The Goldman Sachs Group Initiates Coverage on WPP (NYSE:WPP)

The Goldman Sachs Group started coverage on shares of WPP (NYSE:WPP) in a report issued on Wednesday morning. The firm issued a neutral rating on the business services provider’s stock.

A number of other analysts have also weighed in on WPP. Kepler Capital Markets upgraded shares of WPP from a “hold” rating to a “buy” rating in a research note on Friday, January 24th. Barclays downgraded shares of WPP from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 28th. Three analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy”.

WPP Trading Down 1.5 %

NYSE:WPP opened at $39.30 on Wednesday. The stock has a fifty day moving average price of $44.59 and a 200 day moving average price of $49.18. WPP has a 12-month low of $38.90 and a 12-month high of $57.37. The firm has a market cap of $8.48 billion, a PE ratio of 6.58, a price-to-earnings-growth ratio of 7.06 and a beta of 1.20.

WPP Increases Dividend

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

Hedge Funds Weigh In On WPP

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Assetmark Inc. grew its holdings in shares of WPP by 52,800.0% during the fourth quarter. Assetmark Inc. now owns 529 shares of the business services provider’s stock worth $27,000 after purchasing an additional 528 shares during the last quarter. Smartleaf Asset Management LLC grew its stake in WPP by 453.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,179 shares of the business services provider’s stock worth $61,000 after buying an additional 966 shares during the last quarter. GAMMA Investing LLC increased its position in WPP by 92.4% during the fourth quarter. GAMMA Investing LLC now owns 1,247 shares of the business services provider’s stock worth $64,000 after buying an additional 599 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in WPP in the third quarter valued at approximately $84,000. Finally, Russell Investments Group Ltd. boosted its holdings in shares of WPP by 57.0% in the fourth quarter. Russell Investments Group Ltd. now owns 2,168 shares of the business services provider’s stock valued at $111,000 after acquiring an additional 787 shares during the period. 4.34% of the stock is owned by institutional investors and hedge funds.

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.