InterContinental share price subdued ahead of full-year results
Shares in InterContinental Hotels Group (LON:IHG) have slipped into the red in today’s session, ahead of the company’s full-year results tomorrow. The update will come after the Holiday Inn and Crowne Plaza owner announced last week that it had inked a deal to buy Six Senses Hotels Resorts Spas for $300 million in cash as part of its efforts to expand its luxury footprint.
As of 09:35 GMT, InterContinental’s share price had given up 0.75 percent to stand at 4,604.00p, underperforming the benchmark FTSE 100 index which has slipped marginally into negative territory and is currently 0.26 percent worse off at 7,217.81 points. The group’s shares have lost a little over two percent of their value over the past year, as compared with about a one-percent dip in the Footsie.
InterContinental to post results
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InterContinental is scheduled to update investors on its full-year performance tomorrow and Proactive Investors reports that the company is expected to include plans for a $500-million special dividend payment, having said in October that a payment was planned for early 2019, and that it would reflect what the blue-chip group said was the ‘rapid’ implementation of its strategic initiatives.
Proactive Investors further quoted The Share Centre as saying that investors would be watching the Holiday Inn and Crowne Plaza owner’s performance in its US and Middle East markets, having seen a slowdown in those segments previously which helped push revenue per room down to just one percent for its third quarter.
Analyst ratings update
UBS upgraded the company to ‘neutral’ last week, without specifying a price target on the shares. According to MarketBeat, the blue-chip group currently has a consensus ‘hold’ rating and an average price target of 4,647.50p.
As of 10:09 GMT, Monday, 18 February, InterContinental Hotels Group PLC share price is 4,604.00p.