Migdal Insurance & Financial Holdings Ltd. Makes New $562,000 Investment in Wipro Limited $WIT

Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Wipro Limited (NYSE:WIT) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 213,752 shares of the information technology services provider’s stock, valued at approximately $562,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in WIT. Walkner Condon Financial Advisors LLC purchased a new stake in shares of Wipro during the third quarter valued at about $27,000. Vest Financial LLC bought a new position in shares of Wipro during the 2nd quarter worth approximately $31,000. Curi Capital LLC purchased a new stake in Wipro during the second quarter valued at approximately $31,000. Haven Private LLC acquired a new stake in Wipro in the second quarter valued at approximately $39,000. Finally, CW Advisors LLC purchased a new position in Wipro in the second quarter worth $39,000. Hedge funds and other institutional investors own 2.36% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on WIT. CLSA lowered Wipro from an “outperform” rating to a “hold” rating in a research report on Monday, October 20th. Weiss Ratings restated a “hold (c)” rating on shares of Wipro in a report on Thursday, October 30th. Finally, Morgan Stanley lowered shares of Wipro to an “underweight” rating in a research report on Monday. Two investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce”.

Wipro Trading Up 0.2%

Shares of NYSE:WIT opened at $2.61 on Thursday. Wipro Limited has a twelve month low of $2.55 and a twelve month high of $3.79. The company has a market cap of $27.28 billion, a PE ratio of 18.61, a price-to-earnings-growth ratio of 10.37 and a beta of 1.03. The company’s 50 day moving average is $2.81 and its 200 day moving average is $2.77.

Wipro (NYSE:WIT) last issued its earnings results on Wednesday, January 21st. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.04. The firm had revenue of $2.62 billion during the quarter, compared to analysts’ expectations of $2.63 billion. Wipro had a net margin of 14.61% and a return on equity of 15.40%. Equities research analysts predict that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

About Wipro

Wipro Limited (NYSE: WIT) is an Indian multinational corporation that provides information technology, consulting and business process services. Headquartered in Bengaluru, India, the company traces its origins to 1945 when it was founded as Western India Vegetable Products and later diversified into technology and IT services. Today Wipro positions itself as a provider of enterprise IT solutions and digital transformation services for large and mid-sized organizations across multiple industries.

The company’s service portfolio includes application development and maintenance, cloud and infrastructure services, data analytics and AI, cybersecurity, digital consulting, product engineering and research and development, as well as business process services.