Legal & General Group Plc held its position in shares of Wipro Limited (NYSE:WIT) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,360 shares of the information technology services provider’s stock at the end of the first quarter. Legal & General Group Plc’s holdings in Wipro Limited were worth $116,000 as of its most recent filing with the SEC.
Several other institutional investors also recently modified their holdings of WIT. Renaissance Group LLC raised its position in shares of Wipro Limited by 10.6% in the first quarter. Renaissance Group LLC now owns 1,223,491 shares of the information technology services provider’s stock worth $12,516,000 after buying an additional 117,378 shares in the last quarter. First Trust Advisors LP raised its position in Wipro Limited by 22.8% in the first quarter. First Trust Advisors LP now owns 1,598,557 shares of the information technology services provider’s stock valued at $16,353,000 after buying an additional 297,303 shares during the period. LSV Asset Management raised its position in Wipro Limited by 275.4% in the first quarter. LSV Asset Management now owns 591,700 shares of the information technology services provider’s stock valued at $6,053,000 after buying an additional 434,100 shares during the period. Wells Fargo & Company MN raised its position in Wipro Limited by 11.8% in the first quarter. Wells Fargo & Company MN now owns 867,794 shares of the information technology services provider’s stock valued at $8,878,000 after buying an additional 91,544 shares during the period. Finally, Greenleaf Trust acquired a new position in Wipro Limited during the first quarter valued at approximately $141,000. Hedge funds and other institutional investors own 1.52% of the company’s stock.
Shares of Wipro Limited (NYSE:WIT) remained flat at $5.96 during midday trading on Friday. 1,332,221 shares of the company’s stock traded hands. The company has a 50-day moving average of $5.82 and a 200 day moving average of $5.21. Wipro Limited has a 12 month low of $4.50 and a 12 month high of $6.40. The company has a market cap of $28.84 billion, a PE ratio of 21.67 and a beta of 0.87.
Wipro Limited (NYSE:WIT) last announced its earnings results on Thursday, July 20th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.01. The company had revenue of $2.11 billion for the quarter, compared to analysts’ expectations of $2.05 billion. Wipro Limited had a net margin of 15.46% and a return on equity of 16.53%. On average, equities analysts predict that Wipro Limited will post $0.27 earnings per share for the current fiscal year.
Wipro Limited declared that its Board of Directors has authorized a stock repurchase plan on Thursday, July 20th that permits the company to buyback $1.70 billion in outstanding shares. This buyback authorization permits the information technology services provider to buy up to 6.1% of its shares through a tender offer. Shares buyback plans are generally an indication that the company’s management believes its stock is undervalued.
WIT has been the subject of several research reports. BidaskClub lowered shares of Wipro Limited from a “hold” rating to a “sell” rating in a research report on Tuesday, June 20th. Zacks Investment Research lowered shares of Wipro Limited from a “hold” rating to a “sell” rating in a research report on Friday, April 28th. Finally, Jefferies Group LLC lowered shares of 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 assigned a hold rating and one has given a strong buy rating to the stock. Wipro Limited presently has a consensus rating of “Hold” and a consensus price target of $140.63.
About Wipro Limited
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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