The Manufacturers Life Insurance Company Cuts Stake in WPP plc (NYSE:WPP)

The Manufacturers Life Insurance Company reduced its stake in WPP plc (NYSE:WPP - Free Report) by 70.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 209,721 shares of the business services provider's stock after selling 489,210 shares during the period. The Manufacturers Life Insurance Company owned about 0.10% of WPP worth $10,780,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in WPP. Assetmark Inc. grew its stake in WPP by 52,800.0% during the fourth quarter. Assetmark Inc. now owns 529 shares of the business services provider's stock worth $27,000 after purchasing an additional 528 shares during the period. Smartleaf Asset Management LLC raised its stake in shares of WPP by 453.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,179 shares of the business services provider's stock worth $61,000 after purchasing an additional 966 shares during the period. GAMMA Investing LLC increased its position in WPP by 92.4% in the fourth quarter. GAMMA Investing LLC now owns 1,247 shares of the business services provider's stock worth $64,000 after buying an additional 599 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in WPP in the 3rd quarter worth approximately $84,000. Finally, Russell Investments Group Ltd. lifted its stake in WPP by 57.0% in the 4th quarter. Russell Investments Group Ltd. now owns 2,168 shares of the business services provider's stock worth $111,000 after purchasing an additional 787 shares in the last quarter. 4.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Kepler Capital Markets upgraded WPP from a "hold" rating to a "buy" rating in a report on Friday, January 24th. The Goldman Sachs Group began coverage on shares of WPP in a report on Wednesday, March 26th. They issued a "neutral" rating on the stock. Finally, Barclays cut WPP from an "overweight" rating to an "equal weight" rating in a research note on Friday, February 28th. Three equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, WPP currently has a consensus rating of "Moderate Buy".

WPP Price Performance

Shares of NYSE:WPP traded up $0.11 during mid-day trading on Wednesday, reaching $38.72. 225,153 shares of the company traded hands, compared to its average volume of 204,943. The firm has a market cap of $8.35 billion, a PE ratio of 6.49, 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 company's 50 day moving average price is $37.83 and its 200-day moving average price is $46.14.

WPP Increases Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Monday, July 7th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.9728 per share. This represents a dividend yield of 6.2%. This is a boost from WPP's previous semi-annual dividend of $0.95. The ex-dividend date is Friday, June 6th. WPP's dividend payout ratio is 8.04%.

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.