Wipro Limited (NYSE:WIT) Upgraded by BidaskClub to “Buy”
Wipro Limited (NYSE:WIT) was upgraded by investment analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, July 5th.
A number of other brokerages have also commented on WIT. Zacks Investment Research raised Wipro Limited from a “sell” rating to a “hold” rating in a research note on Saturday, March 18th. Jefferies Group LLC lowered Wipro Limited from a “hold” rating to an “underperform” rating in a research note on Tuesday, June 6th. Finally, TheStreet raised Wipro Limited from a “c+” rating to a “b-” rating in a research note on Friday, March 17th. Four investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $140.63.
Shares of Wipro Limited (NYSE:WIT) traded down 1.27% during mid-day trading on Wednesday, reaching $6.22. The company’s stock had a trading volume of 1,336,152 shares. The firm has a market cap of $30.10 billion, a PE ratio of 22.78 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 company has a 50-day moving average of $5.41 and a 200-day moving average of $5.09.
Wipro Limited (NYSE:WIT) last announced its quarterly earnings results on Thursday, July 20th. The information technology services provider reported $0.07 EPS for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.01. Wipro Limited had a return on equity of 16.53% and a net margin of 15.46%. The firm had revenue of $2.11 billion for the quarter, compared to analyst estimates of $2.05 billion. On average, analysts predict that Wipro Limited will post $0.27 earnings per share for the current year.
Wipro Limited declared that its board has approved a share buyback program on Thursday, July 20th that authorizes the company to repurchase $1.70 billion in outstanding shares. This repurchase authorization authorizes the information technology services provider to purchase up to 6.1% of its shares through a tender offer. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
ILLEGAL ACTIVITY NOTICE: “Wipro Limited (NYSE:WIT) Upgraded by BidaskClub to “Buy”” was first published by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are accessing this piece of content on another site, it was copied illegally and reposted in violation of US and international copyright and trademark law. The original version of this piece of content can be viewed at https://www.thecerbatgem.com/2017/08/04/wipro-limited-nysewit-raised-to-buy-at-bidaskclub-updated-updated-updated.html.
Institutional investors have recently bought and sold shares of the company. 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 worth $8,878,000 after buying an additional 91,544 shares in the last quarter. Credit Suisse AG raised its position in Wipro Limited by 29.3% in the first quarter. Credit Suisse AG now owns 1,916,419 shares of the information technology services provider’s stock worth $19,605,000 after buying an additional 434,217 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new position in Wipro Limited during the fourth quarter worth approximately $683,000. Comerica Bank raised its position in Wipro Limited by 11.0% in the fourth quarter. Comerica Bank now owns 138,125 shares of the information technology services provider’s stock worth $1,348,000 after buying an additional 13,657 shares in the last quarter. Finally, Eqis Capital Management Inc. raised its position in Wipro Limited by 86.7% in the second quarter. Eqis Capital Management Inc. now owns 140,889 shares of the information technology services provider’s stock worth $733,000 after buying an additional 65,443 shares in the last quarter. 1.36% of the stock is currently owned by institutional investors.
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.
Receive News & Stock Ratings for Wipro Limited Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wipro Limited and related stocks with our FREE daily email newsletter.