BlackRock Fund Advisors recently announced the acquisition of new stake in The Interpublic Group of Companies Inc. (NYSE:IPG). The institutional investor has increased its shareholding in the Communication Services company by 0.44% to 28.84 million shares with purchase of 0.13 million shares. This fresh investment now brings its stake to 7.42% valued currently at $1.03 billion. In addition, Harris Associates LP raised its holdings by 16877.0 to 14.13 million shares. And Charles Schwab Investment Managem has lifted its position by 9.64% or 0.82 million shares – to 9.28 million shares.
With over 3.53 million The Interpublic Group of Companies Inc. (IPG) shares trading Friday and a closing price of $33.77 on the day, the dollar volume was approximately $119.15 million. The shares have shown a positive half year performance of 21.87% and its price on 03/10/23 lost nearly -1.40%. Currently, there are 387.90M common shares owned by the public and among those 383.16M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 15 analysts who have offered their price forecasts for IPG have a consensus price objective of $40.55. The analysts have set the share’s price value over the next 12 months at a high of $45.00 and a low of $37.00. The average price target is 16.82% above its recent price level and an upside to the estimated low will see the stock gain 8.73% over that period. But an upside of 24.96% will see the stock hit the forecast high price target while median target price for the stock is $40.00.
Insiders at the company have transacted a total of 12 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 8 of these insider trades were purchases, accounting for 56,367 shares. Insider sales of the common stock occurred on 4 occasions, with total insider shares sold totaling 55,248 shares.
The top 3 mutual fund holders in The Interpublic Group of Companies Inc. are Vanguard Total Stock Market Index, Vanguard 500 Index Fund, and American Funds Income Fund of Ame. Vanguard Total Stock Market Index owns 11.93 million shares of the company’s stock, all valued at over $423.94 million. The company bought an additional 0.11 million shares recently to bring their total holdings to about 3.07% of the shares outstanding. Vanguard 500 Index Fund bought 21287.0 shares to see its total holdings expand to 9.0 million shares valued at over $319.95 million and representing 2.32% of the shares outstanding. American Funds Income Fund of Ame bought 7.88 million shares to bring its total holdings to over 7.88 million shares at a value of $280.18 million. American Funds Income Fund of Ame now owns shares totaling to 2.03% of the shares outstanding.
Shares of The Interpublic Group of Companies Inc. (NYSE: IPG) opened at $34.19, down -$0.06 from a prior closing price of $34.25. However, the script later moved the day high at 34.34, down -1.40%. The company’s stock has a 5-day price change of -5.41% and 5.20% over the past three months. IPG shares are trading 1.38% year to date (YTD), with the 12-month market performance down to -0.03% lower. It has a 12-month low price of $25.14 and touched a high of $39.52 over the same period. IPG has an average intraday trading volume of 3.10 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -6.92%, -6.46%, and 8.34% respectively.
Institutional ownership of The Interpublic Group of Companies Inc. (NYSE: IPG) 387.90M shares outstanding. Mutual fund holders own 41.87%, while other institutional holders and individual stakeholders account for 58.58% and 1.36% respectively.
It has a market capitalization of $13.19B and a beta (3y monthly) value of 1.12. The stock’s trailing 12-month PE ratio is 14.21, while the earnings-per-share (ttm) stands at $2.38. The company has a PEG of 1.92 and a Quick Ratio of 1.00 with the debt-to-equity ratio at 0.80. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.10% over the week and 1.96% over the month.
Analysts forecast that The Interpublic Group of Companies Inc. (IPG) will achieve an EPS of $0.4 for the current quarter, $0.61 for the next quarter and $2.91 for 2024. The lowest estimate earnings-per-share for the quarter is $0.23 while analysts give the company a high EPS estimate of $0.49. Comparatively, EPS for the current quarter was $0.47 a year ago. Earnings per share for the fiscal year are expected to decrease by -0.70%, and 5.84% over the next financial year. EPS should shrink at an annualized rate of 7.40% over the next five years, compared to 11.20% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 15 brokerage firm advisors rate The Interpublic Group of Companies Inc. (IPG) as a “Moderate Buy” at a consensus score of 2.40. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 9 of the 15 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the IPG, a number of firms have released research notes about the stock. MoffettNathanson stated their Market Perform rating for the stock in a research note on February 10, 2023, with the firm’s price target at $36-$37. BofA Securities coverage for the The Interpublic Group of Companies Inc. (IPG) stock in a research note released on January 05, 2023 offered a Neutral rating with a price target of $36. Wells Fargo on their part issued Overweight rating on July 08, 2022.
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