WPP (NYSE:WPP) Cut to Hold at StockNews.com

by · The Markets Daily

StockNews.com downgraded shares of WPP (NYSE:WPP – Free Report) from a buy rating to a hold rating in a research note released on Monday morning.

Separately, Citigroup raised shares of WPP to a “strong-buy” rating in a research report on Thursday, August 8th.

Read Our Latest Analysis on WPP

WPP Stock Down 1.6 %

Shares of WPP stock opened at $52.44 on Monday. The stock’s 50-day moving average is $50.16 and its 200 day moving average is $49.20. WPP has a 1-year low of $42.49 and a 1-year high of $54.45.

WPP Increases Dividend

The business also recently declared a Semi-Annual dividend, which will be paid on Friday, November 1st. Shareholders of record on Friday, October 11th will be issued a $0.954 dividend. The ex-dividend date is Friday, October 11th. This represents a dividend yield of 5.7%. This is a boost from WPP’s previous Semi-Annual dividend of $0.24.

Institutional Investors Weigh In On WPP

Large investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC purchased a new position in WPP in the 1st quarter worth $39,000. Legacy Wealth Asset Management LLC boosted its position in WPP by 5.8% in the first quarter. Legacy Wealth Asset Management LLC now owns 9,796 shares of the business services provider’s stock valued at $464,000 after buying an additional 537 shares during the last quarter. Oppenheimer Asset Management Inc. increased its holdings in WPP by 12.8% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 31,903 shares of the business services provider’s stock worth $1,512,000 after buying an additional 3,628 shares during the period. Mondrian Investment Partners LTD raised its position in WPP by 46.5% during the 1st quarter. Mondrian Investment Partners LTD now owns 3,350,015 shares of the business services provider’s stock worth $158,791,000 after buying an additional 1,062,708 shares during the last quarter. Finally, Sei Investments Co. lifted its stake in WPP by 31.6% during the 1st quarter. Sei Investments Co. now owns 12,571 shares of the business services provider’s stock valued at $596,000 after acquiring an additional 3,020 shares during the period. 4.34% of the stock is owned by hedge funds and other institutional investors.

About WPP

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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.

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