WPP (NYSE:WPP) Shares Gap Down - Here's What Happened

WPP plc (NYSE:WPP - Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $37.96, but opened at $35.55. WPP shares last traded at $35.40, with a volume of 127,071 shares changing hands.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on WPP. The Goldman Sachs Group initiated coverage on shares of WPP in a research report on Wednesday, March 26th. They set a "neutral" rating for the company. Barclays lowered shares of WPP from an "overweight" rating to an "equal weight" rating in a report on Friday, February 28th. Finally, Kepler Capital Markets upgraded shares of WPP from a "hold" rating to a "buy" rating in a research note on Friday, January 24th. Three equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, WPP presently has an average rating of "Moderate Buy".

WPP Trading Down 2.1 %

The company has a 50-day moving average of $43.70 and a 200-day moving average of $48.72. The firm has a market capitalization of $7.93 billion, a price-to-earnings ratio of 6.15, a price-to-earnings-growth ratio of 7.06 and a beta of 1.20.

WPP Increases Dividend

The firm also recently declared a semi-annual dividend, which will be paid on Monday, July 7th. Stockholders of record on Friday, June 6th will be given a $0.9728 dividend. This is an increase from WPP's previous semi-annual dividend of $0.95. This represents a dividend yield of 6.2%. The ex-dividend date is Friday, June 6th. WPP's dividend payout ratio (DPR) is presently 8.04%.

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Institutional Investors Weigh In On WPP

Several institutional investors and hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. lifted its holdings in shares of WPP by 20.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 15,981 shares of the business services provider's stock worth $818,000 after purchasing an additional 2,688 shares during the last quarter. Cerity Partners LLC boosted its holdings in shares of WPP by 34.3% during the third quarter. Cerity Partners LLC now owns 13,504 shares of the business services provider's stock valued at $691,000 after acquiring an additional 3,452 shares during the period. HighTower Advisors LLC grew its position in shares of WPP by 22.5% during the third quarter. HighTower Advisors LLC now owns 19,658 shares of the business services provider's stock worth $1,001,000 after acquiring an additional 3,615 shares during the last quarter. Quantinno Capital Management LP increased its holdings in shares of WPP by 66.1% in the 3rd quarter. Quantinno Capital Management LP now owns 34,950 shares of the business services provider's stock worth $1,788,000 after acquiring an additional 13,912 shares during the period. Finally, Stifel Financial Corp lifted its position in WPP by 67.6% in the 3rd quarter. Stifel Financial Corp now owns 55,963 shares of the business services provider's stock valued at $2,863,000 after purchasing an additional 22,578 shares during the last quarter. Institutional investors and hedge funds own 4.34% of the company's stock.

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.