Prime Capital Investment Advisors LLC Sells 6,675 Shares of Wipro Limited $WIT

Prime Capital Investment Advisors LLC decreased its holdings in Wipro Limited (NYSE:WIT) by 19.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 26,850 shares of the information technology services provider’s stock after selling 6,675 shares during the period. Prime Capital Investment Advisors LLC’s holdings in Wipro were worth $81,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of 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 last quarter. Dynamic Advisor Solutions LLC bought a new position in shares of Wipro in the 1st quarter valued at $90,000. GAMMA Investing LLC increased its stake in shares of Wipro by 182.7% in the 1st quarter. GAMMA Investing LLC now owns 65,291 shares of the information technology services provider’s stock valued at $200,000 after purchasing an additional 42,192 shares during the last quarter. HB Wealth Management LLC increased its stake in shares of Wipro by 12.2% in the 2nd quarter. HB Wealth Management LLC now owns 53,733 shares of the information technology services provider’s stock valued at $162,000 after purchasing an additional 5,856 shares during the last quarter. Finally, Modern Wealth Management LLC bought a new position in shares of Wipro in the 1st quarter valued at $612,000. Institutional investors own 2.36% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on WIT shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of Wipro in a research note on Wednesday, October 8th. Morgan Stanley upgraded 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 stock. According to MarketBeat, Wipro currently has an average rating of “Reduce”.

Wipro Stock Down 1.5%

Shares of WIT stock opened at $2.68 on Monday. The firm has a market capitalization of $28.06 billion, a P/E ratio of 17.29 and a beta of 1.00. Wipro Limited has a twelve month low of $2.58 and a twelve month high of $3.79. The stock’s fifty day simple moving average is $2.73 and its 200 day simple moving average is $2.85.

Wipro (NYSE:WIT) last released its quarterly earnings results on Thursday, July 17th. The information technology services provider reported $0.04 EPS for the quarter, meeting analysts’ consensus estimates of $0.04. Wipro had a return on equity of 15.94% and a net margin of 15.07%.The firm had revenue of $2.58 billion for the quarter, compared to analyst estimates of $219.23 billion. As a group, equities research analysts expect that Wipro Limited will post 0.14 EPS for the current fiscal year.

Wipro Cuts Dividend

The firm also recently disclosed a dividend, which was paid on Monday, August 18th. Stockholders of record on Monday, July 28th were paid 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 payout ratio is currently 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.