Ameriprise Financial Inc. Grows Holdings in Wipro Limited (WIT)
Ameriprise Financial Inc. raised its stake in Wipro Limited (NYSE:WIT) by 146.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 104,021 shares of the information technology services provider’s stock after purchasing an additional 61,794 shares during the quarter. Ameriprise Financial Inc.’s holdings in Wipro Limited were worth $541,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Conning Inc. purchased a new position in Wipro Limited in the second quarter valued at about $104,000. Legal & General Group Plc raised its position in 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 valued at $118,000 after purchasing an additional 11,360 shares during the period. Ronald Blue & Co. LLC purchased a new position in Wipro Limited in the second quarter valued at about $122,000. SG Americas Securities LLC purchased a new position in Wipro Limited in the second quarter valued at about $132,000. Finally, Brandes Investment Partners LP raised its position in Wipro Limited by 100.0% in the second quarter. Brandes Investment Partners LP now owns 27,004 shares of the information technology services provider’s stock valued at $140,000 after purchasing an additional 13,502 shares during the period. 2.50% of the stock is currently owned by institutional investors.
Shares of Wipro Limited (WIT) opened at $5.03 on Monday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.52 and a current ratio of 2.53. The firm has a market capitalization of $24,454.85, a PE ratio of 18.29, a PEG ratio of 2.33 and a beta of 0.73. Wipro Limited has a 52 week low of $4.50 and a 52 week high of $6.40.
Wipro Limited (NYSE:WIT) last announced its earnings results on Tuesday, October 17th. The information technology services provider reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.01. The company had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2.17 billion. Wipro Limited had a return on equity of 16.14% and a net margin of 15.77%. sell-side analysts predict that Wipro Limited will post 0.27 EPS for the current fiscal year.
Wipro Limited announced that its Board of Directors has authorized a stock repurchase 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 purchase up to 6.1% of its stock through a tender offer. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
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Several research analysts have commented on WIT shares. Bank of America Corporation raised their price objective on Wipro Limited from $250.00 to $277.00 and gave the company a “neutral” rating in a research report on Friday, July 21st. Zacks Investment Research raised Wipro Limited from a “sell” rating to a “hold” rating in a research report on Tuesday, July 25th. BidaskClub raised Wipro Limited from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 4th. BNP Paribas lowered Wipro Limited from a “hold” rating to a “reduce” rating in a research report on Thursday, September 14th. Finally, Goldman Sachs Group, Inc. (The) lowered Wipro Limited from a “neutral” rating to a “sell” rating in a research report on Sunday, September 17th. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the stock. Wipro Limited has an average rating of “Hold” and an average price target of $141.50.
Wipro Limited 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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