Wipro’s (WIT) Hold (C+) Rating Reiterated at Weiss Ratings

Weiss Ratings restated their hold (c+) rating on shares of Wipro (NYSE:WIT) in a research report report published on Wednesday,Weiss Ratings reports.

Separately, Morgan Stanley raised shares of Wipro from an “underweight” rating to an “equal weight” rating in a research report on Friday, June 20th. Four research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Wipro has a consensus rating of “Reduce”.

Wipro Stock Down 1.5%

Shares of WIT opened at $2.68 on Wednesday. Wipro has a fifty-two week low of $2.58 and a fifty-two week high of $3.79. The firm’s 50 day moving average price is $2.73 and its 200 day moving average price is $2.86. The company has a market cap of $28.06 billion, a P/E ratio of 17.29 and a beta of 1.00.

Wipro (NYSE:WIT) last announced its earnings results on Thursday, July 17th. The information technology services provider reported $0.04 earnings per share 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 for the quarter, compared to the consensus estimate of $219.23 billion. Research analysts forecast that Wipro will post 0.14 earnings per share for the current year.

Wipro Cuts Dividend

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Vest Financial LLC purchased a new position in shares of Wipro in the 2nd quarter valued at $31,000. Curi Capital LLC purchased a new position in shares of Wipro in the 2nd quarter valued at $31,000. Hamilton Capital LLC purchased a new position in shares of Wipro in the 1st quarter valued at $32,000. CogentBlue Wealth Advisors LLC purchased a new position in shares of Wipro in the 1st quarter valued at $37,000. Finally, Haven Private LLC purchased a new position in Wipro during the 2nd quarter worth $39,000. 2.36% of the stock is owned by hedge funds and other institutional investors.

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.