Greenleaf Trust increased its stake in shares of Wipro Limited (NYSE:WIT) by 360.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 63,428 shares of the information technology services provider’s stock after buying an additional 49,651 shares during the period. Greenleaf Trust’s holdings in Wipro Limited were worth $330,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Russell Investments Group Ltd. purchased a new stake in Wipro Limited during the fourth quarter valued at about $967,000. State Street Corp raised its position in shares of Wipro Limited by 3.3% in the fourth quarter. State Street Corp now owns 2,642,394 shares of the information technology services provider’s stock valued at $25,581,000 after buying an additional 85,219 shares during the period. Highbridge Capital Management LLC raised its position in shares of Wipro Limited by 0.8% in the fourth quarter. Highbridge Capital Management LLC now owns 41,915 shares of the information technology services provider’s stock valued at $406,000 after buying an additional 315 shares during the period. Fulton Bank N.A. raised its position in shares of Wipro Limited by 2.5% in the first quarter. Fulton Bank N.A. now owns 34,709 shares of the information technology services provider’s stock valued at $355,000 after buying an additional 858 shares during the period. Finally, Capstone Asset Management Co. raised its position in shares of Wipro Limited by 5.8% in the first quarter. Capstone Asset Management Co. now owns 55,567 shares of the information technology services provider’s stock valued at $568,000 after buying an additional 3,070 shares during the period. Institutional investors and hedge funds own 1.37% of the company’s stock.
Shares of Wipro Limited (WIT) traded up 1.064% during trading on Tuesday, hitting $6.175. 487,269 shares of the stock were exchanged. The company has a market cap of $29.88 billion, a price-to-earnings ratio of 22.619 and a beta of 0.87. The firm has a 50 day moving average of $5.41 and a 200-day moving average of $5.09. Wipro Limited has a 12-month low of $4.50 and a 12-month high of $6.40.
Wipro Limited (NYSE:WIT) last released its earnings results on Thursday, July 20th. The information technology services provider reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.01. The company had revenue of $2.11 billion during the quarter, compared to the consensus estimate of $2.05 billion. Wipro Limited had a return on equity of 16.53% and a net margin of 15.46%. On average, analysts forecast that Wipro Limited will post $0.27 earnings per share for the current year.
Wipro Limited declared that its board has initiated a share repurchase plan on Thursday, July 20th that allows the company to repurchase $1.70 billion in shares. This repurchase authorization allows the information technology services provider to purchase up to 6.1% of its shares through a tender offer. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
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WIT has been the subject of several recent research reports. Zacks Investment Research lowered shares of Wipro Limited from a “hold” rating to a “sell” rating in a research note on Friday, April 28th. BidaskClub downgraded shares of Wipro Limited from a “hold” rating to a “sell” rating in a research note on Tuesday, June 20th. Jefferies Group LLC downgraded shares of Wipro Limited from a “hold” rating to an “underperform” rating in a research note on Tuesday, June 6th. Finally, Bank of America Corporation lifted their price target on shares of Wipro Limited from $250.00 to $277.00 and gave the stock a “neutral” rating in a research note on Friday, July 21st. Four investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus 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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