American Century Companies Inc. Buys 120,750 Shares of Wipro Limited $WIT

Key Points

• American Century Companies Inc. has increased its holdings in Wipro Limited by 6.7%, acquiring an additional 120,750 shares, bringing its total ownership to approximately 1.93 million shares worth about $5.91 million.
• Wipro Limited's recent stock performance saw it trading at $2.79, with analysts providing mixed ratings, including a recent upgrade from Morgan Stanley from "underweight" to "equal weight".
• The company declared a dividend of $0.057, representing a yield of 409.9%, and a dividend payout ratio of 62.50% as of the latest report.

American Century Companies Inc. boosted its stake in shares of Wipro Limited (NYSE:WIT - Free Report) by 6.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,930,631 shares of the information technology services provider's stock after purchasing an additional 120,750 shares during the quarter. American Century Companies Inc.'s holdings in Wipro were worth $5,908,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. BNP Paribas Financial Markets grew its holdings in shares of Wipro by 36.4% in the 4th quarter. BNP Paribas Financial Markets now owns 15,798,020 shares of the information technology services provider's stock worth $55,925,000 after purchasing an additional 4,215,981 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Wipro by 45.4% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,227,213 shares of the information technology services provider's stock worth $22,115,000 after purchasing an additional 2,257,828 shares during the last quarter. Penserra Capital Management LLC grew its holdings in shares of Wipro by 41.0% in the 1st quarter. Penserra Capital Management LLC now owns 4,517,030 shares of the information technology services provider's stock worth $13,822,000 after purchasing an additional 1,313,832 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Wipro by 11.3% in the 4th quarter. Millennium Management LLC now owns 4,175,166 shares of the information technology services provider's stock worth $14,780,000 after purchasing an additional 423,840 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its holdings in shares of Wipro by 15.7% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 4,123,260 shares of the information technology services provider's stock worth $12,617,000 after purchasing an additional 561,046 shares during the last quarter. Institutional investors own 2.36% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley raised shares of Wipro from an "underweight" rating to an "equal weight" rating in a report on Friday, June 20th. Three equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, Wipro presently has a consensus rating of "Reduce".

Wipro Stock Down 0.2%

Shares of NYSE:WIT traded down $0.01 during midday trading on Tuesday, hitting $2.76. The stock had a trading volume of 2,268,484 shares, compared to its average volume of 6,136,781. Wipro Limited has a 12 month low of $2.62 and a 12 month high of $3.79. The business's 50-day simple moving average is $2.87 and its 200-day simple moving average is $2.96. The company has a market cap of $28.85 billion, a P/E ratio of 17.77, a PEG ratio of 10.06 and a beta of 0.96.

Wipro (NYSE:WIT - Get Free Report) last posted its earnings results on Thursday, July 17th. The information technology services provider reported $0.04 earnings per share for the quarter, hitting analysts' consensus estimates of $0.04. The company had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $219.23 billion. Wipro had a return on equity of 15.94% and a net margin of 15.07%. As a group, equities analysts predict that Wipro Limited will post 0.14 earnings per share for the current year.

Wipro Cuts Dividend

The business also recently announced a dividend, which was paid on Monday, August 18th. Investors of record on Monday, July 28th were issued a $0.057 dividend. The ex-dividend date was Monday, July 28th. This represents a yield of 409.9%. Wipro's dividend payout ratio is presently 62.50%.

About Wipro

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through IT Services and IT Products segments. The IT Services segment offers IT and IT-enabled services, including digital strategy advisory, customer-centric design, technology and IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, cloud and infrastructure, business process, cloud, mobility and analytics, research and development, and hardware and software design services to enterprises.