Wipro Limited $WIT Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP reduced its stake in Wipro Limited by 54.0% in the first quarter, resulting in ownership of 814,036 shares after selling 955,564 shares.
• Wipro's recent earnings report showed earnings per share (EPS) of $0.04, meeting analyst expectations, and the company recorded a 15.07% net margin.
• The company's recent dividend was paid at a yield of 409.9%, with a dividend payout ratio currently at 62.50%.

Wellington Management Group LLP reduced its stake in shares of Wipro Limited (NYSE:WIT - Free Report) by 54.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 814,036 shares of the information technology services provider's stock after selling 955,564 shares during the quarter. Wellington Management Group LLP's holdings in Wipro were worth $2,491,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of WIT. Geode Capital Management LLC grew its position in Wipro by 10.1% during the 4th 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 last quarter. Wells Fargo & Company MN grew its position in Wipro by 116.5% during the 4th quarter. Wells Fargo & Company MN now owns 16,370 shares of the information technology services provider's stock worth $58,000 after purchasing an additional 8,808 shares during the last quarter. Envestnet Asset Management Inc. purchased a new position in Wipro during the 4th quarter worth $56,000. Barclays PLC purchased a new position in Wipro during the 4th quarter worth $461,000. Finally, Dimensional Fund Advisors LP grew its position in Wipro by 115.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,843,118 shares of the information technology services provider's stock worth $6,525,000 after purchasing an additional 988,042 shares during the last quarter. 2.36% of the stock is owned by hedge funds and other institutional investors.

Wipro Stock Performance

WIT stock traded up $0.01 during trading on Tuesday, reaching $2.77. 4,637,798 shares of the company were exchanged, compared to its average volume of 6,744,125. The company has a market cap of $28.95 billion, a P/E ratio of 17.84, a PEG ratio of 10.06 and a beta of 0.96. Wipro Limited has a 52-week low of $2.62 and a 52-week high of $3.79. The stock's 50 day moving average price is $2.87 and its 200 day moving average price is $2.96.

Wipro (NYSE:WIT - Get Free Report) last released its quarterly earnings data on Thursday, July 17th. The information technology services provider reported $0.04 EPS for the quarter, hitting 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 net margin of 15.07% and a return on equity of 15.94%. As a group, equities research analysts forecast that Wipro Limited will post 0.14 EPS for the current year.

Wipro Cuts Dividend

The firm also recently announced a dividend, which was paid on Monday, August 18th. Shareholders of record on Monday, July 28th were given 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%.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley raised shares of Wipro from an "underweight" rating to an "equal weight" rating in a report on Friday, June 20th. Three investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus 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.