Invesco Ltd. Has $1.63 Million Stake 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. increased its holdings 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 SEC. The institutional investor owned 531,769 shares of the information technology services provider's stock after acquiring an additional 196,746 shares during the quarter. Invesco Ltd.'s holdings in Wipro were worth $1,627,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Johnson Financial Group LLC bought a new position in Wipro during the 1st quarter valued at $89,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in Wipro by 45.4% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,227,213 shares of the information technology services provider's stock worth $22,115,000 after acquiring an additional 2,257,828 shares during the period. XY Capital Ltd bought a new position in Wipro in the first quarter worth about $522,000. CenterBook Partners LP acquired a new position in Wipro during the 1st quarter valued at approximately $426,000. Finally, R Squared Ltd lifted its stake in Wipro by 462.9% in the first quarter. R Squared Ltd now owns 23,980 shares of the information technology services provider's stock valued at $73,000 after buying an additional 19,720 shares during the last quarter. 2.36% of the stock is currently owned by hedge funds and other institutional investors.

Wipro Stock Up 0.2%

Shares of WIT traded up $0.01 during trading hours on Tuesday, reaching $2.77. The company's stock had a trading volume of 4,637,798 shares, compared to its average volume of 6,744,125. Wipro Limited has a 1-year low of $2.62 and a 1-year high of $3.79. The firm has a market cap of $28.95 billion, a price-to-earnings ratio of 17.84, a P/E/G ratio of 10.06 and a beta of 0.96. The company has a 50 day moving average of $2.87 and a two-hundred day moving average of $2.96.

Wipro (NYSE:WIT - Get Free Report) last announced its quarterly earnings data 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. Wipro had a return on equity of 15.94% and a net margin of 15.07%.The business had revenue of $2.58 billion during the quarter, compared to analyst estimates of $219.23 billion. As a group, analysts forecast that Wipro Limited will post 0.14 EPS for the current fiscal year.

Wipro Cuts Dividend

The company also recently declared a dividend, which was paid on Monday, August 18th. Investors of record on Monday, July 28th were paid 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 payout ratio is presently 62.50%.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley upgraded Wipro from an "underweight" rating to an "equal weight" rating in a research report 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 data from MarketBeat, Wipro 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.