Wipro Limited (NYSE:WIT) announced an annual dividend on Wednesday, January 12th, NASDAQ reports. Stockholders of record on Monday, January 24th will be paid a dividend of 0.012 per share by the information technology services provider on Monday, January 24th. This represents a dividend yield of 0.14%. The ex-dividend date is Friday, January 21st.
Wipro has increased its dividend payment by 17.4% over the last three years. Wipro has a dividend payout ratio of 8.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Wipro to earn $0.32 per share next year, which means the company should continue to be able to cover its $0.03 annual dividend with an expected future payout ratio of 9.4%.
Shares of WIT traded down $0.05 during mid-day trading on Friday, hitting $8.58. 4,875,827 shares of the company’s stock were exchanged, compared to its average volume of 3,224,723. The company has a market cap of $47.01 billion, a price-to-earnings ratio of 29.52, a P/E/G ratio of 3.28 and a beta of 0.66. Wipro has a fifty-two week low of $6.09 and a fifty-two week high of $9.96. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.30 and a current ratio of 2.30. The stock’s 50-day moving average is $9.04 and its 200-day moving average is $8.91.
WIT has been the topic of a number of recent research reports. Morgan Stanley upgraded shares of Wipro from an “underweight” rating to an “equal weight” rating in a research note on Thursday, October 14th. JPMorgan Chase & Co. upgraded shares of Wipro from an “underweight” rating to a “neutral” rating in a research note on Thursday, September 30th. Finally, Zacks Investment Research upgraded shares of Wipro from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a research note on Thursday. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $8.62.
A number of institutional investors have recently made changes to their positions in the business. Morgan Stanley increased its stake in Wipro by 14.7% in the second quarter. Morgan Stanley now owns 2,996,833 shares of the information technology services provider’s stock valued at $23,406,000 after purchasing an additional 383,499 shares during the last quarter. Wells Fargo & Company MN increased its stake in Wipro by 26.0% in the second quarter. Wells Fargo & Company MN now owns 188,787 shares of the information technology services provider’s stock valued at $1,475,000 after purchasing an additional 38,988 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Wipro by 6.8% in the third quarter. Dimensional Fund Advisors LP now owns 82,362 shares of the information technology services provider’s stock valued at $727,000 after purchasing an additional 5,209 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Wipro by 5.4% in the third quarter. Bank of New York Mellon Corp now owns 53,121 shares of the information technology services provider’s stock valued at $468,000 after purchasing an additional 2,743 shares during the last quarter. Institutional investors own 2.30% of the company’s stock.
Wipro Ltd. is a global information technology, consulting and outsourcing company, which engages in the development and integration of solutions. It operates through the Information Technology Services, India State Run Enterprise (ISRE), and Information Technology Products segments. The Information Technology Services segment provides a range of IT and IT-enabled services, which include digital strategy advisory, customer-centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, global infrastructure services, analytics services, business process services, research and development, and hardware and software design to enterprises worldwide.
Featured Story: What causes a stock to be most active?
Receive News & Ratings for Wipro Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wipro and related companies with MarketBeat.com's FREE daily email newsletter.