Wipro Limited $WIT Shares Bought by Perpetual Ltd

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 boosted its position in shares of Wipro Limited (NYSE:WIT - Free Report) by 39.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,146,200 shares of the information technology services provider's stock after acquiring 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 hedge funds and other institutional investors also recently bought and sold shares of WIT. Ameriprise Financial Inc. boosted its holdings in Wipro by 96.2% during the 4th quarter. Ameriprise Financial Inc. now owns 117,477 shares of the information technology services provider's stock valued at $416,000 after acquiring an additional 57,602 shares during the period. Bank of America Corp DE boosted its holdings in Wipro by 106.5% during the 4th quarter. Bank of America Corp DE now owns 1,329,479 shares of the information technology services provider's stock valued at $4,706,000 after acquiring an additional 685,544 shares during the period. Captrust Financial Advisors purchased a new position in Wipro during the 4th quarter valued at about $44,000. Cetera Investment Advisers purchased a new position in Wipro during the 4th quarter valued at about $80,000. Finally, D. E. Shaw & Co. Inc. boosted its holdings in Wipro by 105.9% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 204,612 shares of the information technology services provider's stock valued at $724,000 after acquiring an additional 105,243 shares during the period. 2.36% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Morgan Stanley upgraded 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 stock. According to MarketBeat, the stock presently has a consensus rating of "Reduce".

Wipro Stock Performance

Shares of WIT traded down $0.04 during midday trading on Friday, hitting $2.82. The company had a trading volume of 10,148,485 shares, compared to its average volume of 6,161,852. The company's 50-day simple moving average is $2.80 and its 200-day simple moving average is $2.90. The firm has a market capitalization of $29.53 billion, a P/E ratio of 18.19, a P/E/G ratio of 10.20 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 posted its 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 firm had revenue of $2.58 billion during the quarter, compared to analysts' expectations of $219.23 billion. Wipro had a return on equity of 15.94% and a net margin of 15.07%. Equities analysts predict that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

Wipro Cuts Dividend

The firm also recently announced a dividend, which was paid on Monday, August 18th. Investors of record on Monday, July 28th were paid a dividend of $0.057 per share. The ex-dividend date was Monday, July 28th. This represents a yield of 409.9%. Wipro's payout ratio is presently 62.50%.

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.