Wipro Limited $WIT Stock Position Cut 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 trimmed its stake in shares of Wipro Limited (NYSE:WIT - Free Report) by 54.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 814,036 shares of the information technology services provider's stock after selling 955,564 shares during the period. Wellington Management Group LLP's holdings in Wipro were worth $2,491,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Focus Partners Advisor Solutions LLC purchased a new position in Wipro during the fourth quarter worth about $35,000. CogentBlue Wealth Advisors LLC acquired a new stake in Wipro during the first quarter worth $37,000. Legacy Advisors LLC acquired a new stake in Wipro during the first quarter worth $40,000. Captrust Financial Advisors acquired a new stake in Wipro during the fourth quarter worth $44,000. Finally, Hoxton Planning & Management LLC acquired a new stake in Wipro during the first quarter worth $48,000. 2.36% of the stock is owned by hedge funds and other institutional investors.

Wipro Stock Down 0.9%

NYSE:WIT traded down $0.03 during trading hours on Friday, reaching $2.71. 824,376 shares of the company's stock were exchanged, compared to its average volume of 6,087,997. The firm has a market capitalization of $28.32 billion, a price-to-earnings ratio of 17.45, a P/E/G ratio of 10.09 and a beta of 0.96. The company has a 50-day moving average of $2.85 and a 200 day moving average of $2.95. 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 announced its quarterly earnings data on Thursday, July 17th. The information technology services provider reported $0.04 EPS for the quarter, meeting the consensus estimate of $0.04. Wipro had a net margin of 15.07% and a return on equity of 15.94%. The firm had revenue of $2.58 billion during the quarter, compared to analysts' expectations of $219.23 billion. Research analysts forecast that Wipro Limited will post 0.14 EPS for the current fiscal year.

Wipro Cuts Dividend

The firm also recently declared 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. This represents a yield of 409.9%. The ex-dividend date of this dividend was Monday, July 28th. Wipro's payout ratio is 62.50%.

Wall Street Analyst Weigh In

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

Wipro 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.