Intercontinental Hotels Group (NYSE:IHG) Sets New 1-Year High – Here’s What Happened

Intercontinental Hotels Group (NYSE:IHG)’s share price hit a new 52-week high on Wednesday . The company traded as high as $174.28 and last traded at $174.4780, with a volume of 41978 shares changing hands. The stock had previously closed at $170.88.

Wall Street Analysts Forecast Growth

IHG has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Intercontinental Hotels Group in a research report on Tuesday, May 26th. Sanford C. Bernstein raised their price target on Intercontinental Hotels Group from $141.00 to $154.00 and gave the stock a “market perform” rating in a research note on Friday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $154.00.

Intercontinental Hotels Group Price Performance

The company’s 50-day simple moving average is $153.92 and its two-hundred day simple moving average is $143.62.

Hedge Funds Weigh In On Intercontinental Hotels Group

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Jones Financial Companies Lllp increased its position in Intercontinental Hotels Group by 228.2% in the first quarter. Jones Financial Companies Lllp now owns 4,844 shares of the company’s stock worth $531,000 after buying an additional 3,368 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Intercontinental Hotels Group by 2.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 668,948 shares of the company’s stock valued at $73,310,000 after buying an additional 16,461 shares in the last quarter. Russell Investments Group Ltd. grew its stake in shares of Intercontinental Hotels Group by 44.9% during the 2nd quarter. Russell Investments Group Ltd. now owns 2,518 shares of the company’s stock valued at $290,000 after acquiring an additional 780 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in Intercontinental Hotels Group by 42.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 434 shares of the company’s stock worth $50,000 after acquiring an additional 129 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in Intercontinental Hotels Group by 56.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 933 shares of the company’s stock worth $108,000 after acquiring an additional 336 shares in the last quarter. 15.09% of the stock is currently owned by hedge funds and other institutional investors.

About Intercontinental Hotels Group

Intercontinental Hotels Group plc (IHG) is a multinational hospitality company that develops, owns, manages and franchises a broad portfolio of hotels and resorts. The company operates across full-service luxury and upscale segments as well as midscale and extended-stay categories, providing lodging, food and beverage, meeting and event services, and related guest amenities. IHG’s business model emphasizes brand franchising and management agreements, while retaining ownership or direct investments in a smaller portion of its global property portfolio.

IHG’s brand portfolio spans global and regional names designed to serve different traveler needs and market segments.