WPP (NYSE:WPP) Shares Gap Down - What's Next?

Key Points

• WPP shares gapped down from a prior close of $27.55 to open at $26.46, later trading near $25.84.
• Analyst sentiment is mixed: two firms rated WPP Buy, three Hold, and two Sell, resulting in a consensus rating of Hold.
• WPP declared a $0.5052 dividend payable November 2 to shareholders of record October 9, while institutional investors own 4.34% of the company.

Wpp Plc (NYSE:WPP - Get Free Report)'s share price gapped down before the market opened on Monday . The stock had previously closed at $27.55, but opened at $26.46. WPP shares last traded at $25.8380, with a volume of 161,958 shares.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on WPP. The Goldman Sachs Group started coverage on WPP in a report on Wednesday, June 3rd. They issued a "sell" rating for the company. Weiss Ratings reaffirmed a "sell (d)" rating on shares of WPP in a report on Tuesday, June 16th. Berenberg Bank began coverage on WPP in a report on Tuesday, June 9th. They issued a "buy" rating on the stock. Rothschild & Co Redburn began coverage on WPP in a research report on Thursday, May 28th. They issued a "buy" rating for the company. Finally, Citigroup reaffirmed a "neutral" rating on shares of WPP in a research note on Thursday, April 30th. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold".

WPP Stock Performance

The company has a fifty day moving average of $18.70 and a 200-day moving average of $18.17. The company has a quick ratio of 0.89, a current ratio of 0.87 and a debt-to-equity ratio of 1.39.

WPP Cuts Dividend

The company also recently disclosed a dividend, which will be paid on Monday, November 2nd. Investors of record on Friday, October 9th will be paid a $0.5052 dividend. This represents a yield of 390.0%. The ex-dividend date of this dividend is Friday, October 9th.

Institutional Investors Weigh In On WPP

Large investors have recently modified their holdings of the business. Bank of Montreal Can boosted its holdings in shares of WPP by 385.3% during the 4th quarter. Bank of Montreal Can now owns 451,182 shares of the business services provider's stock worth $10,134,000 after purchasing an additional 358,218 shares during the last quarter. Balyasny Asset Management L.P. increased its holdings in shares of WPP by 1,082.6% in the fourth quarter. Balyasny Asset Management L.P. now owns 254,389 shares of the business services provider's stock valued at $5,714,000 after purchasing an additional 232,878 shares during the last quarter. ABC Arbitrage SA purchased a new position in WPP during the fourth quarter worth approximately $5,199,000. Tower Research Capital LLC TRC lifted its position in WPP by 3,840.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 136,135 shares of the business services provider's stock worth $3,058,000 after buying an additional 132,680 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new position in WPP during the first quarter worth $1,619,000. Hedge funds and other institutional investors own 4.34% of the company's stock.

WPP Company Profile

WPP plc NYSE: WPP is a British multinational advertising and public relations company headquartered in London, England. Recognized as one of the world's largest communications services groups, WPP provides a wide array of marketing, advertising, media investment management and data consultancy services. Through its integrated network of agencies—among them Ogilvy, Grey, GroupM and Wavemaker—the company delivers creative content, brand strategy, digital transformation and media planning solutions to clients across virtually every industry.

Established in 1971 by Martin Sorrell as Wire and Plastic Products, the firm underwent a strategic transformation in the 1980s, focusing on acquisitions that expanded its capabilities into advertising and communications.

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