Morgan Stanley Trims WPP (NYSE:WPP) Target Price to GBX 690

WPP (NYSE:WPPGet Rating) had its target price cut by Morgan Stanley from GBX 750 ($9.06) to GBX 690 ($8.34) in a research note published on Thursday morning, The Fly reports.

Several other research firms have also recently weighed in on WPP. Redburn Partners reissued a neutral rating on shares of WPP in a report on Thursday. Macquarie cut shares of WPP from an outperform rating to a neutral rating in a report on Thursday, June 23rd. UBS Group reduced their target price on shares of WPP from GBX 1,500 ($18.12) to GBX 1,225 ($14.80) in a report on Wednesday, July 20th. JPMorgan Chase & Co. reduced their price objective on shares of WPP from GBX 1,330 ($16.07) to GBX 1,260 ($15.22) in a research note on Tuesday, July 19th. Finally, ING Group started coverage on shares of WPP in a research report on Thursday. They set a buy rating for the company. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, WPP has a consensus rating of Hold and an average price target of $948.33.

WPP Trading Up 4.5 %

NYSE:WPP opened at $44.78 on Thursday. The company’s 50-day simple moving average is $49.00 and its 200 day simple moving average is $50.91. WPP has a one year low of $41.60 and a one year high of $83.69. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.91 and a quick ratio of 0.93.

WPP Cuts Dividend

The company 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 dividend of $0.9052 per share. This represents a dividend yield of 4.2%. The ex-dividend date is Thursday, October 13th.

Institutional Investors Weigh In On WPP

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Capital International Investors increased its holdings in WPP by 90.6% in the 4th quarter. Capital International Investors now owns 109,899 shares of the business services provider’s stock worth $8,319,000 after acquiring an additional 52,246 shares in the last quarter. Advisor Group Holdings Inc. boosted its stake in WPP by 15.3% during the 4th quarter. Advisor Group Holdings Inc. now owns 7,882 shares of the business services provider’s stock worth $597,000 after purchasing an additional 1,047 shares during the last quarter. Capricorn Fund Managers Ltd acquired a new stake in WPP during the 1st quarter worth $658,000. Wetherby Asset Management Inc. boosted its stake in WPP by 17.8% during the 4th quarter. Wetherby Asset Management Inc. now owns 17,444 shares of the business services provider’s stock worth $1,318,000 after purchasing an additional 2,640 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in WPP by 8.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 716,141 shares of the business services provider’s stock worth $54,104,000 after purchasing an additional 53,544 shares during the last quarter. Hedge funds and other institutional investors own 4.01% of the company’s stock.

WPP Company Profile

(Get Rating)

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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