Morningstar Investment Services LLC purchased a new stake in shares of WPP plc (NYSE:WPP) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 838,048 shares of the business services provider’s stock, valued at approximately $66,667,000. WPP accounts for about 1.3% of Morningstar Investment Services LLC’s holdings, making the stock its 17th biggest holding. Morningstar Investment Services LLC owned 0.33% of WPP as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in WPP. Northern Trust Corp bought a new position in WPP in the 1st quarter worth $99,437,000. Grandfield & Dodd LLC bought a new position in WPP in the 1st quarter worth $10,156,000. Massachusetts Financial Services Co. MA bought a new position in WPP in the 1st quarter worth $9,958,000. Aperio Group LLC bought a new position in WPP in the 1st quarter worth $9,721,000. Finally, ProVise Management Group LLC bought a new position in WPP in the 1st quarter worth $6,143,000. 5.30% of the stock is currently owned by hedge funds and other institutional investors.
Shares of WPP stock opened at $85.69 on Friday. WPP plc has a 52-week low of $76.68 and a 52-week high of $113.51. The company has a quick ratio of 0.95, a current ratio of 0.98 and a debt-to-equity ratio of 0.63.
A number of equities analysts recently commented on WPP shares. Pivotal Research cut WPP from a “buy” rating to a “hold” rating in a report on Tuesday, February 20th. Zacks Investment Research raised WPP from a “hold” rating to a “buy” rating and set a $107.00 target price on the stock in a report on Friday, January 26th. Bank of America cut WPP from a “neutral” rating to an “underperform” rating in a report on Thursday, January 25th. HSBC cut WPP from a “buy” rating to a “hold” rating in a report on Monday, January 29th. Finally, Investec cut WPP from a “hold” rating to a “sell” rating in a report on Friday, March 2nd. Six investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $107.00.
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 & Identity, Healthcare 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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