Wipro Limited $WIT Shares Acquired by Northern Trust Corp

Key Points

• Northern Trust Corp increased its stake in Wipro Limited by 115.3% in the 1st quarter, owning a total of 5,766,763 shares worth approximately $17.65 million.
• Wipro's stock has a current price of $2.77 and a market capitalization of $28.95 billion, with a 52-week range between $2.62 and $3.79.
• The company recently announced a dividend payout of $0.057 per share, yielding 409.9%, although it has also seen analysts downgrade its rating to "Reduce."

Northern Trust Corp raised its position in Wipro Limited (NYSE:WIT - Free Report) by 115.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,766,763 shares of the information technology services provider's stock after purchasing an additional 3,087,697 shares during the quarter. Northern Trust Corp owned about 0.06% of Wipro worth $17,646,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of WIT. BNP Paribas Financial Markets boosted its stake in Wipro by 36.4% during the fourth quarter. BNP Paribas Financial Markets now owns 15,798,020 shares of the information technology services provider's stock worth $55,925,000 after buying an additional 4,215,981 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted 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 buying an additional 2,257,828 shares during the period. Penserra Capital Management LLC boosted its stake in Wipro by 41.0% during the first quarter. Penserra Capital Management LLC now owns 4,517,030 shares of the information technology services provider's stock worth $13,822,000 after buying an additional 1,313,832 shares during the period. Lazard Asset Management LLC boosted its stake in Wipro by 210.8% during the fourth quarter. Lazard Asset Management LLC now owns 1,824,878 shares of the information technology services provider's stock worth $6,460,000 after buying an additional 1,237,734 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in Wipro by 115.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,843,118 shares of the information technology services provider's stock worth $6,525,000 after buying an additional 988,042 shares during the period. 2.36% of the stock is currently owned by institutional investors and hedge funds.

Wipro Stock Performance

WIT stock traded down $0.01 during midday trading on Friday, reaching $2.73. 5,801,488 shares of the company were exchanged, compared to its average volume of 6,118,018. Wipro Limited has a 1-year low of $2.62 and a 1-year high of $3.79. The stock's 50-day simple moving average is $2.85 and its 200 day simple moving average is $2.95. The company has a market cap of $28.53 billion, a price-to-earnings ratio of 17.58, a price-to-earnings-growth ratio of 10.09 and a beta of 0.96.

Wipro (NYSE:WIT - Get Free Report) last released its quarterly earnings data on Thursday, July 17th. The information technology services provider reported $0.04 earnings per share for the quarter, hitting analysts' consensus estimates of $0.04. Wipro had a net margin of 15.07% and a return on equity of 15.94%. The company had revenue of $2.58 billion for the quarter, compared to analysts' expectations of $219.23 billion. On average, research analysts anticipate that Wipro Limited will post 0.14 earnings per share for the current year.

Wipro Cuts Dividend

The business also recently disclosed a dividend, which was paid on Monday, August 18th. Shareholders of record on Monday, July 28th were issued a dividend of $0.057 per share. The ex-dividend date of this dividend was Monday, July 28th. This represents a yield of 409.9%. Wipro's dividend payout ratio (DPR) is presently 62.50%.

Analyst Ratings Changes

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