Brandes Investment Partners LP Has $20.37 Million Stock Position in WPP plc (NYSE:WPP)

Brandes Investment Partners LP reduced its holdings in WPP plc (NYSE:WPPGet Rating) by 14.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 311,170 shares of the business services provider’s stock after selling 53,309 shares during the quarter. Brandes Investment Partners LP owned approximately 0.14% of WPP worth $20,369,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Prospera Financial Services Inc bought a new position in WPP in the 1st quarter worth approximately $29,000. CWM LLC bought a new position in WPP in the 4th quarter worth approximately $37,000. Eaton Vance Management raised its position in WPP by 11.8% in the 4th quarter. Eaton Vance Management now owns 1,994 shares of the business services provider’s stock worth $52,000 after purchasing an additional 210 shares during the last quarter. New York State Common Retirement Fund bought a new position in WPP in the 1st quarter worth approximately $115,000. Finally, UMB Bank N A MO bought a new position in WPP in the 4th quarter worth approximately $126,000. 4.07% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have commented on WPP shares. Berenberg Bank upped their target price on shares of WPP from GBX 1,185 ($14.32) to GBX 1,230 ($14.86) in a research report on Friday, April 29th. Morgan Stanley decreased their price target on shares of WPP from GBX 850 ($10.27) to GBX 750 ($9.06) in a report on Thursday, July 7th. Credit Suisse Group boosted their price target on shares of WPP from GBX 1,200 ($14.50) to GBX 1,210 ($14.62) in a report on Thursday, April 28th. Macquarie lowered shares of WPP from an “outperform” rating to a “neutral” rating in a research note on Thursday, June 23rd. Finally, StockNews.com lowered shares of WPP from a “buy” rating to a “hold” rating in a research note on Tuesday, May 17th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $958.33.

WPP Stock Performance

WPP stock traded down $1.37 during trading hours on Wednesday, hitting $49.37. The company had a trading volume of 3,478 shares, compared to its average volume of 173,782. 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 plc has a one year low of $45.01 and a one year high of $83.69. The firm has a 50-day moving average of $50.68 and a 200 day moving average of $52.91.

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

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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