Short Interest in WPP plc (NYSE:WPP) Drops By 21.8%

WPP plc (NYSE:WPP) was the target of a large decline in short interest in March. As of March 15th, there was short interest totalling 300,400 shares, a decline of 21.8% from the February 28th total of 384,100 shares. Based on an average daily trading volume, of 241,000 shares, the days-to-cover ratio is presently 1.2 days. Currently, 0.1% of the company’s stock are short sold.

WPP Stock Performance

Shares of WPP traded down $1.68 during trading hours on Tuesday, reaching $36.29. 768,657 shares of the company traded hands, compared to its average volume of 194,250. The stock’s fifty day moving average is $44.01 and its 200 day moving average is $48.89. WPP has a 1-year low of $34.65 and a 1-year high of $57.37. The stock has a market cap of $7.83 billion, a P/E ratio of 6.08, a price-to-earnings-growth ratio of 7.06 and a beta of 1.20.

WPP Increases Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Monday, July 7th. Stockholders of record on Friday, June 6th will be given a dividend of $0.9728 per share. The ex-dividend date of this dividend is Friday, June 6th. This is a boost from WPP’s previous semi-annual dividend of $0.95. This represents a dividend yield of 6.2%. WPP’s payout ratio is currently 8.04%.

Analysts Set New Price Targets

A number of research firms have issued reports on WPP. The Goldman Sachs Group started coverage on shares of WPP in a research note on Wednesday, March 26th. They issued a “neutral” rating for the company. Kepler Capital Markets upgraded shares of WPP from a “hold” rating to a “buy” rating in a report on Friday, January 24th. Finally, Barclays downgraded WPP from an “overweight” rating to an “equal weight” rating in a research note on Friday, February 28th. Three investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, WPP presently has an average rating of “Moderate Buy”.

Institutional Investors Weigh In On WPP

Several institutional investors and hedge funds have recently bought and sold shares of the business. Assetmark Inc. boosted its stake in WPP by 52,800.0% in the 4th quarter. Assetmark Inc. now owns 529 shares of the business services provider’s stock valued at $27,000 after buying an additional 528 shares in the last quarter. Smartleaf Asset Management LLC grew its stake in WPP by 453.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,179 shares of the business services provider’s stock worth $61,000 after buying an additional 966 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of WPP by 92.4% during the fourth quarter. GAMMA Investing LLC now owns 1,247 shares of the business services provider’s stock worth $64,000 after buying an additional 599 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of WPP in the third quarter valued at approximately $84,000. Finally, Russell Investments Group Ltd. grew its position in WPP by 57.0% during the 4th quarter. Russell Investments Group Ltd. now owns 2,168 shares of the business services provider’s stock worth $111,000 after acquiring an additional 787 shares during the last quarter. Institutional investors own 4.34% of the company’s stock.

About WPP

WPP plc, a creative transformation company, provides communications, experience, commerce, and technology services in North America, the United Kingdom, Western Continental Europe, the Asia Pacific, Latin America, Africa, the Middle East, and Central and Eastern Europe. The company operates through three segments: Global Integrated Agencies, Public Relations, and Specialist Agencies.