Burkett Asset Management Ltd Invests $2.55 Million in Intercontinental Hotels Group $IHG

Burkett Asset Management Ltd purchased a new position in shares of Intercontinental Hotels Group (NYSE:IHG) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 18,112 shares of the company’s stock, valued at approximately $2,551,000. Intercontinental Hotels Group accounts for about 2.6% of Burkett Asset Management Ltd’s portfolio, making the stock its 14th largest holding.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. CCLA Investment Management purchased a new stake in Intercontinental Hotels Group in the 4th quarter valued at about $114,306,000. Goldman Sachs Group Inc. raised its holdings in Intercontinental Hotels Group by 1.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 710,121 shares of the company’s stock valued at $100,006,000 after buying an additional 9,235 shares during the period. Bank of America Corp DE raised its holdings in Intercontinental Hotels Group by 0.8% in the 3rd quarter. Bank of America Corp DE now owns 501,692 shares of the company’s stock valued at $60,835,000 after buying an additional 4,080 shares during the period. Natixis Advisors LLC raised its holdings in Intercontinental Hotels Group by 3.9% in the 4th quarter. Natixis Advisors LLC now owns 465,747 shares of the company’s stock valued at $65,591,000 after buying an additional 17,503 shares during the period. Finally, Lazard Asset Management LLC raised its holdings in Intercontinental Hotels Group by 29.5% in the 3rd quarter. Lazard Asset Management LLC now owns 460,897 shares of the company’s stock valued at $55,888,000 after buying an additional 105,034 shares during the period. 15.09% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

IHG has been the topic of several research analyst reports. Sanford C. Bernstein boosted their price objective on shares of Intercontinental Hotels Group from $141.00 to $154.00 and gave the company a “market perform” rating in a report on Friday, May 15th. Weiss Ratings restated a “buy (b)” rating on shares of Intercontinental Hotels Group in a report on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Intercontinental Hotels Group currently has an average rating of “Moderate Buy” and a consensus price target of $154.00.

Intercontinental Hotels Group Stock Up 2.0%

NYSE IHG opened at $164.72 on Friday. The stock has a 50-day moving average of $148.60 and a two-hundred day moving average of $141.61. Intercontinental Hotels Group has a 1-year low of $109.79 and a 1-year high of $165.63.

Intercontinental Hotels Group Company Profile

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.