Baillie Gifford & Co. Boosts Stake in Wipro Limited (WIT)
Baillie Gifford & Co. increased its holdings in Wipro Limited (NYSE:WIT) by 68.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 589,766 shares of the information technology services provider’s stock after purchasing an additional 240,601 shares during the quarter. Baillie Gifford & Co.’s holdings in Wipro Limited were worth $3,067,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also modified their holdings of the company. Wells Fargo & Company MN raised its position in Wipro Limited by 11.8% in the 1st quarter. Wells Fargo & Company MN now owns 867,794 shares of the information technology services provider’s stock worth $8,878,000 after purchasing an additional 91,544 shares during the period. Credit Suisse AG raised its position in Wipro Limited by 29.3% in the 1st quarter. Credit Suisse AG now owns 1,916,419 shares of the information technology services provider’s stock worth $19,605,000 after purchasing an additional 434,217 shares during the period. Eqis Capital Management Inc. raised its position in Wipro Limited by 86.7% in the 2nd quarter. Eqis Capital Management Inc. now owns 140,889 shares of the information technology services provider’s stock worth $733,000 after purchasing an additional 65,443 shares during the period. UBS Asset Management Americas Inc. raised its position in Wipro Limited by 277.1% in the 1st quarter. UBS Asset Management Americas Inc. now owns 115,133 shares of the information technology services provider’s stock worth $1,178,000 after purchasing an additional 84,600 shares during the period. Finally, Conning Inc. purchased a new position in Wipro Limited in the 2nd quarter worth $104,000. Institutional investors own 2.48% of the company’s stock.
A number of equities analysts recently commented on WIT shares. Jefferies Group LLC cut shares of Wipro Limited from a “hold” rating to an “underperform” rating in a research report on Tuesday, June 6th. BidaskClub cut shares of Wipro Limited from a “buy” rating to a “hold” rating in a research report on Saturday, June 10th. Zacks Investment Research cut shares of Wipro Limited from a “hold” rating to a “sell” rating in a research report on Wednesday, June 14th. Finally, Bank of America Corporation lifted their target price on shares of Wipro Limited from $250.00 to $277.00 and gave the stock a “neutral” rating in a research report on Friday, July 21st. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. Wipro Limited currently has an average rating of “Hold” and an average target price of $141.88.
Wipro Limited (WIT) opened at 5.98 on Tuesday. Wipro Limited has a 12 month low of $4.50 and a 12 month high of $6.40. The stock has a market cap of $28.94 billion, a PE ratio of 21.90 and a beta of 0.89. The company has a 50-day moving average of $6.07 and a 200-day moving average of $5.35.
Wipro Limited (NYSE:WIT) last released its quarterly earnings data on Thursday, July 20th. The information technology services provider reported $0.07 EPS for the quarter, beating the Thomson Reuters’ 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 during the quarter, compared to analyst estimates of $2.05 billion. On average, equities analysts forecast that Wipro Limited will post $0.27 EPS for the current fiscal year.
Wipro Limited declared that its board has approved a stock buyback plan on Thursday, July 20th that allows the company to buyback $1.70 billion in shares. This buyback authorization allows 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 leadership believes its shares are undervalued.
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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