WPP (NYSE:WPP) Shares Gap Up – What’s Next?

Wpp Plc (NYSE:WPP) gapped up before the market opened on Thursday . The stock had previously closed at $24.07, but opened at $25.84. WPP shares last traded at $25.8850, with a volume of 83,485 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Berenberg Bank assumed coverage on shares of WPP in a research report on Tuesday, June 9th. They set a “buy” rating on the stock. Citigroup reaffirmed a “neutral” rating on shares of WPP in a research note on Monday, August 10th. Weiss Ratings reiterated a “sell (d)” rating on shares of WPP in a report on Tuesday, June 16th. The Goldman Sachs Group began coverage on WPP in a research note on Wednesday, June 3rd. They issued a “sell” rating for the company. Finally, Rothschild & Co Redburn started coverage on WPP in a report on Thursday, May 28th. They set a “buy” rating for the company. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, WPP presently has an average rating of “Hold”.

WPP Stock Performance

The company has a quick ratio of 0.89, a current ratio of 0.87 and a debt-to-equity ratio of 1.39. The stock has a fifty day moving average price of $21.95 and a two-hundred day moving average price of $19.07.

WPP Cuts Dividend

The firm also recently declared a dividend, which will be paid on Monday, November 2nd. Stockholders of record on Friday, October 9th will be given a $0.5052 dividend. The ex-dividend date of this dividend is Friday, October 9th. This represents a dividend yield of 390.0%.

Hedge Funds Weigh In On WPP

Several hedge funds have recently bought and sold shares of the company. Jane Street Group LLC lifted its stake in WPP by 49.0% in the 1st quarter. Jane Street Group LLC now owns 66,463 shares of the business services provider’s stock worth $2,523,000 after purchasing an additional 21,866 shares in the last quarter. Cetera Investment Advisers grew its position in shares of WPP by 9.2% during the 2nd quarter. Cetera Investment Advisers now owns 7,766 shares of the business services provider’s stock valued at $272,000 after purchasing an additional 654 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of WPP by 58.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,397 shares of the business services provider’s stock valued at $224,000 after purchasing an additional 2,355 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in shares of WPP by 99.4% in the second quarter. Russell Investments Group Ltd. now owns 2,353 shares of the business services provider’s stock worth $82,000 after purchasing an additional 1,173 shares during the period. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of WPP in the second quarter worth $407,000. Hedge funds and other institutional investors own 4.34% of the company’s stock.

WPP Company Profile

WPP plc (NYSE: WPP) is a British multinational advertising and public relations company headquartered in London, England. Recognized as one of the world’s largest communications services groups, WPP provides a wide array of marketing, advertising, media investment management and data consultancy services. Through its integrated network of agencies—among them Ogilvy, Grey, GroupM and Wavemaker—the company delivers creative content, brand strategy, digital transformation and media planning solutions to clients across virtually every industry.

Established in 1971 by Martin Sorrell as Wire and Plastic Products, the firm underwent a strategic transformation in the 1980s, focusing on acquisitions that expanded its capabilities into advertising and communications.