Renaissance Technologies LLC Makes New Investment in Wpp Plc $WPP

Renaissance Technologies LLC purchased a new stake in shares of Wpp Plc (NYSE:WPP) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 104,100 shares of the business services provider’s stock, valued at approximately $1,619,000.

Other large investors have also recently modified their holdings of the company. Bank of Montreal Can boosted its stake in WPP by 385.3% in the 4th quarter. Bank of Montreal Can now owns 451,182 shares of the business services provider’s stock worth $10,134,000 after purchasing an additional 358,218 shares in the last quarter. Balyasny Asset Management L.P. increased its stake in WPP by 1,082.6% during the 4th quarter. Balyasny Asset Management L.P. now owns 254,389 shares of the business services provider’s stock valued at $5,714,000 after purchasing an additional 232,878 shares in the last quarter. ABC Arbitrage SA purchased a new position in WPP in the fourth quarter worth about $5,199,000. Tower Research Capital LLC TRC raised its holdings in WPP by 3,840.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 136,135 shares of the business services provider’s stock worth $3,058,000 after buying an additional 132,680 shares during the last quarter. Finally, OLD Mission Capital LLC bought a new position in shares of WPP in the fourth quarter worth approximately $2,123,000. Hedge funds and other institutional investors own 4.34% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on WPP shares. Rothschild & Co Redburn initiated coverage on shares of WPP in a report on Thursday, May 28th. They set a “buy” rating on the stock. The Goldman Sachs Group initiated coverage on WPP in a research report on Wednesday, June 3rd. They issued a “sell” rating on the stock. Citigroup reiterated a “neutral” rating on shares of WPP in a research note on Monday. Weiss Ratings reissued a “sell (d)” rating on shares of WPP in a report on Tuesday, June 16th. Finally, Berenberg Bank assumed coverage on WPP in a research note on Tuesday, June 9th. They issued a “buy” rating for the company. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, WPP presently has a consensus rating of “Hold”.

WPP Price Performance

Shares of WPP stock opened at $26.84 on Thursday. The company has a 50 day moving average price of $19.20 and a 200-day moving average price of $18.29. Wpp Plc has a 52 week low of $14.81 and a 52 week high of $27.78. The company has a current ratio of 0.87, a quick ratio of 0.89 and a debt-to-equity ratio of 1.39.

WPP Cuts Dividend

The business also recently announced a dividend, which will be paid on Monday, November 2nd. Shareholders of record on Friday, October 9th will be given a $0.5052 dividend. This represents a yield of 390.0%. The ex-dividend date of this dividend is Friday, October 9th.

About WPP

WPP plc (NYSE: WPP) is a British multinational advertising and public relations company headquartered in London, England. Recognized as one of the world’s largest communications services groups, WPP provides a wide array of marketing, advertising, media investment management and data consultancy services. Through its integrated network of agencies—among them Ogilvy, Grey, GroupM and Wavemaker—the company delivers creative content, brand strategy, digital transformation and media planning solutions to clients across virtually every industry.

Established in 1971 by Martin Sorrell as Wire and Plastic Products, the firm underwent a strategic transformation in the 1980s, focusing on acquisitions that expanded its capabilities into advertising and communications.