WPP (NYSE:WPP) Shares Gap Up – Still a Buy?

Wpp Plc (NYSE:WPP) gapped up before the market opened on Tuesday. The stock had previously closed at $24.87, but opened at $25.93. WPP shares last traded at $26.0520, with a volume of 35,121 shares trading hands.

Analysts Set New Price Targets

A number of research firms recently issued reports on WPP. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of WPP in a report on Tuesday, September 8th. Citigroup reiterated a “neutral” rating on shares of WPP in a research report on Monday, August 10th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of WPP in a research note on Friday, September 11th. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold”.

WPP Price Performance

The company’s 50 day simple moving average is $25.51 and its 200-day simple moving average is $20.58.

WPP Cuts Dividend

The company also recently disclosed a dividend, which will be paid on Monday, November 2nd. Shareholders of record on Friday, October 9th will be issued a dividend of $0.5052 per share. This represents a yield of 398.0%. The ex-dividend date is Friday, October 9th. This is a decrease from WPP’s previous dividend of $0.5079.

Institutional Investors Weigh In On WPP

A number of institutional investors have recently added to or reduced their stakes in the stock. Legacy Wealth Asset Management LLC increased its position in WPP by 2.6% during the 3rd quarter. Legacy Wealth Asset Management LLC now owns 19,476 shares of the business services provider’s stock valued at $481,000 after buying an additional 488 shares in the last quarter. QRG Capital Management Inc. purchased a new stake in shares of WPP during the 2nd quarter worth about $176,000. Engineers Gate Manager LP purchased a new position in WPP during the second quarter worth approximately $401,000. Squarepoint Ops LLC grew its stake in WPP by 29.6% in the 2nd quarter. Squarepoint Ops LLC now owns 26,001 shares of the business services provider’s stock valued at $403,000 after acquiring an additional 5,933 shares during the period. Finally, Renaissance Technologies LLC purchased a new stake in shares of WPP during the first quarter worth about $1,619,000. Institutional investors own 4.34% of the company’s stock.

WPP Company Profile

WPP plc is a global marketing and communications company that provides advertising, media investment, public relations, branding, customer experience, and technology services. Through its agencies and specialist businesses, WPP helps organizations develop brands, create content, reach audiences, and use data and technology to support marketing and customer engagement.

The company’s portfolio includes agencies and platforms such as WPP Media, VML, Ogilvy, Burson, AKQA, GroupM, and WPP Open.