Comerica Bank lifted its position in Wipro Limited (NYSE:WIT) by 87.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 261,330 shares of the information technology services provider’s stock after purchasing an additional 121,728 shares during the period. Comerica Bank’s holdings in Wipro Limited were worth $1,571,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Conning Inc. purchased a new stake in shares of Wipro Limited in the second quarter worth $104,000. Signaturefd LLC purchased a new stake in shares of Wipro Limited in the first quarter worth $115,000. Legal & General Group Plc increased its stake in shares of Wipro Limited by 100.0% in the second quarter. Legal & General Group Plc now owns 22,720 shares of the information technology services provider’s stock worth $118,000 after purchasing an additional 11,360 shares in the last quarter. Teza Capital Management LLC purchased a new stake in shares of Wipro Limited in the first quarter worth $122,000. Finally, Ronald Blue & Co. LLC purchased a new stake in shares of Wipro Limited in the second quarter worth $122,000. 2.48% of the stock is owned by hedge funds and other institutional investors.
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Wipro Limited (NYSE WIT) opened at 5.97 on Wednesday. The company’s 50-day moving average is $6.06 and its 200 day moving average is $5.35. Wipro Limited has a 1-year low of $4.50 and a 1-year high of $6.40. The stock has a market capitalization of $28.89 billion, a PE ratio of 21.87 and a beta of 0.89.
Wipro Limited (NYSE:WIT) last issued its quarterly earnings results on Thursday, July 20th. The information technology services provider reported $0.07 EPS for the quarter, topping the consensus estimate of $0.06 by $0.01. The company had revenue of $2.11 billion during the quarter, compared to analyst estimates of $2.05 billion. Wipro Limited had a net margin of 15.46% and a return on equity of 16.53%. Equities analysts predict that Wipro Limited will post $0.27 earnings per share for the current year.
Wipro Limited announced that its Board of Directors has approved a stock repurchase program on Thursday, July 20th that authorizes the company to repurchase $1.70 billion in shares. This repurchase authorization authorizes the information technology services provider to buy up to 6.1% of its shares through a tender offer. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.
WIT has been the subject of a number of analyst reports. BidaskClub cut shares of Wipro Limited from a “hold” rating to a “sell” rating in a research note on Tuesday, June 20th. Zacks Investment Research raised shares of Wipro Limited from a “hold” rating to a “buy” rating in a research note on Thursday, September 7th. Finally, Jefferies Group LLC cut shares of Wipro Limited from a “hold” rating to an “underperform” rating in a research note on Tuesday, June 6th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $277.00.
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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