WPP (NYSE:WPP) Cut to Strong Sell at Zacks Research

Key Points

• Zacks Research has downgraded WPP from a "hold" to a "strong sell" rating, reflecting a negative outlook for the company.
• Other firms, including Kepler Capital Markets and Wall Street Zen, have also lowered their ratings on WPP, contributing to a majority of analysts suggesting a rating of "reduce."
• WPP stock has seen significant institutional buying, with Assetmark Inc. increasing its stake by 88.3% in the first quarter.

Zacks Research downgraded shares of WPP (NYSE:WPP - Free Report) from a hold rating to a strong sell rating in a research note published on Thursday, August 21st,Zacks.com reports.

Several other equities research analysts have also recently weighed in on the company. Barclays reiterated an "underweight" rating on shares of WPP in a report on Friday, August 8th. Wall Street Zen cut WPP from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Kepler Capital Markets cut WPP from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 31st. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating on shares of WPP in a report on Thursday, July 10th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, WPP has an average rating of "Reduce".

WPP Trading Up 0.1%

WPP stock traded up $0.03 during mid-day trading on Thursday, hitting $26.56. The company's stock had a trading volume of 169,823 shares, compared to its average volume of 369,072. The company has a 50 day moving average of $29.41 and a 200-day moving average of $36.16. The stock has a market cap of $5.73 billion, a PE ratio of 4.45 and a beta of 1.01. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.88 and a current ratio of 0.86. WPP has a one year low of $24.28 and a one year high of $57.37.

WPP Cuts Dividend

The firm 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 is Friday, October 10th. This represents a yield of 1,060.0%. WPP's payout ratio is currently 8.21%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of WPP. Tower Research Capital LLC TRC boosted its position in shares of WPP by 63.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 44,950 shares of the business services provider's stock worth $1,574,000 after acquiring an additional 17,444 shares in the last quarter. Corient Private Wealth LLC purchased a new position in shares of WPP during the 2nd quarter worth approximately $204,000. Vident Advisory LLC raised its stake in shares of WPP by 26.9% during the 2nd quarter. Vident Advisory LLC now owns 7,859 shares of the business services provider's stock worth $275,000 after buying an additional 1,665 shares in the last quarter. Balyasny Asset Management L.P. purchased a new position in WPP in the 2nd quarter valued at approximately $714,000. Finally, Bank of America Corp DE increased its stake in WPP by 10.8% in the 2nd quarter. Bank of America Corp DE now owns 470,900 shares of the business services provider's stock valued at $16,486,000 after purchasing an additional 45,866 shares in the last quarter. 4.34% of the stock is owned by institutional investors and hedge funds.

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.