WPP (NYSE:WPP) Sees Large Volume Increase Following Dividend Announcement

WPP plc (NYSE:WPP) shares saw unusually-strong trading volume on Friday following a dividend announcement from the company. Approximately 867,710 shares traded hands during mid-day trading, an increase of 327% from the previous session’s volume of 203,331 shares.The stock last traded at $40.31 and had previously closed at $41.06.

The newly announced dividend which will be paid on Friday, July 4th. Stockholders of record on Friday, June 6th will be paid a $0.9728 dividend. The ex-dividend date is Friday, June 6th. This represents a dividend yield of 6.2%. This is a positive change from WPP’s previous semi-annual dividend of $0.95. WPP’s dividend payout ratio (DPR) is 32.50%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on WPP shares. StockNews.com lowered WPP from a “buy” rating to a “hold” rating in a research note on Monday, November 18th. Barclays lowered WPP from an “overweight” rating to an “equal weight” rating in a research note on Friday. Finally, Kepler Capital Markets upgraded WPP from a “hold” rating to a “buy” rating in a research note on Friday, January 24th.

WPP Trading Down 1.2 %

The business has a 50 day simple moving average of $47.69 and a two-hundred day simple moving average of $50.02. The stock has a market cap of $8.75 billion, a price-to-earnings ratio of 6.79, a price-to-earnings-growth ratio of 7.06 and a beta of 1.25.

Institutional Investors Weigh In On WPP

A number of hedge funds have recently bought and sold shares of the business. Quantinno Capital Management LP grew its stake in WPP by 55.8% during the 4th quarter. Quantinno Capital Management LP now owns 54,443 shares of the business services provider’s stock valued at $2,798,000 after purchasing an additional 19,493 shares in the last quarter. Mork Capital Management LLC acquired a new position in shares of WPP in the 4th quarter worth approximately $987,000. Graham Capital Management L.P. acquired a new position in shares of WPP in the 4th quarter worth approximately $872,000. Jane Street Group LLC acquired a new position in shares of WPP in the 4th quarter worth approximately $2,292,000. Finally, Northern Trust Corp grew its position in shares of WPP by 83.5% in the 4th quarter. Northern Trust Corp now owns 253,640 shares of the business services provider’s stock worth $13,037,000 after acquiring an additional 115,416 shares in 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.