1,576,627 Shares in Wipro Limited $WIT Bought 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 purchased a new stake in Wipro Limited (NYSE:WIT - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 1,576,627 shares of the information technology services provider's stock, valued at approximately $4,824,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of WIT. Northern Trust Corp boosted 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 purchasing an additional 3,087,697 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted 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 purchasing an additional 2,257,828 shares during the period. Penserra Capital Management LLC boosted 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 purchasing an additional 1,313,832 shares during the period. Lazard Asset Management LLC boosted 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 purchasing an additional 1,237,734 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in Wipro by 115.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,843,118 shares of the information technology services provider's stock valued at $6,525,000 after purchasing an additional 988,042 shares during the period. 2.36% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Morgan Stanley raised shares of Wipro from an "underweight" rating to an "equal weight" rating in a research note 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 presently has a consensus rating of "Reduce".

Wipro Stock Performance

Shares of WIT stock traded down $0.01 during midday trading on Friday, reaching $2.73. 5,801,488 shares of the company were exchanged, compared to its average volume of 5,918,151. Wipro Limited has a 12 month low of $2.62 and a 12 month high of $3.79. The company has a market cap of $28.53 billion, a P/E ratio of 17.58, a PEG ratio of 9.95 and a beta of 0.96. The company's 50 day moving average price is $2.85 and its two-hundred day moving average price is $2.94.

Wipro (NYSE:WIT - Get Free Report) last released its quarterly earnings results on Thursday, July 17th. The information technology services provider reported $0.04 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 company had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $219.23 billion. As a group, sell-side analysts predict that Wipro Limited will post 0.14 earnings per share for the current year.

Wipro Cuts Dividend

The company also recently declared a dividend, which was paid on Monday, August 18th. Stockholders of record on Monday, July 28th were issued a dividend of $0.057 per share. The ex-dividend date was Monday, July 28th. This represents a dividend yield of 409.9%. Wipro's payout ratio is currently 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.