New York State Common Retirement Fund purchased a new position in shares of WPP plc (NYSE:WPP – Get Rating) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,764 shares of the business services provider’s stock, valued at approximately $115,000.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Argent Trust Co increased its position in WPP by 5.0% in the 4th quarter. Argent Trust Co now owns 3,279 shares of the business services provider’s stock valued at $247,000 after acquiring an additional 157 shares during the period. M&T Bank Corp increased its position in WPP by 2.1% in the 4th quarter. M&T Bank Corp now owns 8,725 shares of the business services provider’s stock valued at $660,000 after acquiring an additional 182 shares during the period. Eaton Vance Management increased its position in shares of WPP by 11.8% during the 4th quarter. Eaton Vance Management now owns 1,994 shares of the business services provider’s stock valued at $52,000 after purchasing an additional 210 shares during the period. Commonwealth Equity Services LLC increased its position in shares of WPP by 4.3% during the 4th quarter. Commonwealth Equity Services LLC now owns 6,506 shares of the business services provider’s stock valued at $491,000 after purchasing an additional 270 shares during the period. Finally, Ellevest Inc. increased its position in shares of WPP by 5.3% during the 1st quarter. Ellevest Inc. now owns 6,077 shares of the business services provider’s stock valued at $398,000 after purchasing an additional 305 shares during the period. 4.07% of the stock is currently owned by institutional investors and hedge funds.
WPP Stock Down 4.7 %
Shares of NYSE:WPP opened at $45.90 on Tuesday. The company has a current ratio of 0.91, a quick ratio of 0.93 and a debt-to-equity ratio of 1.08. WPP plc has a 1 year low of $45.01 and a 1 year high of $83.69. The business has a fifty day simple moving average of $50.77 and a 200 day simple moving average of $52.60.
WPP Cuts Dividend
The company also recently disclosed a semi-annual dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 14th will be issued a dividend of $0.9052 per share. The ex-dividend date of this dividend is Thursday, October 13th. This represents a dividend yield of 4.2%.
Analyst Ratings Changes
WPP has been the topic of several research analyst reports. Credit Suisse Group lifted their price target on WPP from GBX 1,200 ($14.50) to GBX 1,210 ($14.62) in a research report on Thursday, April 28th. StockNews.com lowered WPP from a “buy” rating to a “hold” rating in a research note on Tuesday, May 17th. Macquarie lowered WPP from an “outperform” rating to a “neutral” rating in a research note on Thursday, June 23rd. Berenberg Bank raised their target price on WPP from GBX 1,185 ($14.32) to GBX 1,230 ($14.86) in a research report on Friday, April 29th. Finally, Morgan Stanley decreased their target price on WPP from GBX 850 ($10.27) to GBX 750 ($9.06) in a research report on Thursday, July 7th. Two analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $958.33.
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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