HB Wealth Management LLC Purchases 5,856 Shares of Wipro Limited $WIT

HB Wealth Management LLC boosted its position in Wipro Limited (NYSE:WIT) by 12.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 53,733 shares of the information technology services provider’s stock after purchasing an additional 5,856 shares during the quarter. HB Wealth Management LLC’s holdings in Wipro were worth $162,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. boosted its stake in Wipro by 5.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 91,692 shares of the information technology services provider’s stock valued at $278,000 after purchasing an additional 5,103 shares during the period. PNC Financial Services Group Inc. boosted its stake in Wipro by 2.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 215,015 shares of the information technology services provider’s stock valued at $658,000 after purchasing an additional 5,618 shares during the period. Focus Partners Advisor Solutions LLC lifted its position in shares of Wipro by 62.4% during the 1st quarter. Focus Partners Advisor Solutions LLC now owns 16,253 shares of the information technology services provider’s stock valued at $50,000 after acquiring an additional 6,245 shares during the period. Optas LLC lifted its position in shares of Wipro by 19.7% during the 1st quarter. Optas LLC now owns 41,314 shares of the information technology services provider’s stock valued at $126,000 after acquiring an additional 6,801 shares during the period. Finally, Intelligence Driven Advisers LLC lifted its position in shares of Wipro by 44.0% during the 2nd quarter. Intelligence Driven Advisers LLC now owns 26,273 shares of the information technology services provider’s stock valued at $79,000 after acquiring an additional 8,033 shares during the period. 2.36% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on WIT shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of Wipro in a research report on Saturday, September 27th. Morgan Stanley upgraded Wipro from an “underweight” rating to an “equal weight” rating in a research report on Friday, June 20th. Four investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Wipro has an average rating of “Reduce”.

Wipro Trading Down 0.6%

Shares of WIT stock opened at $2.65 on Wednesday. The stock has a market cap of $27.69 billion, a price-to-earnings ratio of 17.06 and a beta of 1.00. The stock has a 50-day moving average of $2.73 and a 200-day moving average of $2.86. Wipro Limited has a 1-year low of $2.58 and a 1-year high of $3.79.

Wipro (NYSE:WIT) last issued its quarterly 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. The company had revenue of $2.58 billion during 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%. Sell-side analysts forecast that Wipro Limited will post 0.14 earnings per share for the current year.

Wipro Cuts Dividend

The business also recently declared a dividend, which was paid on Monday, August 18th. Stockholders of record on Monday, July 28th were paid 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 is presently 62.50%.

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.