Northern Trust Corp Purchases 3,087,697 Shares of Wipro Limited $WIT

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 stake in Wipro Limited (NYSE:WIT - Free Report) by 115.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,766,763 shares of the information technology services provider's stock after acquiring an additional 3,087,697 shares during the period. Northern Trust Corp owned approximately 0.06% of Wipro worth $17,646,000 as of its most recent SEC filing.

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

Wipro Stock Performance

Shares of NYSE:WIT traded down $0.01 during midday trading on Friday, reaching $2.73. 5,801,488 shares of the company's stock traded hands, compared to its average volume of 5,918,151. The company has a market cap of $28.53 billion, a price-to-earnings ratio of 17.58, a P/E/G ratio of 9.95 and a beta of 0.96. Wipro Limited has a one year low of $2.62 and a one year high of $3.79. The stock has a 50 day moving average of $2.85 and a 200 day moving average of $2.94.

Wipro (NYSE:WIT - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.04. The firm had revenue of $2.58 billion for 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 predict that Wipro Limited will post 0.14 EPS for the current fiscal year.

Wipro Cuts Dividend

The company also recently announced 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 yield of 409.9%. Wipro's dividend payout ratio is currently 62.50%.

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 analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average 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.