Wipro Limited (NYSE:WIT) Announces $0.01 Annual Dividend

Wipro Limited (NYSE:WIT) declared 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 of this dividend 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% indicating that its dividend is sufficiently covered by earnings. 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%.

WIT stock traded down $0.05 during midday trading on Friday, reaching $8.58. 4,875,827 shares of the company traded hands, compared to its average volume of 3,224,723. Wipro has a 52-week low of $6.09 and a 52-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 business has a 50 day moving average of $9.04 and a 200-day moving average of $8.91. The firm has a market capitalization 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 (NYSE:WIT) last released its earnings results on Tuesday, January 11th. The information technology services provider reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.01). Wipro had a net margin of 16.25% and a return on equity of 20.50%. During the same period in the prior year, the firm posted $0.07 EPS. Research analysts anticipate that Wipro will post 0.3 earnings per share for the current year.

Several large investors have recently made changes to their positions in the company. Morgan Stanley grew its position in Wipro by 14.7% during the second quarter. Morgan Stanley now owns 2,996,833 shares of the information technology services provider’s stock worth $23,406,000 after buying an additional 383,499 shares during the period. Wells Fargo & Company MN boosted its position in Wipro by 26.0% during the second quarter. Wells Fargo & Company MN now owns 188,787 shares of the information technology services provider’s stock worth $1,475,000 after acquiring an additional 38,988 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Wipro by 6.8% during the third quarter. Dimensional Fund Advisors LP now owns 82,362 shares of the information technology services provider’s stock worth $727,000 after acquiring an additional 5,209 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Wipro by 5.4% during the third quarter. Bank of New York Mellon Corp now owns 53,121 shares of the information technology services provider’s stock worth $468,000 after purchasing an additional 2,743 shares during the period. 2.30% of the stock is owned by institutional investors and hedge funds.

A number of brokerages recently issued reports on WIT. JPMorgan Chase & Co. upgraded Wipro from an “underweight” rating to a “neutral” rating in a research note on Thursday, September 30th. Morgan Stanley upgraded Wipro from an “underweight” rating to an “equal weight” rating in a report on Thursday, October 14th. Finally, Zacks Investment Research upgraded Wipro from a “hold” rating to a “buy” rating and set a $11.00 price objective on the stock in a report on Thursday. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Wipro has an average rating of “Hold” and an average price target of $8.62.

About Wipro

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.

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Dividend History for Wipro (NYSE:WIT)

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