WPP (NYSE:WPP) Hits New 12-Month High – Should You Buy?

Wpp Plc (NYSE:WPP) shares hit a new 52-week high during mid-day trading on Friday. The company traded as high as $28.03 and last traded at $27.8430, with a volume of 29,100 shares traded. The stock had previously closed at $26.99.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of WPP in a report on Tuesday, September 8th. Citigroup restated a “neutral” rating on shares of WPP in a research report on Wednesday, October 21st. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of WPP in a report on Friday, September 11th. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, WPP has an average rating of “Hold”.

WPP Stock Up 2.3%

The stock has a fifty day simple moving average of $25.72 and a two-hundred day simple moving average of $20.50.

WPP Cuts Dividend

The business 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. The ex-dividend date of this dividend is Friday, October 9th. This represents a yield of 398.0%. This is a decrease from WPP’s previous dividend of $0.5079.

Hedge Funds Weigh In On WPP

Hedge funds have recently bought and sold shares of the company. Rockefeller Capital Management L.P. increased its position in shares of WPP by 455.9% during the fourth quarter. Rockefeller Capital Management L.P. now owns 2,318 shares of the business services provider’s stock valued at $52,000 after acquiring an additional 1,901 shares during the last quarter. Signaturefd LLC raised its holdings in WPP by 53.8% during the 3rd quarter. Signaturefd LLC now owns 3,424 shares of the business services provider’s stock valued at $85,000 after acquiring an additional 1,198 shares during the period. QRG Capital Management Inc. purchased a new stake in WPP during the 2nd quarter worth about $176,000. Crossmark Global Holdings Inc. purchased a new stake in shares of WPP in the third quarter worth $310,000. Finally, Sanctuary Advisors LLC raised its position in WPP by 39.4% during the first quarter. Sanctuary Advisors LLC now owns 16,139 shares of the business services provider’s stock valued at $251,000 after purchasing an additional 4,562 shares in the last quarter. 4.34% of the stock is owned by hedge funds and other institutional investors.

About WPP

WPP plc is a global marketing and communications services company headquartered in London. Through its agencies and specialist businesses, the company helps clients develop brands, create advertising campaigns, plan and buy media, manage customer relationships, and use data and technology to support marketing and business transformation.

WPP’s businesses provide creative services, media investment, public relations, branding, experience design, commerce, and digital marketing. Its operations include GroupM, a media investment business, as well as a broad network of agencies serving clients across sectors such as consumer goods, technology, financial services, healthcare, automotive, and retail.

The company traces its origins to Wire and Plastic Products, which was established in 1971 and later transformed into a marketing services group through acquisitions and international expansion.