StockNews.com Downgrades WPP (NYSE:WPP) to Hold

WPP (NYSE:WPP) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.

Separately, Citigroup raised WPP to a “strong-buy” rating in a report on Thursday, August 8th.

WPP Stock Performance

WPP stock opened at $54.43 on Monday. WPP has a 1 year low of $42.49 and a 1 year high of $54.65. The stock has a market capitalization of $12.36 billion, a price-to-earnings ratio of 9.21, a PEG ratio of 7.54 and a beta of 1.28. The stock’s fifty day moving average is $50.53 and its two-hundred day moving average is $49.34.

Hedge Funds Weigh In On WPP

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD raised its position in shares of WPP by 26.0% during 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 buying an additional 24,899 shares in the last quarter. International Assets Investment Management LLC bought a new stake in WPP during the third quarter worth approximately $1,479,000. Envestnet Asset Management Inc. lifted its position in WPP by 15.9% in the second 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 period. Allspring Global Investments Holdings LLC bought a new position in WPP during the 1st quarter valued at $39,000. Finally, Oppenheimer Asset Management Inc. increased its position in shares of WPP by 9.0% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 34,765 shares of the business services provider’s stock valued at $1,592,000 after purchasing an additional 2,862 shares during the period. Institutional investors own 4.34% of the company’s stock.

WPP Company Profile

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.