ProVise Management Group LLC Cuts Stock Position in Interpublic Group of Companies, Inc. (The) (NYSE:IPG)

ProVise Management Group LLC lowered its stake in Interpublic Group of Companies, Inc. (The) (NYSE:IPG) by 8.6% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 8,545 shares of the business services provider’s stock after selling 805 shares during the quarter. ProVise Management Group LLC’s holdings in Interpublic Group of Companies were worth $232,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in IPG. Canada Pension Plan Investment Board grew its stake in shares of Interpublic Group of Companies by 139.5% in the 4th quarter. Canada Pension Plan Investment Board now owns 13,210,446 shares of the business services provider’s stock worth $370,157,000 after buying an additional 7,693,636 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Interpublic Group of Companies in the 4th quarter worth approximately $51,794,000. Calamos Advisors LLC purchased a new stake in shares of Interpublic Group of Companies in the 1st quarter worth approximately $46,172,000. First Trust Advisors LP grew its stake in shares of Interpublic Group of Companies by 13.0% in the 4th quarter. First Trust Advisors LP now owns 12,975,872 shares of the business services provider’s stock worth $363,584,000 after buying an additional 1,492,019 shares during the last quarter. Finally, Invesco Ltd. grew its stake in shares of Interpublic Group of Companies by 14.8% in the 4th quarter. Invesco Ltd. now owns 10,264,732 shares of the business services provider’s stock worth $287,618,000 after buying an additional 1,320,345 shares during the last quarter. Hedge funds and other institutional investors own 98.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on IPG shares. Wall Street Zen started coverage on Interpublic Group of Companies in a research note on Tuesday, May 20th. They set a “hold” rating on the stock. Barclays downgraded Interpublic Group of Companies from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $34.00 to $27.50 in a research note on Wednesday, June 25th. Citigroup reiterated a “buy” rating and set a $35.00 target price on shares of Interpublic Group of Companies in a research note on Tuesday, April 15th. UBS Group cut their target price on Interpublic Group of Companies from $27.00 to $25.60 and set a “neutral” rating on the stock in a research note on Wednesday, July 23rd. Finally, JPMorgan Chase & Co. cut their target price on Interpublic Group of Companies from $35.00 to $33.00 and set an “overweight” rating on the stock in a research note on Thursday, July 10th. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Interpublic Group of Companies presently has a consensus rating of “Hold” and an average price target of $32.39.

Interpublic Group of Companies Price Performance

NYSE IPG opened at $24.23 on Friday. The business’s fifty day moving average price is $24.35 and its 200-day moving average price is $25.58. The stock has a market capitalization of $8.87 billion, a price-to-earnings ratio of 20.53 and a beta of 1.05. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.07 and a quick ratio of 1.07. Interpublic Group of Companies, Inc. has a 1-year low of $22.51 and a 1-year high of $33.05.

Interpublic Group of Companies (NYSE:IPG) last released its quarterly earnings results on Tuesday, July 22nd. The business services provider reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.20. The firm had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $2.15 billion. Interpublic Group of Companies had a return on equity of 28.72% and a net margin of 4.27%. The company’s revenue was down 6.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.61 EPS. On average, equities analysts predict that Interpublic Group of Companies, Inc. will post 2.66 earnings per share for the current year.

Interpublic Group of Companies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 5.4%. The ex-dividend date of this dividend is Tuesday, September 2nd. Interpublic Group of Companies’s dividend payout ratio (DPR) is currently 111.86%.

About Interpublic Group of Companies

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.