WPP (NYSE:WPP) Shares Gap Up – Here’s What Happened

Wpp Plc (NYSE:WPP) gapped up prior to trading on Thursday . The stock had previously closed at $24.07, but opened at $25.84. WPP shares last traded at $25.8850, with a volume of 83,485 shares.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Citigroup reaffirmed a “neutral” rating on shares of WPP in a research note on Monday, August 10th. Weiss Ratings reissued a “sell (d)” rating on shares of WPP in a research note on Tuesday, June 16th. The Goldman Sachs Group started coverage on shares of WPP in a report on Wednesday, June 3rd. They issued a “sell” rating for the company. Rothschild & Co Redburn began coverage on shares of WPP in a research report on Thursday, May 28th. They set a “buy” rating for the company. Finally, Berenberg Bank started coverage on shares of WPP in a report on Tuesday, June 9th. They set a “buy” rating on the stock. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, WPP currently has an average rating of “Hold”.

WPP Stock Up 6.8%

The company has a debt-to-equity ratio of 1.39, a current ratio of 0.87 and a quick ratio of 0.89. The firm has a fifty day moving average of $21.58 and a 200 day moving average of $18.98.

WPP Cuts Dividend

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

Institutional Investors Weigh In On WPP

Institutional investors have recently made changes to their positions in the stock. Jane Street Group LLC raised its holdings in shares of WPP by 49.0% in the 1st quarter. Jane Street Group LLC now owns 66,463 shares of the business services provider’s stock valued at $2,523,000 after buying an additional 21,866 shares during the period. Cetera Investment Advisers boosted its holdings in WPP by 9.2% during the 2nd quarter. Cetera Investment Advisers now owns 7,766 shares of the business services provider’s stock valued at $272,000 after acquiring an additional 654 shares during the period. JPMorgan Chase & Co. grew its position in WPP by 58.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,397 shares of the business services provider’s stock valued at $224,000 after acquiring an additional 2,355 shares in the last quarter. Russell Investments Group Ltd. grew its position in WPP by 99.4% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,353 shares of the business services provider’s stock valued at $82,000 after acquiring an additional 1,173 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in WPP during the second quarter worth about $407,000. 4.34% of the stock is currently owned by institutional investors and hedge funds.

About WPP

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.