wednesday, April 24th. The business services provider reported $0.36 EPS for the quarter, beating the consensus estimate of $0.35 by $0.01. The business had revenue of $2.50 billion during the quarter, compared to analyst estimates of $2.18 billion. Interpublic Group of Companies had a net margin of 9.97% and a return on equity of 29.70%. The company’s quarterly revenue was down 1.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.38 EPS. As a group, equities research analysts expect that Interpublic Group of Companies will post 2.8 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp boosted its stake in Interpublic Group of Companies by 12.1% during the 1st quarter. Bank of New York Mellon Corp now owns 14,096,675 shares of the business services provider’s stock valued at $459,975,000 after purchasing an additional 1,516,975 shares in the last quarter. Norges Bank acquired a new stake in shares of Interpublic Group of Companies in the fourth quarter valued at $32,620,000. American Century Companies Inc. boosted its stake in Interpublic Group of Companies by 24.6% during the third quarter. American Century Companies Inc. now owns 4,635,459 shares of the business services provider’s stock valued at $132,852,000 after buying an additional 916,574 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in Interpublic Group of Companies by 101.9% during the first quarter. Jacobs Levy Equity Management Inc. now owns 1,690,523 shares of the business services provider’s stock valued at $55,162,000 after buying an additional 853,287 shares in the last quarter. Finally, First Trust Advisors LP grew its holdings in Interpublic Group of Companies by 12.7% during the fourth quarter. First Trust Advisors LP now owns 6,922,608 shares of the business services provider’s stock worth $225,954,000 after acquiring an additional 777,456 shares during the period. Institutional investors own 98.43% of the company’s stock.

Interpublic Group of Companies Company 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.