Invesco Ltd. Has $1.63 Million Position in Wipro Limited $WIT

Key Points

• Invesco Ltd. has increased its stake in Wipro Limited by 58.7% during Q1, now holding 531,769 shares worth approximately $1.63 million.
• Wipro recently declared a dividend of $0.057 per share, resulting in a substantial yield of 409.9% and a dividend payout ratio of 62.5%.
• The stock received an upgrade from Morgan Stanley, moving from an "underweight" to an "equal weight" rating, although the average analyst rating remains a "Reduce."

Invesco Ltd. raised its stake in Wipro Limited (NYSE:WIT - Free Report) by 58.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 531,769 shares of the information technology services provider's stock after purchasing an additional 196,746 shares during the period. Invesco Ltd.'s holdings in Wipro were worth $1,627,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of WIT. Focus Partners Advisor Solutions LLC acquired a new position in shares of Wipro in the fourth quarter valued at $35,000. CogentBlue Wealth Advisors LLC bought a new stake in shares of Wipro in the first quarter valued at about $37,000. Legacy Advisors LLC bought a new stake in shares of Wipro in the first quarter valued at about $40,000. Captrust Financial Advisors bought a new stake in shares of Wipro in the fourth quarter valued at about $44,000. Finally, Hoxton Planning & Management LLC bought a new stake in shares of Wipro in the first quarter valued at about $48,000. 2.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley raised shares of Wipro from an "underweight" rating to an "equal weight" rating in a research 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. Based on data from MarketBeat, the company currently has a consensus rating of "Reduce".

Wipro Price Performance

WIT traded down $0.01 on Friday, hitting $2.73. 5,801,488 shares of the stock were exchanged, compared to its average volume of 5,911,115. Wipro Limited has a 12 month low of $2.62 and a 12 month high of $3.79. The business has a 50-day moving average of $2.85 and a two-hundred day moving average of $2.95. The firm has a market capitalization of $28.53 billion, a price-to-earnings ratio of 17.58, a PEG ratio of 9.95 and a beta of 0.96.

Wipro (NYSE:WIT - Get Free Report) last posted its quarterly earnings data 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. Wipro had a net margin of 15.07% and a return on equity of 15.94%. The business had revenue of $2.58 billion during the quarter, compared to analysts' expectations of $219.23 billion. Equities research analysts expect that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

Wipro Cuts Dividend

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