Caisse DE Depot ET Placement DU Quebec Acquires Shares of 623,900 Wipro Limited $WIT

Key Points

• Caisse DE Depot ET Placement DU Quebec acquired 623,900 shares of Wipro Limited, valued at approximately $1,909,000 in the 1st quarter.
• Analysts have mixed ratings on Wipro, with Morgan Stanley upgrading the stock to "equal weight" while the consensus rating remains a "Reduce."
• Wipro recently announced a dividend payout of $0.057, with a dividend yield of 409.9%, despite a reported earnings per share of $0.04 meeting estimates.

Caisse DE Depot ET Placement DU Quebec purchased a new position in Wipro Limited (NYSE:WIT - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 623,900 shares of the information technology services provider's stock, valued at approximately $1,909,000.

A number of other hedge funds also recently bought and sold shares of the company. BNP Paribas Financial Markets lifted its stake in Wipro by 36.4% during the 4th quarter. BNP Paribas Financial Markets now owns 15,798,020 shares of the information technology services provider's stock valued at $55,925,000 after acquiring an additional 4,215,981 shares during the period. Northern Trust Corp lifted its stake in Wipro by 115.3% during the 1st quarter. Northern Trust Corp now owns 5,766,763 shares of the information technology services provider's stock valued at $17,646,000 after acquiring an additional 3,087,697 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Wipro by 45.4% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,227,213 shares of the information technology services provider's stock valued at $22,115,000 after acquiring an additional 2,257,828 shares during the period. Penserra Capital Management LLC lifted its stake in Wipro by 41.0% during the 1st quarter. Penserra Capital Management LLC now owns 4,517,030 shares of the information technology services provider's stock valued at $13,822,000 after acquiring an additional 1,313,832 shares during the period. Finally, Lazard Asset Management LLC lifted its stake in Wipro by 210.8% during the 4th quarter. Lazard Asset Management LLC now owns 1,824,878 shares of the information technology services provider's stock valued at $6,460,000 after acquiring an additional 1,237,734 shares during the period. Institutional investors own 2.36% of the company's stock.

Wall Street Analyst Weigh In

Separately, Morgan Stanley upgraded shares of Wipro from an "underweight" rating to an "equal weight" rating in a research note on Friday, June 20th. Three equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Reduce".

Wipro Trading Up 0.2%

Wipro stock traded up $0.01 during midday trading on Tuesday, hitting $2.77. The stock had a trading volume of 4,637,798 shares, compared to its average volume of 6,152,503. The firm's fifty day moving average is $2.87 and its two-hundred day moving average is $2.96. The company has a market capitalization of $28.95 billion, a PE ratio of 17.84, a P/E/G ratio of 10.06 and a beta of 0.96. Wipro Limited has a 52-week low of $2.62 and a 52-week high of $3.79.

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

Wipro Cuts Dividend

The company 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. This represents a yield of 409.9%. The ex-dividend date of this dividend was Monday, July 28th. Wipro's dividend payout ratio is currently 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.