Zurcher Kantonalbank Zurich Cantonalbank Has $11.88 Million Position in Wipro Limited (WIT)
Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Wipro Limited (NYSE:WIT) by 95.6% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 2,284,910 shares of the information technology services provider’s stock after buying an additional 1,117,016 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Wipro Limited were worth $11,882,000 at the end of the most recent quarter.
Other large investors have also bought and sold shares of the company. First Trust Advisors LP boosted its stake in Wipro Limited by 175.0% in the second quarter. First Trust Advisors LP now owns 4,396,755 shares of the information technology services provider’s stock valued at $22,863,000 after buying an additional 2,798,198 shares during the last quarter. Fisher Asset Management LLC boosted its stake in Wipro Limited by 108.6% in the second quarter. Fisher Asset Management LLC now owns 3,947,292 shares of the information technology services provider’s stock valued at $20,526,000 after buying an additional 2,055,196 shares during the last quarter. Aperio Group LLC boosted its stake in Wipro Limited by 134.2% in the second quarter. Aperio Group LLC now owns 2,938,621 shares of the information technology services provider’s stock valued at $15,281,000 after buying an additional 1,683,716 shares during the last quarter. Prudential Financial Inc. boosted its stake in Wipro Limited by 152.0% in the second quarter. Prudential Financial Inc. now owns 2,593,390 shares of the information technology services provider’s stock valued at $13,486,000 after buying an additional 1,564,315 shares during the last quarter. Finally, Karp Capital Management Corp purchased a new stake in Wipro Limited during the first quarter valued at about $12,838,000. Hedge funds and other institutional investors own 2.48% of the company’s stock.
Shares of Wipro Limited (NYSE:WIT) opened at 5.92 on Wednesday. The stock has a market cap of $28.65 billion, a price-to-earnings ratio of 21.53 and a beta of 0.87. Wipro Limited has a 52-week low of $4.50 and a 52-week high of $6.40. The stock’s 50 day moving average is $5.91 and its 200 day moving average is $5.26.
Wipro Limited (NYSE:WIT) last released its quarterly earnings results on Thursday, July 20th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.01. Wipro Limited had a net margin of 15.46% and a return on equity of 16.53%. The business had revenue of $2.11 billion for the quarter, compared to analyst estimates of $2.05 billion. On average, equities analysts expect that Wipro Limited will post $0.27 earnings per share for the current fiscal year.
Wipro Limited announced that its board has initiated a share buyback 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 reacquire up to 6.1% of its stock through a tender offer. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
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Several research firms recently issued reports on WIT. Bank of America Corporation lifted their price objective on Wipro Limited from $250.00 to $277.00 and gave the stock a “neutral” rating in a report on Friday, July 21st. BidaskClub upgraded Wipro Limited from a “hold” rating to a “buy” rating in a report on Wednesday, July 5th. Zacks Investment Research upgraded Wipro Limited from a “sell” rating to a “hold” rating in a report on Wednesday, June 28th. Finally, Jefferies Group LLC cut Wipro Limited from a “hold” rating to an “underperform” rating in a report on Tuesday, June 6th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average 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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