Bank of New York Mellon Corp Sells 3,983,817 Shares of The Interpublic Group of Companies, Inc. (NYSE:IPG)

Bank of New York Mellon Corp lowered its stake in The Interpublic Group of Companies, Inc. (NYSE:IPG) by 28.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,112,858 shares of the business services provider’s stock after selling 3,983,817 shares during the quarter. Bank of New York Mellon Corp owned approximately 2.68% of Interpublic Group of Companies worth $294,183,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Voisard Asset Management Group Inc. purchased a new stake in Interpublic Group of Companies in the 4th quarter worth approximately $31,000. Headlands Technologies LLC bought a new stake in Interpublic Group of Companies during the first quarter valued at $42,000. Salomon & Ludwin LLC grew its position in Interpublic Group of Companies by 2,024.6% during the first 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. Assetmark Inc. increased its stake in Interpublic Group of Companies by 27.5% in the 4th quarter. Assetmark Inc. now owns 1,706 shares of the business services provider’s stock worth $56,000 after acquiring an additional 368 shares during the last quarter. Finally, Quarry LP raised its holdings in shares of Interpublic Group of Companies by 26.0% in the 4th quarter. Quarry LP now owns 2,052 shares of the business services provider’s stock valued at $67,000 after acquiring an additional 423 shares in the last quarter. 98.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Interpublic Group of Companies Trading Up 0.6 %

NYSE IPG opened at $32.38 on Tuesday. The stock has a 50-day moving average of $30.04 and a 200-day moving average of $31.01. The company has a current ratio of 1.07, a quick ratio of 1.06 and a debt-to-equity ratio of 0.75. The Interpublic Group of Companies, Inc. has a 1-year low of $27.20 and a 1-year high of $35.17. The firm has a market cap of $12.22 billion, a PE ratio of 11.52, a price-to-earnings-growth ratio of 3.29 and a beta of 1.12.

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, beating analysts’ consensus estimates of $0.59 by $0.02. Interpublic Group of Companies had a return on equity of 27.98% and a net margin of 9.46%. The firm had revenue of $2.71 billion during the quarter, compared to analyst estimates of $2.33 billion. During the same quarter in the prior year, the firm posted $0.74 earnings per share. The business’s quarterly revenue was up 1.6% compared to the same quarter last year. As a group, sell-side analysts forecast that The Interpublic Group of Companies, Inc. will post 2.8 EPS for the current year.

Interpublic Group of Companies Announces Dividend

The company also recently disclosed 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 annualized dividend and a dividend yield of 4.08%. The ex-dividend date of this dividend is Tuesday, September 3rd. Interpublic Group of Companies’s dividend payout ratio (DPR) is 46.98%.

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.