Wipro Limited (NYSE:WIT) Given Average Rating of "Reduce" by Analysts

Key Points

• Wipro Limited (NYSE:WIT) has received an average rating of "Reduce" from analysts, with one sell recommendation and four hold recommendations.
• The company's stock recently traded at $2.63, with a market capitalization of $27.48 billion and a 12-month low of $2.58.
• Wipro announced a dividend yield of 409.9%, with a recent payout of $0.057 per share and a payout ratio of 62.5%.

Shares of Wipro Limited (NYSE:WIT - Get Free Report) have been assigned a consensus recommendation of "Reduce" from the five ratings firms that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation and four have given a hold recommendation to the company.

A number of equities research analysts have recently issued reports on WIT shares. Morgan Stanley upgraded Wipro from an "underweight" rating to an "equal weight" rating in a research note on Friday, June 20th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Wipro in a research note on Saturday, September 27th.

Wipro Stock Performance

NYSE WIT traded up $0.01 during trading on Friday, hitting $2.63. The stock had a trading volume of 9,484,057 shares, compared to its average volume of 8,308,649. The company has a market capitalization of $27.48 billion, a PE ratio of 16.94 and a beta of 1.00. The company's 50-day moving average price is $2.74 and its two-hundred day moving average price is $2.87. Wipro has a 12 month low of $2.58 and a 12 month 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 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 company had revenue of $2.58 billion for the quarter, compared to analysts' expectations of $219.23 billion. As a group, equities analysts anticipate that Wipro will post 0.14 earnings per share for the current fiscal year.

Wipro Cuts Dividend

The firm also recently declared a dividend, which was paid on Monday, August 18th. Investors of record on Monday, July 28th were paid a $0.057 dividend. This represents a yield of 409.9%. The ex-dividend date was Monday, July 28th. Wipro's dividend payout ratio is 62.50%.

Institutional Investors Weigh In On Wipro

A number of large investors have recently added to or reduced their stakes in WIT. Acadian Asset Management LLC raised its stake in Wipro by 44.4% in the 1st quarter. Acadian Asset Management LLC now owns 20,977,514 shares of the information technology services provider's stock valued at $64,171,000 after acquiring an additional 6,447,184 shares during the period. Bank of America Corp DE increased its position in shares of Wipro by 298.9% in the second quarter. Bank of America Corp DE now owns 7,690,677 shares of the information technology services provider's stock worth $23,226,000 after purchasing an additional 5,762,771 shares during the period. Northern Trust Corp increased its position in shares of Wipro by 115.3% in the first quarter. Northern Trust Corp now owns 5,766,763 shares of the information technology services provider's stock worth $17,646,000 after purchasing an additional 3,087,697 shares during the period. Millennium Management LLC boosted its stake in Wipro by 70.4% in the first quarter. Millennium Management LLC now owns 7,114,173 shares of the information technology services provider's stock valued at $21,769,000 after buying an additional 2,939,007 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in Wipro by 45.4% in the first 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 in the last quarter. Institutional investors own 2.36% of the company's stock.

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.

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