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

Wpp Plc (NYSE:WPP) shares gapped down prior to trading on Monday . The stock had previously closed at $27.55, but opened at $26.46. WPP shares last traded at $25.8380, with a volume of 161,958 shares changing hands.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Rothschild & Co Redburn began coverage on shares of WPP in a research note on Thursday, May 28th. They set a “buy” rating on the stock. Berenberg Bank began coverage on shares of WPP in a research note on Tuesday, June 9th. They issued a “buy” rating for the company. Citigroup reaffirmed a “neutral” rating on shares of WPP in a research report on Thursday, April 30th. Weiss Ratings reiterated a “sell (d)” rating on shares of WPP in a report on Tuesday, June 16th. Finally, The Goldman Sachs Group began coverage on WPP in a research report on Wednesday, June 3rd. They issued a “sell” rating for the company. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, WPP has a consensus rating of “Hold”.

WPP Trading Down 4.1%

The business’s 50 day moving average price is $18.70 and its 200-day moving average price is $18.17. The company has a quick ratio of 0.89, a current ratio of 0.87 and a debt-to-equity ratio of 1.39.

WPP Cuts Dividend

The company also recently announced a dividend, which will be paid on Monday, November 2nd. Shareholders of record on Friday, October 9th will be given a $0.5052 dividend. The ex-dividend date of this dividend is Friday, October 9th. This represents a yield of 390.0%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of WPP. Cetera Investment Advisers grew its stake in shares of WPP by 9.2% in the 2nd quarter. Cetera Investment Advisers now owns 7,766 shares of the business services provider’s stock valued at $272,000 after purchasing an additional 654 shares during the last quarter. Osaic Holdings Inc. lifted its holdings in shares of WPP by 105.8% during the second quarter. Osaic Holdings Inc. now owns 1,395 shares of the business services provider’s stock worth $49,000 after purchasing an additional 717 shares during the period. Ameriprise Financial Inc. grew its position in WPP by 6.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 13,704 shares of the business services provider’s stock valued at $343,000 after buying an additional 776 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in WPP in the 3rd quarter valued at $28,000. Finally, Legacy Wealth Asset Management LLC increased its stake in WPP by 6.4% in the 2nd quarter. Legacy Wealth Asset Management LLC now owns 18,988 shares of the business services provider’s stock valued at $294,000 after buying an additional 1,146 shares during the period. 4.34% of the stock is currently owned by hedge funds and other institutional investors.

WPP Company Profile

WPP plc (NYSE: WPP) is a British multinational advertising and public relations company headquartered in London, England. Recognized as one of the world’s largest communications services groups, WPP provides a wide array of marketing, advertising, media investment management and data consultancy services. Through its integrated network of agencies—among them Ogilvy, Grey, GroupM and Wavemaker—the company delivers creative content, brand strategy, digital transformation and media planning solutions to clients across virtually every industry.

Established in 1971 by Martin Sorrell as Wire and Plastic Products, the firm underwent a strategic transformation in the 1980s, focusing on acquisitions that expanded its capabilities into advertising and communications.