Meritage Portfolio Management Buys 40,254 Shares of WPP plc (NYSE:WPP)

Meritage Portfolio Management increased its position in shares of WPP plc (NYSE:WPP) by 210.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 59,399 shares of the business services provider’s stock after acquiring an additional 40,254 shares during the quarter. Meritage Portfolio Management’s holdings in WPP were worth $2,826,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in WPP. International Assets Investment Management LLC purchased a new stake in WPP in the fourth quarter valued at $1,279,000. Envestnet Asset Management Inc. grew its position in shares of WPP by 27.4% in the third quarter. Envestnet Asset Management Inc. now owns 132,379 shares of the business services provider’s stock valued at $5,901,000 after purchasing an additional 28,439 shares in the last quarter. Optiver Holding B.V. raised its holdings in shares of WPP by 732.7% during the 3rd quarter. Optiver Holding B.V. now owns 119,986 shares of the business services provider’s stock worth $5,349,000 after acquiring an additional 105,577 shares during the period. Pacer Advisors Inc. acquired a new position in WPP in the 4th quarter valued at about $7,486,000. Finally, Legacy Wealth Asset Management LLC lifted its holdings in WPP by 3.0% in the fourth quarter. Legacy Wealth Asset Management LLC now owns 9,259 shares of the business services provider’s stock valued at $440,000 after acquiring an additional 273 shares during the last quarter. Hedge funds and other institutional investors own 4.34% of the company’s stock.

WPP Stock Performance

Shares of NYSE WPP traded down $0.14 during trading on Thursday, reaching $50.11. The company had a trading volume of 366,131 shares, compared to its average volume of 173,980. The stock has a 50-day moving average price of $46.77 and a two-hundred day moving average price of $46.28. WPP plc has a twelve month low of $41.13 and a twelve month high of $59.70. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.86 and a current ratio of 0.86.

WPP Cuts Dividend

The business also recently announced a semi-annual dividend, which will be paid on Friday, July 5th. Investors of record on Friday, June 7th will be issued a $0.244 dividend. The ex-dividend date is Friday, June 7th. This represents a yield of 5.3%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on WPP. UBS Group cut shares of WPP from a “buy” rating to a “sell” rating in a research report on Thursday, January 11th. StockNews.com upgraded WPP from a “hold” rating to a “buy” rating in a research note on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, WPP currently has a consensus rating of “Hold” and a consensus target price of $46.00.

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.