Empirical Financial Services LLC d.b.a. Empirical Wealth Management Purchases 23,437 Shares of Wipro Limited $WIT

Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its position in Wipro Limited (NYSE:WIT) by 85.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 50,709 shares of the information technology services provider’s stock after purchasing an additional 23,437 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management’s holdings in Wipro were worth $153,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. grew its position in Wipro by 5.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 91,692 shares of the information technology services provider’s stock worth $278,000 after acquiring an additional 5,103 shares in the last quarter. Dynamic Advisor Solutions LLC bought a new stake in Wipro during the first quarter worth approximately $90,000. GAMMA Investing LLC increased its stake in Wipro by 182.7% during the first quarter. GAMMA Investing LLC now owns 65,291 shares of the information technology services provider’s stock worth $200,000 after acquiring an additional 42,192 shares during the last quarter. Cerity Partners LLC increased its stake in Wipro by 63.5% during the first quarter. Cerity Partners LLC now owns 970,796 shares of the information technology services provider’s stock worth $2,971,000 after acquiring an additional 376,892 shares during the last quarter. Finally, Modern Wealth Management LLC bought a new stake in Wipro during the first quarter worth approximately $612,000. 2.36% of the stock is owned by institutional investors.

Wipro Price Performance

Shares of NYSE:WIT opened at $2.65 on Wednesday. Wipro Limited has a 1 year low of $2.58 and a 1 year high of $3.79. The business has a 50 day simple moving average of $2.73 and a two-hundred day simple moving average of $2.86. The firm has a market capitalization of $27.69 billion, a PE ratio of 17.06 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 (EPS) for the quarter, meeting the consensus estimate of $0.04. Wipro had a return on equity of 15.94% and a net margin of 15.07%.The business had revenue of $2.58 billion during the quarter, compared to analyst estimates of $219.23 billion. Equities research analysts expect that Wipro Limited will post 0.14 EPS for the current fiscal 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 issued a $0.057 dividend. The ex-dividend date was Monday, July 28th. This represents a dividend yield of 409.9%. Wipro’s payout ratio is presently 62.50%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on WIT shares. Weiss Ratings reissued a “hold (c+)” rating on shares of Wipro in a research note on Saturday, September 27th. Morgan Stanley raised 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 company currently has a consensus rating of “Reduce”.

Wipro 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.