Wipro Limited $WIT Shares Acquired by Millennium Management LLC

Key Points

• Millennium Management LLC increased its ownership of Wipro Limited shares by 70.4%, now holding over 7 million shares valued at approximately $21.77 million.
• Wipro has seen significant investments from other institutional investors, with Northern Trust Corp raising its holdings by 172.8% and Mercer Global Advisors by 411.5% in the last quarter.
• Wipro's stock was recently rated "equal weight" by Morgan Stanley, but overall analyst ratings lean towards a "Reduce" average, indicating cautious sentiment towards the stock.

Millennium Management LLC increased its position in shares of Wipro Limited (NYSE:WIT - Free Report) by 70.4% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 7,114,173 shares of the information technology services provider's stock after purchasing an additional 2,939,007 shares during the quarter. Millennium Management LLC owned 0.07% of Wipro worth $21,769,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of WIT. Northern Trust Corp raised its holdings in Wipro by 172.8% during the fourth quarter. Northern Trust Corp now owns 2,679,066 shares of the information technology services provider's stock worth $9,484,000 after purchasing an additional 1,697,118 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its holdings in Wipro by 411.5% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 69,422 shares of the information technology services provider's stock worth $246,000 after purchasing an additional 55,849 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in Wipro by 96.2% during the fourth quarter. Ameriprise Financial Inc. now owns 117,477 shares of the information technology services provider's stock worth $416,000 after purchasing an additional 57,602 shares during the last quarter. Bank of America Corp DE raised its holdings in Wipro by 106.5% during the fourth quarter. Bank of America Corp DE now owns 1,329,479 shares of the information technology services provider's stock worth $4,706,000 after purchasing an additional 685,544 shares during the last quarter. Finally, Balyasny Asset Management L.P. acquired a new position in Wipro during the fourth quarter worth $264,000. 2.36% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Wipro Stock Down 0.7%

Shares of NYSE:WIT opened at $2.77 on Friday. The company has a market cap of $29.00 billion, a P/E ratio of 17.87, a P/E/G ratio of 10.17 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 business has a fifty day simple moving average of $2.82 and a 200-day simple moving average of $2.92.

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 analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $219.23 billion. Sell-side analysts expect that Wipro Limited will post 0.14 earnings per share for the current fiscal 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. This represents a dividend yield of 409.9%. The ex-dividend date was Monday, July 28th. Wipro's payout ratio is currently 62.50%.

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.

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