Graham Capital Management L.P. Has $1.35 Million Stake in Wipro Limited $WIT

Key Points

• Graham Capital Management L.P. increased its stake in Wipro Limited by 40.5%, acquiring 127,440 additional shares, bringing its total holdings to 442,474 shares, valued at approximately $1.35 million.
• Wipro recently reported an EPS of $0.04 for the quarter, aligning with consensus estimates, and had quarterly revenue of $2.58 billion.
• Wipro's stock is currently rated "Reduce" by analysts, with most ratings being hold or sell, following a recent upgrade by Morgan Stanley.

Graham Capital Management L.P. grew its stake in Wipro Limited (NYSE:WIT - Free Report) by 40.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 442,474 shares of the information technology services provider's stock after purchasing an additional 127,440 shares during the period. Graham Capital Management L.P.'s holdings in Wipro were worth $1,354,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Focus Partners Advisor Solutions LLC acquired a new stake in shares of Wipro in the 4th quarter valued at approximately $35,000. CogentBlue Wealth Advisors LLC acquired a new stake in shares of Wipro in the 1st quarter valued at approximately $37,000. Legacy Advisors LLC acquired a new stake in shares of Wipro in the 1st quarter valued at approximately $40,000. Captrust Financial Advisors acquired a new stake in shares of Wipro in the 4th quarter valued at approximately $44,000. Finally, Hoxton Planning & Management LLC acquired a new stake in shares of Wipro in the 1st quarter valued at approximately $48,000. 2.36% of the stock is currently owned by institutional investors and hedge funds.

Wipro Price Performance

NYSE:WIT opened at $2.77 on Wednesday. The firm's 50 day simple moving average is $2.87 and its 200 day simple moving average is $2.96. Wipro Limited has a one year low of $2.62 and a one year high of $3.79. The company has a market cap 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 (NYSE:WIT - Get Free Report) last posted its earnings results on Thursday, July 17th. The information technology services provider reported $0.04 EPS for the quarter, hitting the consensus estimate of $0.04. Wipro had a net margin of 15.07% and a return on equity of 15.94%. The business had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $219.23 billion. Equities research 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. Investors of record on Monday, July 28th were given a dividend of $0.057 per share. The ex-dividend date was Monday, July 28th. This represents a yield of 409.9%. Wipro's dividend payout ratio (DPR) is currently 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 research note on Friday, June 20th. Three research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Reduce".

Wipro 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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