Meritage Portfolio Management Raises Stock Position in Wpp Plc $WPP

Key Points

• Meritage Portfolio Management raised its stake in WPP Plc by 17.9% during Q2, now owning 102,647 shares valued at approximately $3.59 million.
• WPP announced a semi-annual dividend of $0.5033 per share, representing a yield of 447.0%, with the payout set for November 3rd.
• Analyst ratings for WPP are mixed, with upgrades from some firms but a consensus rating of "Reduce", reflecting ongoing market concerns.

Meritage Portfolio Management increased its stake in Wpp Plc (NYSE:WPP - Free Report) by 17.9% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 102,647 shares of the business services provider's stock after acquiring an additional 15,565 shares during the quarter. Meritage Portfolio Management's holdings in WPP were worth $3,594,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Hotchkis & Wiley Capital Management LLC grew its holdings in shares of WPP by 27.2% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 6,720,858 shares of the business services provider's stock worth $255,124,000 after buying an additional 1,436,668 shares in the last quarter. Invesco Ltd. grew its holdings in shares of WPP by 50.8% during the first quarter. Invesco Ltd. now owns 2,448,296 shares of the business services provider's stock worth $92,937,000 after buying an additional 824,336 shares in the last quarter. Northern Trust Corp grew its holdings in shares of WPP by 11.6% during the first quarter. Northern Trust Corp now owns 283,028 shares of the business services provider's stock worth $10,744,000 after buying an additional 29,388 shares in the last quarter. Jane Street Group LLC grew its holdings in shares of WPP by 49.0% during the first quarter. Jane Street Group LLC now owns 66,463 shares of the business services provider's stock worth $2,523,000 after buying an additional 21,866 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of WPP by 120.2% during the first quarter. Bank of New York Mellon Corp now owns 46,452 shares of the business services provider's stock worth $1,763,000 after buying an additional 25,359 shares in the last quarter. Hedge funds and other institutional investors own 4.34% of the company's stock.

WPP Price Performance

NYSE WPP opened at $22.51 on Friday. The firm's 50-day moving average is $25.63 and its two-hundred day moving average is $32.09. Wpp Plc has a 12 month low of $22.46 and a 12 month high of $57.37. The stock has a market capitalization of $4.86 billion, a P/E ratio of 3.77 and a beta of 0.95.

WPP Cuts Dividend

The business also recently announced a semi-annual dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be given a $0.5033 dividend. The ex-dividend date of this dividend is Friday, October 10th. This represents a yield of 447.0%. WPP's dividend payout ratio is presently 16.08%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Kepler Capital Markets lowered shares of WPP from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 31st. Wall Street Zen lowered shares of WPP from a "hold" rating to a "sell" rating in a report on Sunday, September 21st. Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of WPP in a report on Thursday, July 10th. Barclays reissued an "underweight" rating on shares of WPP in a report on Friday, August 8th. Finally, Weiss Ratings reissued a "sell (d+)" rating on shares of WPP in a report on Wednesday. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Reduce".

WPP Company Profile

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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