WPP (NYSE:WPP) Shares Gap Down to $57.47

WPP plc (NYSE:WPP – Get Rating)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $57.47, but opened at $55.61. WPP shares last traded at $55.47, with a volume of 13,409 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on WPP. Morgan Stanley lowered their price objective on shares of WPP from GBX 770 ($9.38) to GBX 760 ($9.26) in a research report on Tuesday, January 31st. The Goldman Sachs Group raised shares of WPP from a “neutral” rating to a “buy” rating in a research report on Wednesday, January 18th. Credit Suisse Group raised shares of WPP from a “neutral” rating to an “outperform” rating in a research report on Wednesday, February 22nd. Barclays raised shares of WPP from an “equal weight” rating to an “overweight” rating in a research report on Tuesday, January 31st. Finally, JPMorgan Chase & Co. raised their price objective on shares of WPP from GBX 1,210 ($14.75) to GBX 1,260 ($15.36) in a research report on Monday, December 12th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $1,001.29.

WPP Stock Down 2.6 %

The firm has a market cap of $11.99 billion, a PE ratio of 8.36, a P/E/G ratio of 1.35 and a beta of 1.39. The company’s fifty day moving average price is $59.28 and its two-hundred day moving average price is $51.18.

WPP Increases Dividend

The business also recently disclosed a semi-annual dividend, which will be paid on Friday, July 7th. Investors of record on Friday, June 9th will be issued a dividend of $1.4657 per share. The ex-dividend date is Thursday, June 8th. This represents a yield of 3.7%. This is an increase from WPP’s previous semi-annual dividend of $0.91. WPP’s payout ratio is currently 43.73%.

Institutional Trading of WPP

A number of institutional investors have recently added to or reduced their stakes in WPP. Raymond James Financial Services Advisors Inc. boosted its holdings in WPP by 3.6% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 27,982 shares of the business services provider’s stock worth $1,832,000 after buying an additional 963 shares in the last quarter. American Century Companies Inc. boosted its holdings in WPP by 67.6% during the first quarter. American Century Companies Inc. now owns 14,658 shares of the business services provider’s stock worth $960,000 after buying an additional 5,913 shares in the last quarter. Citigroup Inc. boosted its holdings in WPP by 12.4% during the first quarter. Citigroup Inc. now owns 6,060 shares of the business services provider’s stock worth $397,000 after buying an additional 668 shares in the last quarter. Sei Investments Co. boosted its holdings in WPP by 9.8% during the first quarter. Sei Investments Co. now owns 3,811 shares of the business services provider’s stock worth $250,000 after buying an additional 340 shares in the last quarter. Finally, Mariner LLC raised its position in WPP by 12.3% during the first quarter. Mariner LLC now owns 17,421 shares of the business services provider’s stock worth $1,140,000 after acquiring an additional 1,909 shares during the last quarter. Hedge funds and other institutional investors own 3.79% of the company’s stock.

About WPP

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WPP Plc is a creative transformation company, which engages in the provision of communications services. It operates through the following segments: Global Integrated Agencies, Public Relations, and Specialist Agencies. The Global Integrated Agencies segment offers creative services including advertising, marketing, and brand strategies and campaigns across all media.