WPP (NYSE:WPP) Shares Gap Down – Here’s Why

WPP plc (NYSE:WPP) gapped down before the market opened on Tuesday . The stock had previously closed at $37.96, but opened at $35.55. WPP shares last traded at $35.40, with a volume of 127,071 shares trading hands.

Wall Street Analyst Weigh In

A number of brokerages have commented on WPP. The Goldman Sachs Group initiated coverage on shares of WPP in a report on Wednesday, March 26th. They set 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 report on Friday, February 28th. Three equities research 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. According to MarketBeat.com, WPP currently has a consensus rating of “Moderate Buy”.

WPP Price Performance

The company’s fifty day simple moving average is $43.86 and its 200-day simple moving average is $48.81. The firm has a market capitalization of $8.10 billion, a PE ratio of 6.29, a P/E/G ratio of 7.06 and a beta of 1.20.

WPP Increases Dividend

The company also recently announced a semi-annual dividend, which will be paid on Monday, July 7th. Shareholders of record on Friday, June 6th will be issued a $0.9728 dividend. This represents a yield of 6.2%. This is a positive change from WPP’s previous semi-annual dividend of $0.95. The ex-dividend date is Friday, June 6th. WPP’s payout ratio is presently 8.04%.

Institutional Trading of WPP

A number of institutional investors and hedge funds have recently bought and sold shares of WPP. Vestmark Advisory Solutions Inc. grew its stake in shares of WPP by 1.2% during the fourth quarter. Vestmark Advisory Solutions Inc. now owns 17,402 shares of the business services provider’s stock worth $894,000 after purchasing an additional 207 shares in the last quarter. M&T Bank Corp lifted its holdings in shares of WPP by 1.9% in the fourth quarter. M&T Bank Corp now owns 12,506 shares of the business services provider’s stock valued at $642,000 after purchasing an additional 228 shares in the last quarter. Stifel Financial Corp boosted its holdings in shares of WPP by 0.4% during the fourth quarter. Stifel Financial Corp now owns 56,210 shares of the business services provider’s stock worth $2,889,000 after purchasing an additional 247 shares during the last quarter. Jones Financial Companies Lllp boosted its position in shares of WPP by 2.5% in the fourth quarter. Jones Financial Companies Lllp now owns 10,231 shares of the business services provider’s stock worth $526,000 after acquiring an additional 249 shares during the last quarter. Finally, Aaron Wealth Advisors LLC raised its holdings in WPP by 5.2% in the fourth quarter. Aaron Wealth Advisors LLC now owns 5,105 shares of the business services provider’s stock valued at $262,000 after buying an additional 251 shares during the period. 4.34% of the stock is currently owned by hedge funds and other institutional investors.

WPP Company Profile

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.