The Goldman Sachs Group Upgrades InterContinental Hotels Group (NYSE:IHG) to “Buy”

The Goldman Sachs Group upgraded shares of InterContinental Hotels Group (NYSE:IHG) from a neutral rating to a buy rating in a research note issued to investors on Wednesday morning, MarketBeat Ratings reports.

InterContinental Hotels Group Stock Down 0.4 %

Shares of InterContinental Hotels Group stock opened at $108.21 on Wednesday. The business has a fifty day simple moving average of $100.75 and a 200 day simple moving average of $101.96. The stock has a market cap of $17.49 billion, a PE ratio of 22.08, a price-to-earnings-growth ratio of 1.56 and a beta of 1.31. InterContinental Hotels Group has a 12 month low of $70.06 and a 12 month high of $112.08.

InterContinental Hotels Group Increases Dividend

The business also recently declared a Semi-Annual dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Friday, August 30th will be paid a $0.532 dividend. The ex-dividend date is Friday, August 30th. This is a boost from InterContinental Hotels Group’s previous Semi-Annual dividend of $0.30. This represents a dividend yield of 1.6%. InterContinental Hotels Group’s dividend payout ratio is 21.63%.

Institutional Investors Weigh In On InterContinental Hotels Group

Hedge funds have recently bought and sold shares of the company. Private Advisor Group LLC bought a new stake in shares of InterContinental Hotels Group in the fourth quarter worth about $243,000. Dynamic Technology Lab Private Ltd bought a new position in InterContinental Hotels Group in the fourth quarter valued at approximately $338,000. PNC Financial Services Group Inc. boosted its holdings in shares of InterContinental Hotels Group by 5.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,497 shares of the company’s stock valued at $319,000 after buying an additional 174 shares during the period. Trexquant Investment LP bought a new stake in shares of InterContinental Hotels Group during the fourth quarter worth $2,206,000. Finally, King Luther Capital Management Corp acquired a new stake in shares of InterContinental Hotels Group during the fourth quarter worth $235,000. 15.09% of the stock is currently owned by institutional investors and hedge funds.

About InterContinental Hotels Group

InterContinental Hotels Group PLC owns, manages, franchises, and leases hotels in the Americas, Europe, Asia, the Middle East, Africa, and Greater China. The company operates hotels under the Six Senses, Regent, InterContinental Hotels & Resorts, Vignette Collection, Kimpton Hotels & Restaurants, Hotel Indigo, voco, HUALUXE, Crowne Plaza, Iberostar Beachfront Resorts, EVEN, Holiday Inn Express, Holiday Inn, Garner, avid hotels, Atwell Suites, Staybridge Suites, Iberostar Beachfront Resorts, Holiday Inn Club Vacations, and Candlewood Suites brand names.