US Bancorp DE Increases Stake in Wipro Limited $WIT

US Bancorp DE grew its stake in Wipro Limited (NYSE:WIT) by 17.1% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 937,293 shares of the information technology services provider’s stock after buying an additional 136,826 shares during the quarter. US Bancorp DE’s holdings in Wipro were worth $2,831,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in WIT. Acadian Asset Management LLC lifted its stake in Wipro by 44.4% during the first quarter. Acadian Asset Management LLC now owns 20,977,514 shares of the information technology services provider’s stock worth $64,171,000 after purchasing an additional 6,447,184 shares during the last quarter. Northern Trust Corp lifted its stake in Wipro by 115.3% during 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 last quarter. Millennium Management LLC lifted its stake in Wipro by 70.4% during the first quarter. Millennium Management LLC now owns 7,114,173 shares of the information technology services provider’s stock worth $21,769,000 after purchasing an additional 2,939,007 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Wipro by 45.4% during the first 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 purchasing an additional 2,257,828 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Wipro by 22.0% during the first quarter. Goldman Sachs Group Inc. now owns 10,354,002 shares of the information technology services provider’s stock worth $31,683,000 after purchasing 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 Price Performance

Shares of WIT stock opened at $2.74 on Wednesday. The business’s fifty day moving average price is $2.73 and its 200 day moving average price is $2.85. Wipro Limited has a 1-year low of $2.58 and a 1-year high of $3.79. The firm has a market capitalization of $28.65 billion, a PE ratio of 17.65 and a beta of 1.00.

Wipro (NYSE:WIT) last posted its earnings results on Thursday, July 17th. The information technology services provider reported $0.04 earnings per share for the quarter, meeting the consensus estimate 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 analyst estimates of $219.23 billion. Equities research analysts expect that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

Wipro Cuts Dividend

The company also recently declared 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 was Monday, July 28th. This represents a dividend yield of 409.9%. Wipro’s dividend payout ratio (DPR) is currently 62.50%.

Analyst Upgrades and Downgrades

Several research firms have commented on WIT. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Wipro in a research report on Wednesday, October 8th. Morgan Stanley raised Wipro from an “underweight” rating to an “equal weight” rating in a research report on Friday, June 20th. Four analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus 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.