Verition Fund Management LLC Takes Position in WPP plc (NYSE:WPP)

Verition Fund Management LLC purchased a new stake in shares of WPP plc (NYSE:WPPGet Rating) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 13,194 shares of the business services provider’s stock, valued at approximately $864,000.

Other institutional investors have also recently made changes to their positions in the company. Prospera Financial Services Inc purchased a new stake in shares of WPP during the 1st quarter valued at approximately $29,000. Eaton Vance Management raised its position in WPP by 11.8% in the fourth quarter. Eaton Vance Management now owns 1,994 shares of the business services provider’s stock valued at $52,000 after purchasing an additional 210 shares during the period. EverSource Wealth Advisors LLC raised its position in WPP by 219.9% in the first quarter. EverSource Wealth Advisors LLC now owns 902 shares of the business services provider’s stock valued at $59,000 after purchasing an additional 620 shares during the period. Geneos Wealth Management Inc. raised its position in WPP by 34.6% in the first quarter. Geneos Wealth Management Inc. now owns 977 shares of the business services provider’s stock valued at $63,000 after purchasing an additional 251 shares during the period. Finally, New York State Common Retirement Fund purchased a new stake in WPP in the first quarter valued at approximately $115,000. Hedge funds and other institutional investors own 4.01% of the company’s stock.

WPP Price Performance

Shares of NYSE:WPP opened at $43.13 on Thursday. The company has a 50-day simple moving average of $47.88 and a 200-day simple moving average of $50.28. WPP plc has a one year low of $41.60 and a one year high of $83.69. The company has a quick ratio of 0.93, a current ratio of 0.91 and a debt-to-equity ratio of 1.08.

WPP Cuts Dividend

The firm also recently announced a semi-annual dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, October 14th will be issued a $0.9052 dividend. The ex-dividend date is Thursday, October 13th. This represents a dividend yield of 4.2%.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. JPMorgan Chase & Co. dropped their price target on shares of WPP from GBX 1,330 ($16.07) to GBX 1,260 ($15.22) in a research note on Tuesday, July 19th. ING Group initiated coverage on shares of WPP in a research note on Thursday, September 8th. They set a “buy” rating for the company. They noted that the move was a valuation call. Macquarie downgraded shares of WPP from an “outperform” rating to a “neutral” rating in a research note on Thursday, June 23rd. Morgan Stanley lowered their target price on shares of WPP from GBX 750 ($9.06) to GBX 690 ($8.34) in a research note on Thursday, September 8th. Finally, Redburn Partners reiterated a “neutral” rating on shares of WPP in a research note on Thursday, September 8th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $904.29.

WPP Profile

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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.

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Institutional Ownership by Quarter for WPP (NYSE:WPP)

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