Wipro Limited (NYSE:WIT) Receives Average Recommendation of "Reduce" from Analysts

Key Points

• Wipro Limited has received a consensus rating of "Reduce" from five research firms, with two ratings for sell and three for hold.
• The company's shares opened at $2.77 and have seen a significant fluctuation with a 12-month range of $2.62 to $3.79.
• Wipro recently declared a dividend of $0.057 per share, reflecting a very high dividend yield of 409.9%.

Wipro Limited (NYSE:WIT - Get Free Report) has been assigned an average rating of "Reduce" from the five brokerages that are currently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the company.

Separately, Morgan Stanley raised Wipro from an "underweight" rating to an "equal weight" rating in a research report on Friday, June 20th.

Wipro Price Performance

NYSE WIT traded down $0.04 during midday trading on Friday, hitting $2.74. 4,093,371 shares of the company traded hands, compared to its average volume of 6,168,879. The company has a market cap of $28.64 billion, a PE ratio of 17.65, a price-to-earnings-growth ratio of 10.09 and a beta of 0.96. The company's 50-day simple moving average is $2.85 and its 200-day simple moving average is $2.95. Wipro has a 52 week low of $2.62 and a 52 week high of $3.79.

Wipro (NYSE:WIT - Get Free Report) last announced its earnings results on Thursday, July 17th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.04. The business had revenue of $2.58 billion for the quarter, compared to analysts' expectations of $219.23 billion. Wipro had a return on equity of 15.94% and a net margin of 15.07%. On average, research analysts predict that Wipro will post 0.14 earnings per share for the current year.

Wipro Cuts Dividend

The firm also recently disclosed a dividend, which was paid on Monday, August 18th. Stockholders of record on Monday, July 28th were given a $0.057 dividend. The ex-dividend date of this dividend was Monday, July 28th. This represents a dividend yield of 409.9%. Wipro's dividend payout ratio (DPR) is presently 62.50%.

Institutional Trading of Wipro

A number of institutional investors have recently made changes to their positions in the business. Focus Partners Advisor Solutions LLC purchased a new position in Wipro in the 4th quarter worth $35,000. Vest Financial LLC purchased a new position in Wipro in the 2nd quarter worth $31,000. Curi Capital LLC purchased a new position in Wipro in the 2nd quarter worth $31,000. Hamilton Capital LLC purchased a new position in Wipro in the 1st quarter worth $32,000. Finally, CogentBlue Wealth Advisors LLC purchased a new position in Wipro in the 1st quarter worth $37,000. Institutional investors and hedge funds own 2.36% of the company's stock.

Wipro Company 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.