PDS Planning Inc Sells 17,196 Shares of Wipro Limited $WIT

PDS Planning Inc decreased its position in Wipro Limited (NYSE:WIT) by 8.5% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 186,269 shares of the information technology services provider’s stock after selling 17,196 shares during the quarter. PDS Planning Inc’s holdings in Wipro were worth $563,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Acadian Asset Management LLC lifted its holdings in shares of 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 buying an additional 6,447,184 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Wipro by 22.0% in the first quarter. Goldman Sachs Group Inc. now owns 10,354,002 shares of the information technology services provider’s stock valued at $31,683,000 after purchasing an additional 1,864,943 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Wipro by 45.4% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,227,213 shares of the information technology services provider’s stock valued at $22,115,000 after purchasing an additional 2,257,828 shares in the last quarter. Millennium Management LLC raised its stake in shares of Wipro by 70.4% in the first quarter. Millennium Management LLC now owns 7,114,173 shares of the information technology services provider’s stock valued at $21,769,000 after purchasing an additional 2,939,007 shares in the last quarter. Finally, Northern Trust Corp raised its stake in shares of Wipro by 115.3% in the first 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. 2.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on WIT shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of Wipro in a research note on Wednesday. Morgan Stanley upgraded Wipro from an “underweight” rating to an “equal weight” rating in a research note on Friday, June 20th. Four analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce”.

Wipro Stock Down 1.5%

Wipro stock opened at $2.68 on Friday. The business’s 50-day simple moving average is $2.73 and its 200 day simple moving average is $2.85. The stock has a market cap of $28.06 billion, a price-to-earnings ratio of 17.29 and a beta of 1.00. Wipro Limited has a 12-month low of $2.58 and a 12-month high of $3.79.

Wipro (NYSE:WIT) last posted its quarterly earnings results on Thursday, July 17th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.04. The business had revenue of $2.58 billion for 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%. As a group, sell-side analysts expect that Wipro Limited will post 0.14 EPS for the current year.

Wipro Cuts Dividend

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