Wpp Plc (NYSE:WPP) was the recipient of a significant decline in short interest in the month of November. As of November 15th, there was short interest totalling 233,105 shares, a decline of 62.3% from the October 31st total of 617,924 shares. Based on an average daily volume of 450,613 shares, the days-to-cover ratio is presently 0.5 days.
A number of large investors have recently made changes to their positions in the business. Northern Trust Corp lifted its holdings in WPP by 2.2% in the second quarter. Northern Trust Corp now owns 1,277,076 shares of the business services provider’s stock valued at $100,352,000 after acquiring an additional 27,084 shares during the period. Macquarie Group Ltd. purchased a new stake in shares of WPP in the third quarter valued at approximately $62,943,000. Morningstar Investment Services LLC purchased a new stake in shares of WPP in the third quarter valued at approximately $62,429,000. Brandes Investment Partners LP purchased a new stake in shares of WPP in the third quarter valued at approximately $60,894,000. Finally, Mondrian Investment Partners LTD purchased a new stake in shares of WPP in the third quarter valued at approximately $36,879,000. 4.64% of the stock is owned by institutional investors.
A number of brokerages have issued reports on WPP. Kepler Capital Markets reissued a “hold” rating on shares of WPP in a report on Friday, October 26th. Pivotal Research raised WPP from a “hold” rating to a “buy” rating in a report on Thursday, October 25th. Zacks Investment Research downgraded WPP from a “buy” rating to a “sell” rating in a report on Friday, September 7th. Finally, ValuEngine raised WPP from a “strong sell” rating to a “sell” rating in a report on Thursday, August 23rd. Five research analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $107.00.
Shares of NYSE:WPP opened at $52.55 on Friday. WPP has a 12-month low of $51.75 and a 12-month high of $103.53. The company has a market capitalization of $13.43 billion, a price-to-earnings ratio of 6.77, a P/E/G ratio of 6.79 and a beta of 1.29.
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WPP Company Profile
WPP plc provides various communications services worldwide. The company operates through four segments: Advertising and Media Investment Management; Data Investment Management; Public Relations & Public Affairs; and Branding Consulting, Health & Wellness and Specialist Communications. The Advertising and Media Investment Management segment provides advertising services; and media planning and buying, and specialist sponsorship, and branded entertainment services.
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