Wipro Limited (NYSE:WIT) had its target price upped by Bank of America Corporation from $250.00 to $277.00 in a report issued on Friday, July 21st. The brokerage currently has a “neutral” rating on the information technology services provider’s stock.
A number of other brokerages have also recently commented on WIT. BidaskClub cut Wipro Limited from a “hold” rating to a “sell” rating in a report on Tuesday, June 20th. Zacks Investment Research lowered Wipro Limited from a “hold” rating to a “sell” rating in a research report on Friday, April 28th. Finally, Jefferies Group LLC lowered Wipro Limited from a “hold” rating to an “underperform” rating in a research report on Tuesday, June 6th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $140.63.
Wipro Limited (NYSE WIT) opened at 6.13 on Friday. The stock has a market cap of $29.66 billion, a PE ratio of 22.37 and a beta of 0.87. Wipro Limited has a 12-month low of $4.50 and a 12-month high of $6.40. The firm’s 50-day moving average price is $5.74 and its 200 day moving average price is $5.19.
Wipro Limited (NYSE:WIT) last announced its earnings results on Thursday, July 20th. The information technology services provider reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.01. Wipro Limited had a return on equity of 16.53% and a net margin of 15.46%. The business had revenue of $2.11 billion during the quarter, compared to analysts’ expectations of $2.05 billion. Analysts anticipate that Wipro Limited will post $0.27 EPS for the current year.
Wipro Limited declared that its Board of Directors has authorized a stock repurchase program on Thursday, July 20th that allows the company to repurchase $1.70 billion in shares. This repurchase authorization allows the information technology services provider to repurchase up to 6.1% of its stock through a tender offer. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.
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Hedge funds and other institutional investors have recently modified their holdings of the company. Atria Investments LLC raised its position in shares of Wipro Limited by 1.0% in the first quarter. Atria Investments LLC now owns 15,361 shares of the information technology services provider’s stock valued at $157,000 after buying an additional 151 shares during the last quarter. Highbridge Capital Management LLC raised its position in shares of Wipro Limited by 0.8% in the fourth quarter. Highbridge Capital Management LLC now owns 41,915 shares of the information technology services provider’s stock valued at $406,000 after buying an additional 315 shares during the last quarter. Fulton Bank N.A. raised its position in shares of Wipro Limited by 2.5% in the first quarter. Fulton Bank N.A. now owns 34,709 shares of the information technology services provider’s stock valued at $355,000 after buying an additional 858 shares during the last quarter. Comerica Bank boosted its position in Wipro Limited by 1.1% in the first quarter. Comerica Bank now owns 139,602 shares of the information technology services provider’s stock worth $1,372,000 after buying an additional 1,477 shares during the period. Finally, World Asset Management Inc boosted its position in Wipro Limited by 1.1% in the first quarter. World Asset Management Inc now owns 151,892 shares of the information technology services provider’s stock worth $1,554,000 after buying an additional 1,651 shares during the period. Institutional investors own 1.52% of the company’s stock.
Wipro Limited Company Profile
Wipro Limited (Wipro) is a global information technology (IT) services provider. It operates through two segments: IT Services and IT Products. The Company’s IT Services business 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.
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