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

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

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley raised Wipro from an "underweight" rating to an "equal weight" rating in a research note on Friday, June 20th. Three equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Reduce".

Wipro Price Performance

Shares of NYSE:WIT opened at $2.77 on Monday. The company has a market capitalization of $29.00 billion, a PE ratio of 17.87, a price-to-earnings-growth ratio of 10.09 and a beta of 0.96. The business has a fifty day moving average price of $2.82 and a two-hundred day moving average price of $2.91. 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 posted its quarterly earnings results 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. The company had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $219.23 billion. Wipro had a return on equity of 15.94% and a net margin of 15.07%. Sell-side analysts anticipate that Wipro Limited will post 0.14 earnings per share for the current year.

Wipro Cuts Dividend

The firm also recently declared a dividend, which was paid on Monday, August 18th. Shareholders 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 (DPR) is presently 62.50%.

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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