WPP (NYSE:WPP) Shares Gap Down – Should You Sell?

WPP plc (NYSE:WPP) gapped down before the market opened on Thursday . The stock had previously closed at $48.55, but opened at $40.86. WPP shares last traded at $40.93, with a volume of 131,915 shares changing hands.

Analysts Set New Price Targets

WPP has been the subject of several recent research reports. Kepler Capital Markets upgraded shares of WPP from a “hold” rating to a “buy” rating in a research report on Friday, January 24th. Barclays lowered shares of WPP from an “overweight” rating to an “equal weight” rating in a research report on Friday. Finally, StockNews.com lowered shares of WPP from a “buy” rating to a “hold” rating in a research report on Monday, November 18th.

WPP Price Performance

The firm has a market capitalization of $8.75 billion, a P/E ratio of 6.79, a price-to-earnings-growth ratio of 7.06 and a beta of 1.25. The stock’s 50-day simple moving average is $47.69 and its two-hundred day simple moving average is $49.98.

WPP Increases Dividend

The business also recently announced a semi-annual dividend, which will be paid on Friday, July 4th. Investors of record on Friday, June 6th will be given a dividend of $0.9728 per share. This is a positive change from WPP’s previous semi-annual dividend of $0.95. The ex-dividend date is Friday, June 6th. This represents a dividend yield of 6.2%. WPP’s dividend payout ratio is currently 32.50%.

Hedge Funds Weigh In On WPP

A number of hedge funds and other institutional investors have recently modified their holdings of WPP. Hotchkis & Wiley Capital Management LLC boosted its position in shares of WPP by 47.9% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 5,356,064 shares of the business services provider’s stock worth $274,016,000 after acquiring an additional 1,734,750 shares during the last quarter. The Manufacturers Life Insurance Company bought a new position in shares of WPP during the third quarter worth $35,757,000. Invesco Ltd. boosted its position in shares of WPP by 11.9% during the fourth quarter. Invesco Ltd. now owns 1,623,960 shares of the business services provider’s stock worth $83,472,000 after acquiring an additional 172,212 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of WPP during the fourth quarter worth $8,724,000. Finally, Northern Trust Corp boosted its position in shares of WPP by 83.5% during the fourth quarter. Northern Trust Corp now owns 253,640 shares of the business services provider’s stock worth $13,037,000 after acquiring an additional 115,416 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.