WPP (NYSE:WPP) Sets New 1-Year High - Here's What Happened

Shares of WPP plc (NYSE:WPP - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $54.24 and last traded at $54.23, with a volume of 54404 shares changing hands. The stock had previously closed at $53.06.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on WPP. StockNews.com cut WPP from a "buy" rating to a "hold" rating in a research report on Monday. Citigroup raised WPP to a "strong-buy" rating in a research note on Thursday, August 8th.

WPP Stock Performance

The firm has a 50 day moving average price of $49.73 and a two-hundred day moving average price of $49.10.

WPP Increases Dividend

The firm also recently disclosed a Semi-Annual dividend, which will be paid on Friday, November 1st. Investors of record on Friday, October 11th will be paid a $0.954 dividend. This is an increase from WPP's previous Semi-Annual dividend of $0.24. This represents a yield of 5.7%. The ex-dividend date is Friday, October 11th.

Institutional Investors Weigh In On WPP

Several hedge funds have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD increased its position in WPP by 26.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 120,564 shares of the business services provider's stock worth $5,715,000 after purchasing an additional 24,899 shares during the last quarter. Envestnet Asset Management Inc. increased its position in WPP by 15.9% in the 2nd quarter. Envestnet Asset Management Inc. now owns 199,110 shares of the business services provider's stock worth $9,115,000 after purchasing an additional 27,384 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in WPP in the 1st quarter worth about $39,000. Oppenheimer Asset Management Inc. increased its position in WPP by 9.0% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 34,765 shares of the business services provider's stock worth $1,592,000 after purchasing an additional 2,862 shares during the last quarter. Finally, Bank of Montreal Can increased its position in WPP by 72.0% in the 2nd quarter. Bank of Montreal Can now owns 191,401 shares of the business services provider's stock worth $9,247,000 after purchasing an additional 80,102 shares during the last quarter. 4.34% of the stock is owned by hedge funds and other institutional investors.

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.