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

Shares of Wipro Limited (NYSE:WIT) have earned a consensus recommendation of “Reduce” from the five ratings firms that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation and four have given a hold recommendation to the company.

WIT has been the subject of several analyst reports. Morgan Stanley raised Wipro from an “underweight” rating to an “equal weight” rating in a report on Friday, June 20th. Weiss Ratings reissued a “hold (c+)” rating on shares of Wipro in a report on Saturday, September 27th.

Institutional Investors Weigh In On Wipro

Several hedge funds have recently modified their holdings of the company. Corient Private Wealth LLC increased its stake in shares of Wipro by 8.8% in the 2nd quarter. Corient Private Wealth LLC now owns 593,578 shares of the information technology services provider’s stock valued at $1,793,000 after purchasing an additional 47,952 shares in the last quarter. Evergreen Capital Management LLC increased its position in shares of Wipro by 325.2% in the second quarter. Evergreen Capital Management LLC now owns 134,483 shares of the information technology services provider’s stock valued at $406,000 after buying an additional 102,853 shares in the last quarter. Tidal Investments LLC increased its position in shares of Wipro by 19.3% in the second quarter. Tidal Investments LLC now owns 27,260 shares of the information technology services provider’s stock valued at $82,000 after buying an additional 4,403 shares in the last quarter. LMR Partners LLP raised its stake in shares of Wipro by 174.7% during the 2nd quarter. LMR Partners LLP now owns 1,417,767 shares of the information technology services provider’s stock worth $4,282,000 after buying an additional 901,587 shares during the period. Finally, EP Wealth Advisors LLC purchased a new position in shares of Wipro during the 2nd quarter valued at approximately $61,000. 2.36% of the stock is owned by hedge funds and other institutional investors.

Wipro Price Performance

WIT stock opened at $2.63 on Friday. The company has a market capitalization of $27.48 billion, a P/E ratio of 16.94 and a beta of 1.00. Wipro has a 12 month low of $2.58 and a 12 month high of $3.79. The firm’s fifty day simple moving average is $2.74 and its 200-day simple moving average is $2.87.

Wipro (NYSE:WIT) last issued its earnings results on Thursday, July 17th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.04. Wipro had a net margin of 15.07% and a return on equity of 15.94%. The firm had revenue of $2.58 billion during the quarter, compared to analysts’ expectations of $219.23 billion. As a group, sell-side analysts forecast that Wipro will post 0.14 earnings per share for the current year.

Wipro Cuts Dividend

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