Perpetual Ltd Buys 325,900 Shares of Wipro Limited $WIT

Key Points

• Perpetual Ltd increased its stake in Wipro Limited by 39.7%, acquiring an additional 325,900 shares for a total worth of $3.46 million.
• Wipro's shares recently experienced a 1.4% decrease in value, with current trading around $2.82, and it reported a quarterly EPS of $0.04, matching analyst estimates.
• The company announced a dividend of $0.057 per share, yielding 409.9%, along with a payout ratio of 62.50%.

Perpetual Ltd raised its holdings in Wipro Limited (NYSE:WIT - Free Report) by 39.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,146,200 shares of the information technology services provider's stock after buying an additional 325,900 shares during the quarter. Perpetual Ltd's holdings in Wipro were worth $3,462,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Acadian Asset Management LLC lifted its stake in shares of Wipro by 44.4% in the 1st quarter. Acadian Asset Management LLC now owns 20,977,514 shares of the information technology services provider's stock valued at $64,171,000 after purchasing an additional 6,447,184 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Wipro by 22.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 10,354,002 shares of the information technology services provider's stock valued at $31,683,000 after purchasing an additional 1,864,943 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Wipro by 45.4% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,227,213 shares of the information technology services provider's stock valued at $22,115,000 after purchasing an additional 2,257,828 shares during the period. Millennium Management LLC lifted its stake in shares of Wipro by 70.4% in the 1st quarter. Millennium Management LLC now owns 7,114,173 shares of the information technology services provider's stock valued at $21,769,000 after purchasing an additional 2,939,007 shares during the period. Finally, Northern Trust Corp lifted its stake in shares of Wipro by 115.3% in the 1st quarter. Northern Trust Corp now owns 5,766,763 shares of the information technology services provider's stock valued at $17,646,000 after purchasing an additional 3,087,697 shares during the period. Hedge funds and other institutional investors own 2.36% of the company's stock.

Wipro Stock Down 1.3%

Shares of Wipro stock traded down $0.04 on Tuesday, reaching $2.76. The company's stock had a trading volume of 1,560,096 shares, compared to its average volume of 6,209,940. The company has a market capitalization of $28.85 billion, a price-to-earnings ratio of 17.77, a P/E/G ratio of 10.20 and a beta of 0.96. The firm's fifty day simple moving average is $2.79 and its two-hundred day simple moving average is $2.89. Wipro Limited has a 52 week low of $2.62 and a 52 week high of $3.79.

Wipro (NYSE:WIT - Get Free Report) last posted its earnings results on Thursday, July 17th. The information technology services provider reported $0.04 EPS for the quarter, hitting analysts' consensus estimates 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, research analysts predict that Wipro Limited will post 0.14 EPS for the current year.

Wipro Cuts Dividend

The company also recently disclosed a dividend, which was paid on Monday, August 18th. Investors 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 payout ratio is presently 62.50%.

Wall Street Analyst Weigh In

Separately, Morgan Stanley upgraded 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 issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Reduce".

Wipro Company 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.