Royal Bank of Canada Reduces Stock Position in WPP plc (NYSE:WPP)

Royal Bank of Canada lowered its stake in shares of WPP plc (NYSE:WPP - Free Report) by 52.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 380,516 shares of the business services provider's stock after selling 413,255 shares during the quarter. Royal Bank of Canada owned about 0.18% of WPP worth $19,558,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of WPP. Assetmark Inc. increased its position in shares of WPP by 52,800.0% during the fourth quarter. Assetmark Inc. now owns 529 shares of the business services provider's stock valued at $27,000 after buying an additional 528 shares during the period. Smartleaf Asset Management LLC lifted its stake in shares of WPP by 453.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,179 shares of the business services provider's stock worth $61,000 after buying an additional 966 shares in the last quarter. Russell Investments Group Ltd. lifted its position in WPP by 57.0% during the fourth quarter. Russell Investments Group Ltd. now owns 2,168 shares of the business services provider's stock valued at $111,000 after purchasing an additional 787 shares during the period. NewEdge Advisors LLC lifted its position in WPP by 160.7% during the fourth quarter. NewEdge Advisors LLC now owns 3,368 shares of the business services provider's stock valued at $173,000 after purchasing an additional 2,076 shares during the period. Finally, Wealthfront Advisers LLC bought a new position in WPP during the fourth quarter valued at approximately $194,000. Hedge funds and other institutional investors own 4.34% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Barclays downgraded shares of WPP from an "overweight" rating to an "equal weight" rating in a research report on Friday, February 28th. Wall Street Zen downgraded shares of WPP from a "buy" rating to a "hold" rating in a research report on Thursday, May 15th. Finally, The Goldman Sachs Group started coverage on shares of WPP in a research report on Wednesday, March 26th. They set a "neutral" rating on the stock. Three research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, WPP presently has an average rating of "Moderate Buy".

WPP Price Performance

Shares of WPP stock traded down $0.47 on Wednesday, hitting $40.17. 189,345 shares of the stock traded hands, compared to its average volume of 215,918. The firm has a market cap of $8.67 billion, a price-to-earnings ratio of 6.73, a PEG ratio of 7.06 and a beta of 1.04. WPP plc has a 52 week low of $31.52 and a 52 week high of $57.37. The firm has a 50 day simple moving average of $37.72 and a two-hundred day simple moving average of $44.79.

WPP Increases Dividend

The business also recently announced a semi-annual dividend, which will be paid on Monday, July 7th. Investors of record on Friday, June 6th will be paid a dividend of $0.9728 per share. This represents a yield of 6.2%. This is a boost from WPP's previous semi-annual dividend of $0.95. The ex-dividend date of this dividend is Friday, June 6th. WPP's dividend payout ratio (DPR) is presently 8.04%.

About WPP

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.