Vident Advisory LLC Increases Stock Holdings in Wipro Limited $WIT

Key Points

• Vident Advisory LLC increased its holdings in Wipro Limited by 24.7%, acquiring an additional 318,396 shares, bringing its total to 1,608,707 shares.
• Wipro's stock received an upgrade from Morgan Stanley, moving from an "underweight" rating to "equal weight" as of June 20th.
• Wipro recently announced a dividend payment of $0.057 per share, with a yield of 409.9%, despite a payout ratio of 62.50%.

Vident Advisory LLC increased its holdings in shares of Wipro Limited (NYSE:WIT - Free Report) by 24.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,608,707 shares of the information technology services provider's stock after buying an additional 318,396 shares during the period. Vident Advisory LLC's holdings in Wipro were worth $4,923,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Focus Partners Advisor Solutions LLC purchased a new position in shares of Wipro during the 4th quarter valued at approximately $35,000. CogentBlue Wealth Advisors LLC purchased a new position in shares of Wipro during the 1st quarter valued at approximately $37,000. Captrust Financial Advisors purchased a new position in shares of Wipro during the 4th quarter valued at approximately $44,000. Legacy Advisors LLC purchased a new position in shares of Wipro during the 1st quarter valued at approximately $40,000. Finally, Principal Street Partners LLC purchased a new position in shares of Wipro during the 4th quarter valued at approximately $51,000. Hedge funds and other institutional investors own 2.36% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Morgan Stanley upgraded Wipro from an "underweight" rating to an "equal weight" rating in a research report 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 MarketBeat, the stock currently has a consensus rating of "Reduce".

Wipro Stock Performance

Shares of WIT opened at $2.77 on Friday. Wipro Limited has a one year low of $2.62 and a one year high of $3.79. The stock has a market capitalization of $28.92 billion, a price-to-earnings ratio of 17.84, a PEG ratio of 10.06 and a beta of 0.93. The stock has a 50 day moving average price of $2.88 and a 200 day moving average price of $2.97.

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. The company had revenue of $2.58 billion for the quarter, compared to analyst estimates of $219.23 billion. Wipro had a return on equity of 15.94% and a net margin of 15.07%. On average, analysts predict 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 paid 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 payout ratio is 62.50%.

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.

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