Vident Advisory LLC Has $4.92 Million 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 lifted its position in shares of Wipro Limited (NYSE:WIT - Free Report) by 24.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,608,707 shares of the information technology services provider's stock after acquiring an additional 318,396 shares during the quarter. Vident Advisory LLC's holdings in Wipro were worth $4,923,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Wipro by 5.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 91,692 shares of the information technology services provider's stock worth $278,000 after purchasing an additional 5,103 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of Wipro by 2.7% during the first quarter. PNC Financial Services Group Inc. now owns 215,015 shares of the information technology services provider's stock worth $658,000 after purchasing an additional 5,618 shares during the period. Geode Capital Management LLC grew its stake in shares of Wipro by 10.1% during the fourth quarter. Geode Capital Management LLC now owns 68,860 shares of the information technology services provider's stock worth $244,000 after purchasing an additional 6,323 shares during the period. Optas LLC grew its stake in shares of Wipro by 19.7% during the first quarter. Optas LLC now owns 41,314 shares of the information technology services provider's stock worth $126,000 after purchasing an additional 6,801 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its stake in shares of Wipro by 44.4% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 27,272 shares of the information technology services provider's stock worth $83,000 after purchasing an additional 8,392 shares during the period. Institutional investors own 2.36% of the company's stock.

Wall Street Analyst Weigh In

Separately, Morgan Stanley raised Wipro from an "underweight" rating to an "equal weight" rating in a research note on Friday, June 20th. Three equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Reduce".

Wipro Stock Performance

WIT traded down $0.03 on Friday, hitting $2.71. 1,495,335 shares of the company were exchanged, compared to its average volume of 6,092,050. Wipro Limited has a 12 month low of $2.62 and a 12 month high of $3.79. The company has a market cap of $28.32 billion, a PE ratio of 17.45, a PEG ratio of 10.09 and a beta of 0.96. The stock's fifty day moving average is $2.85 and its 200-day moving average is $2.95.

Wipro (NYSE:WIT - Get Free Report) last released its earnings results on Thursday, July 17th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, hitting the consensus estimate 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 for the quarter, compared to analyst estimates of $219.23 billion. As a group, equities research analysts expect that Wipro Limited will post 0.14 EPS for the current fiscal year.

Wipro Cuts Dividend

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