WPP (NYSE:WPP) Shares Gap Up – Should You Buy?

Shares of Wpp Plc (NYSE:WPP) gapped up before the market opened on Tuesday. The stock had previously closed at $24.87, but opened at $25.93. WPP shares last traded at $26.0520, with a volume of 35,121 shares trading hands.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Citigroup reiterated a “neutral” rating on shares of WPP in a research note on Monday, August 10th. Weiss Ratings restated a “sell (d)” rating on shares of WPP in a research note on Friday, September 11th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of WPP in a report on Tuesday, September 8th. Three analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold”.

WPP Stock Performance

The business’s 50 day moving average is $25.71 and its two-hundred day moving average is $20.72.

WPP Cuts Dividend

The firm also recently declared a dividend, which will be paid on Monday, November 2nd. Shareholders of record on Friday, October 9th will be issued a dividend of $0.5052 per share. This is a drop from WPP’s previous dividend of $0.5079. This represents a yield of 398.0%. The ex-dividend date of this dividend is Friday, October 9th.

Hedge Funds Weigh In On WPP

Large investors have recently made changes to their positions in the business. Renaissance Technologies LLC purchased a new position in WPP in the 1st quarter worth approximately $1,619,000. Range Financial Group LLC bought a new position in WPP in the 1st quarter worth approximately $1,147,000. Arrowstreet Capital Limited Partnership purchased a new stake in WPP during the 1st quarter valued at approximately $609,000. Barometer Capital Management Inc. purchased a new stake in WPP during the 1st quarter valued at approximately $535,000. Finally, Sei Investments Co. raised its position in shares of WPP by 115.7% during the first quarter. Sei Investments Co. now owns 48,528 shares of the business services provider’s stock valued at $755,000 after buying an additional 26,031 shares during the last quarter. 4.34% of the stock is currently owned by hedge funds and other institutional investors.

WPP Company Profile

WPP plc is a global marketing and communications company that provides advertising, media investment, public relations, branding, customer experience, and technology services. Through its agencies and specialist businesses, WPP helps organizations develop brands, create content, reach audiences, and use data and technology to support marketing and customer engagement.

The company’s portfolio includes agencies and platforms such as WPP Media, VML, Ogilvy, Burson, AKQA, GroupM, and WPP Open.