Sona Asset Management US LLC Acquires Shares of 307,400 The Interpublic Group of Companies, Inc. (NYSE:IPG)

Sona Asset Management US LLC bought a new position in shares of The Interpublic Group of Companies, Inc. (NYSE:IPG) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 307,400 shares of the business services provider’s stock, valued at approximately $8,613,000.

Several other hedge funds have also recently modified their holdings of the stock. Prosperity Consulting Group LLC boosted its position in shares of Interpublic Group of Companies by 2.3% during the 4th quarter. Prosperity Consulting Group LLC now owns 21,236 shares of the business services provider’s stock worth $595,000 after purchasing an additional 470 shares during the period. Allworth Financial LP lifted its holdings in Interpublic Group of Companies by 75.8% during the 4th quarter. Allworth Financial LP now owns 1,113 shares of the business services provider’s stock worth $31,000 after buying an additional 480 shares during the last quarter. GeoWealth Management LLC raised its holdings in Interpublic Group of Companies by 20.7% during the fourth quarter. GeoWealth Management LLC now owns 3,341 shares of the business services provider’s stock worth $94,000 after purchasing an additional 573 shares in the last quarter. Xponance Inc. lifted its position in Interpublic Group of Companies by 1.0% in the fourth quarter. Xponance Inc. now owns 59,844 shares of the business services provider’s stock valued at $1,677,000 after acquiring an additional 587 shares during the last quarter. Finally, Proactive Wealth Strategies LLC grew its stake in Interpublic Group of Companies by 5.8% during the 4th quarter. Proactive Wealth Strategies LLC now owns 11,094 shares of the business services provider’s stock worth $311,000 after buying an additional 607 shares during the last quarter. Institutional investors and hedge funds own 98.43% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on IPG. JPMorgan Chase & Co. raised Interpublic Group of Companies from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $32.00 to $39.00 in a research note on Monday, January 27th. StockNews.com assumed coverage on Interpublic Group of Companies in a report on Monday. They issued a “hold” rating on the stock. UBS Group upgraded Interpublic Group of Companies from a “sell” rating to a “neutral” rating and lowered their target price for the company from $29.00 to $27.00 in a report on Thursday, February 13th. Barclays decreased their price objective on Interpublic Group of Companies from $36.00 to $34.00 and set an “overweight” rating on the stock in a report on Friday, April 25th. Finally, Citigroup reiterated a “buy” rating and set a $35.00 target price on shares of Interpublic Group of Companies in a research report on Tuesday, April 15th. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Interpublic Group of Companies has an average rating of “Hold” and a consensus price target of $33.44.

Interpublic Group of Companies Price Performance

IPG opened at $25.20 on Friday. The Interpublic Group of Companies, Inc. has a 52-week low of $22.51 and a 52-week high of $33.05. The company has a 50 day moving average of $25.20 and a two-hundred day moving average of $27.38. The company has a market cap of $9.32 billion, a P/E ratio of 13.77 and a beta of 1.09. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.77.

Interpublic Group of Companies (NYSE:IPG) last announced its quarterly earnings results on Thursday, April 24th. The business services provider reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.03. Interpublic Group of Companies had a net margin of 6.45% and a return on equity of 27.10%. The firm had revenue of $2 billion during the quarter, compared to analysts’ expectations of $1.98 billion. During the same period in the prior year, the company earned $0.36 EPS. The firm’s revenue was down 6.9% on a year-over-year basis. On average, analysts expect that The Interpublic Group of Companies, Inc. will post 2.66 earnings per share for the current year.

Interpublic Group of Companies announced that its board has initiated a stock repurchase program on Wednesday, February 12th that allows the company to buyback $155.00 million in outstanding shares. This buyback authorization allows the business services provider to repurchase up to 1.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, CFO Ellen Tobi Johnson sold 21,427 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $26.82, for a total transaction of $574,672.14. Following the completion of the sale, the chief financial officer now directly owns 143,373 shares in the company, valued at $3,845,263.86. This trade represents a 13.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.42% of the company’s stock.

Interpublic Group of Companies 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.