WPP (NYSE:WPP) Hits New 52-Week High – Here’s What Happened

Wpp Plc (NYSE:WPP) shares reached a new 52-week high during trading on Friday. The stock traded as high as $28.03 and last traded at $27.8430, with a volume of 29,100 shares. The stock had previously closed at $26.99.

Analysts Set New Price Targets

Several brokerages have commented on WPP. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of WPP in a report on Tuesday, September 8th. Citigroup reissued a “neutral” rating on shares of WPP in a research report on Wednesday, October 21st. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of WPP in a research note on Friday, September 11th. Three investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold”.

WPP Stock Performance

The company’s fifty day moving average is $25.72 and its 200-day moving average is $20.50.

WPP Cuts Dividend

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Legacy Wealth Asset Management LLC raised its holdings in shares of WPP by 2.6% in the third quarter. Legacy Wealth Asset Management LLC now owns 19,476 shares of the business services provider’s stock worth $481,000 after buying an additional 488 shares during the last quarter. Signaturefd LLC raised its holdings in shares of WPP by 53.8% during the third quarter. Signaturefd LLC now owns 3,424 shares of the business services provider’s stock valued at $85,000 after acquiring an additional 1,198 shares during the last quarter. Rockefeller Capital Management L.P. increased its stake in shares of WPP by 455.9% in the 4th quarter. Rockefeller Capital Management L.P. now owns 2,318 shares of the business services provider’s stock worth $52,000 after acquiring an additional 1,901 shares during the last quarter. Sanctuary Advisors LLC raised its stake in shares of WPP by 39.4% in the 1st quarter. Sanctuary Advisors LLC now owns 16,139 shares of the business services provider’s stock valued at $251,000 after acquiring an additional 4,562 shares during the period. Finally, Squarepoint Ops LLC grew its stake in WPP by 29.6% during the 2nd quarter. Squarepoint Ops LLC now owns 26,001 shares of the business services provider’s stock worth $403,000 after purchasing an additional 5,933 shares in the last quarter. Institutional investors own 4.34% of the company’s stock.

WPP Company Profile

WPP plc is a global marketing and communications services company headquartered in London. Through its agencies and specialist businesses, the company helps clients develop brands, create advertising campaigns, plan and buy media, manage customer relationships, and use data and technology to support marketing and business transformation.

WPP’s businesses provide creative services, media investment, public relations, branding, experience design, commerce, and digital marketing. Its operations include GroupM, a media investment business, as well as a broad network of agencies serving clients across sectors such as consumer goods, technology, financial services, healthcare, automotive, and retail.

The company traces its origins to Wire and Plastic Products, which was established in 1971 and later transformed into a marketing services group through acquisitions and international expansion.