Millennium Management LLC Buys 2,939,007 Shares of Wipro Limited $WIT

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 boosted its stake in shares of Wipro Limited (NYSE:WIT - Free Report) by 70.4% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 7,114,173 shares of the information technology services provider's stock after buying an additional 2,939,007 shares during the period. Millennium Management LLC owned approximately 0.07% of Wipro worth $21,769,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Wipro by 45.4% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,227,213 shares of the information technology services provider's stock valued at $22,115,000 after buying an additional 2,257,828 shares during the period. Northern Trust Corp raised its holdings in Wipro by 115.3% during the 1st quarter. Northern Trust Corp now owns 5,766,763 shares of the information technology services provider's stock valued at $17,646,000 after buying an additional 3,087,697 shares during the period. Penserra Capital Management LLC raised its holdings in Wipro by 41.0% during the 1st quarter. Penserra Capital Management LLC now owns 4,517,030 shares of the information technology services provider's stock valued at $13,822,000 after buying an additional 1,313,832 shares during the period. Robeco Institutional Asset Management B.V. raised its holdings in Wipro by 15.7% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 4,123,260 shares of the information technology services provider's stock valued at $12,617,000 after buying an additional 561,046 shares during the period. Finally, Allianz Asset Management GmbH raised its holdings in Wipro by 4.7% during the 1st quarter. Allianz Asset Management GmbH now owns 2,073,222 shares of the information technology services provider's stock valued at $6,344,000 after buying an additional 93,748 shares during the period. Hedge funds and other institutional investors own 2.36% of the company's stock.

Analyst Ratings Changes

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

Wipro Trading Down 0.9%

Shares of WIT traded down $0.03 during midday trading on Thursday, reaching $2.86. 5,109,014 shares of the stock were exchanged, compared to its average volume of 6,148,040. Wipro Limited has a 52 week low of $2.62 and a 52 week high of $3.79. The company's 50 day moving average is $2.80 and its two-hundred day moving average is $2.91. The company has a market capitalization of $29.89 billion, a P/E ratio of 18.42, a PEG ratio of 10.50 and a beta of 0.96.

Wipro (NYSE:WIT - Get Free Report) last posted its quarterly earnings results on Thursday, July 17th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, hitting 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 for the quarter, compared to the consensus estimate of $219.23 billion. On average, sell-side analysts expect that Wipro Limited will post 0.14 EPS for the current year.

Wipro Cuts Dividend

The business also recently disclosed a dividend, which was paid on Monday, August 18th. Investors of record on Monday, July 28th were given 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 dividend payout ratio (DPR) is presently 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.