1,576,627 Shares in Wipro Limited $WIT Purchased by Cubist Systematic Strategies LLC

Key Points

• Cubist Systematic Strategies LLC has made a new investment in Wipro Limited, acquiring 1,576,627 shares valued at approximately $4.8 million during the 1st quarter.
• Wipro recently reported quarterly earnings that met analyst expectations, with a net margin of 15.07% and revenue of $2.58 billion.
• The company has cut its dividend, which now has a yield of 409.9%, causing analysts to rate Wipro with a consensus of "Reduce," indicating cautious outlooks on its future performance.

Cubist Systematic Strategies LLC acquired a new stake in Wipro Limited (NYSE:WIT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,576,627 shares of the information technology services provider's stock, valued at approximately $4,824,000.

A number of other institutional investors have also added to or reduced their stakes in the business. Focus Partners Advisor Solutions LLC purchased a new stake in shares of Wipro in the 4th quarter worth approximately $35,000. CogentBlue Wealth Advisors LLC bought a new stake in Wipro during the 1st quarter valued at $37,000. Legacy Advisors LLC purchased a new position in shares of Wipro in the 1st quarter valued at $40,000. Captrust Financial Advisors bought a new position in shares of Wipro in the 4th quarter worth $44,000. Finally, Hoxton Planning & Management LLC bought a new stake in Wipro during the first quarter valued at about $48,000. Hedge funds and other institutional investors own 2.36% of the company's stock.

Wipro Stock Up 1.6%

Shares of WIT traded up $0.05 during mid-day trading on Wednesday, hitting $2.82. 10,571,507 shares of the company traded hands, compared to its average volume of 5,140,167. The company has a market capitalization of $29.47 billion, a PE ratio of 18.16, a price-to-earnings-growth ratio of 10.09 and a beta of 0.96. The business has a 50 day moving average of $2.83 and a 200 day moving average of $2.93. Wipro Limited has a 1-year low of $2.62 and a 1-year 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 for the quarter, hitting the consensus estimate of $0.04. The company had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $219.23 billion. Wipro had a net margin of 15.07% and a return on equity of 15.94%. As a group, research analysts expect that Wipro Limited will post 0.14 EPS 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 given a $0.057 dividend. This represents a dividend yield of 409.9%. The ex-dividend date of this dividend was Monday, July 28th. Wipro's dividend payout ratio is presently 62.50%.

Analysts Set New Price Targets

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

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.