Modern Wealth Management LLC Makes New Investment in Wipro Limited $WIT

Key Points

• Modern Wealth Management LLC acquired a new stake in Wipro Limited, purchasing 200,016 shares valued at approximately $612,000 during the first quarter.
• Analysts, including Morgan Stanley, have adjusted their ratings on Wipro, moving it from "underweight" to "equal weight", though the average analyst rating remains "Reduce".
• Wipro recently declared a dividend of $0.057 with a significant dividend yield of 409.9%, although its dividend payout ratio stands at 62.50%.

Modern Wealth Management LLC purchased a new position in shares of Wipro Limited (NYSE:WIT - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 200,016 shares of the information technology services provider's stock, valued at approximately $612,000.

Several other hedge funds also recently made changes to their positions in the business. Northern Trust Corp increased its position in shares of Wipro by 172.8% in the fourth quarter. Northern Trust Corp now owns 2,679,066 shares of the information technology services provider's stock worth $9,484,000 after acquiring an additional 1,697,118 shares in the last quarter. Two Sigma Advisers LP increased its position in shares of Wipro by 143.1% in the fourth quarter. Two Sigma Advisers LP now owns 184,500 shares of the information technology services provider's stock worth $653,000 after acquiring an additional 108,600 shares in the last quarter. D. E. Shaw & Co. Inc. increased its position in shares of Wipro by 105.9% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 204,612 shares of the information technology services provider's stock worth $724,000 after acquiring an additional 105,243 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Wipro by 5.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 91,692 shares of the information technology services provider's stock worth $278,000 after acquiring an additional 5,103 shares in the last quarter. Finally, Dynamic Advisor Solutions LLC purchased a new position in shares of Wipro in the first quarter worth approximately $90,000. Institutional investors and hedge funds own 2.36% of the company's stock.

Wipro Trading Down 1.4%

NYSE WIT traded down $0.04 on Friday, hitting $2.82. 10,148,485 shares of the company were exchanged, compared to its average volume of 6,161,852. The firm has a 50 day moving average of $2.80 and a two-hundred day moving average of $2.90. The company has a market cap of $29.53 billion, a P/E ratio of 18.19, a P/E/G ratio of 10.42 and a beta of 0.96. 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 issued its quarterly earnings results 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. The business 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%. Research analysts anticipate that Wipro Limited will post 0.14 EPS for the current fiscal year.

Wipro Cuts Dividend

The business also recently declared 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 is 62.50%.

Wall Street Analysts Forecast Growth

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