Ballentine Partners LLC Has $1.86 Million Stock Holdings in Wipro Limited $WIT

Key Points

• Ballentine Partners LLC increased its holdings in Wipro Limited by 18.0%, now owning 615,645 shares valued at approximately $1.86 million.
• Wipro recently announced a dividend of $0.057 per share, reflecting a high dividend yield of 409.9%, with a payout ratio of 62.50%.
• Morgan Stanley upgraded Wipro’s rating from "underweight" to "equal weight", although the stock currently has a consensus rating of “Reduce” from other analysts.

Ballentine Partners LLC lifted its position in shares of Wipro Limited (NYSE:WIT - Free Report) by 18.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 615,645 shares of the information technology services provider's stock after purchasing an additional 93,926 shares during the period. Ballentine Partners LLC's holdings in Wipro were worth $1,859,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of WIT. Hamilton Capital LLC acquired a new position in shares of Wipro during the 1st quarter worth about $32,000. CogentBlue Wealth Advisors LLC acquired a new position in shares of Wipro during the 1st quarter worth about $37,000. Legacy Advisors LLC acquired a new position in shares of Wipro during the 1st quarter worth about $40,000. Hoxton Planning & Management LLC acquired a new position in shares of Wipro during the 1st quarter worth about $48,000. Finally, Focus Partners Advisor Solutions LLC increased its stake in shares of Wipro by 62.4% during the 1st quarter. Focus Partners Advisor Solutions LLC now owns 16,253 shares of the information technology services provider's stock worth $50,000 after purchasing an additional 6,245 shares during the last quarter. 2.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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 stock. According to MarketBeat, the stock has a consensus rating of "Reduce".

Wipro Stock Down 0.9%

NYSE WIT opened at $2.71 on Thursday. The firm has a 50-day moving average price of $2.79 and a two-hundred day moving average price of $2.89. Wipro Limited has a 12-month low of $2.62 and a 12-month high of $3.79. The company has a market capitalization of $28.32 billion, a P/E ratio of 17.45, a P/E/G ratio of 9.95 and a beta of 0.96.

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

Wipro Cuts Dividend

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

Wipro Company Profile

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.

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