Wipro Limited $WIT Shares Sold by Canopy Partners LLC

Canopy Partners LLC decreased its holdings in shares of Wipro Limited (NYSE:WIT) by 6.7% during the second quarter, HoldingsChannel reports. The institutional investor owned 91,653 shares of the information technology services provider’s stock after selling 6,551 shares during the period. Canopy Partners LLC’s holdings in Wipro were worth $277,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in WIT. Acadian Asset Management LLC lifted its position in shares of Wipro by 44.4% during 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 buying an additional 6,447,184 shares in the last quarter. Northern Trust Corp lifted its holdings in Wipro by 115.3% in 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 purchasing an additional 3,087,697 shares in the last quarter. Millennium Management LLC increased its stake in shares of Wipro by 70.4% in the 1st quarter. Millennium Management LLC now owns 7,114,173 shares of the information technology services provider’s stock worth $21,769,000 after acquiring an additional 2,939,007 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Wipro by 45.4% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,227,213 shares of the information technology services provider’s stock worth $22,115,000 after acquiring an additional 2,257,828 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of Wipro by 22.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 10,354,002 shares of the information technology services provider’s stock worth $31,683,000 after acquiring an additional 1,864,943 shares during the last quarter. Hedge funds and other institutional investors own 2.36% of the company’s stock.

Wipro Trading Down 0.6%

Shares of NYSE WIT opened at $2.65 on Wednesday. The stock has a market cap of $27.69 billion, a P/E ratio of 17.06 and a beta of 1.00. The stock has a 50 day moving average of $2.73 and a two-hundred day moving average of $2.86. Wipro Limited has a twelve month low of $2.58 and a twelve month high of $3.79.

Wipro (NYSE:WIT) last released its earnings results on Thursday, July 17th. The information technology services provider reported $0.04 earnings per share (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 for the quarter, compared to analyst estimates of $219.23 billion. As a group, research analysts predict that Wipro Limited will post 0.14 earnings per share for the current year.

Wipro Cuts Dividend

The company also recently announced 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 was Monday, July 28th. Wipro’s payout ratio is presently 62.50%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on WIT shares. Morgan Stanley raised Wipro from an “underweight” rating to an “equal weight” rating in a research note on Friday, June 20th. Weiss Ratings reissued a “hold (c+)” rating on shares of Wipro in a research report on Saturday, September 27th. Four research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Wipro currently has an average 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.