Wells Fargo & Company MN lifted its position in shares of Wipro Limited (NYSE:WIT) by 106.1% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,788,102 shares of the information technology services provider’s stock after acquiring an additional 920,308 shares during the quarter. Wells Fargo & Company MN’s holdings in Wipro Limited were worth $9,298,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Mitsubishi UFJ Trust & Banking Corp raised its position in shares of Wipro Limited by 214.1% during the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 501,652 shares of the information technology services provider’s stock worth $2,609,000 after acquiring an additional 341,958 shares during the last quarter. Credit Suisse AG raised its position in shares of Wipro Limited by 29.3% during the first quarter. Credit Suisse AG now owns 1,916,419 shares of the information technology services provider’s stock worth $19,605,000 after acquiring an additional 434,217 shares during the last quarter. Eqis Capital Management Inc. raised its position in shares of Wipro Limited by 86.7% during the second quarter. Eqis Capital Management Inc. now owns 140,889 shares of the information technology services provider’s stock worth $733,000 after acquiring an additional 65,443 shares during the last quarter. UBS Asset Management Americas Inc. raised its position in shares of Wipro Limited by 277.1% during the first quarter. UBS Asset Management Americas Inc. now owns 115,133 shares of the information technology services provider’s stock worth $1,178,000 after acquiring an additional 84,600 shares during the last quarter. Finally, Conning Inc. bought a new stake in shares of Wipro Limited during the second quarter worth $104,000. Institutional investors own 2.48% of the company’s stock.

ILLEGAL ACTIVITY WARNING: This story was first published by Watch List News and is owned by of Watch List News. If you are reading this story on another site, it was illegally copied and reposted in violation of U.S. & international copyright law. The correct version of this story can be read at https://www.watchlistnews.com/wells-fargo-company-mn-purchases-920308-shares-of-wipro-limited-wit/1611773.html.

A number of equities research analysts have recently weighed in on the company. BidaskClub downgraded Wipro Limited from a “buy” rating to a “hold” rating in a research report on Saturday, June 10th. Bank of America Corporation boosted their target price on Wipro Limited from $250.00 to $277.00 and gave the stock a “neutral” rating in a research report on Friday, July 21st. Zacks Investment Research upgraded Wipro Limited from a “sell” rating to a “hold” rating in a research report on Tuesday, July 25th. BNP Paribas downgraded Wipro Limited from a “hold” rating to a “reduce” rating in a research report on Thursday, September 14th. Finally, Goldman Sachs Group, Inc. (The) downgraded Wipro Limited from a “neutral” rating to a “sell” rating in a research report on Sunday, September 17th. Four analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. Wipro Limited currently has a consensus rating of “Hold” and a consensus price target of $277.00.

Shares of Wipro Limited (WIT) opened at 5.50 on Friday. The company has a market cap of $26.61 billion, a P/E ratio of 20.07 and a beta of 0.83. 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 price is $5.82 and its 200-day moving average price is $5.44.

Wipro Limited (NYSE:WIT) last announced its quarterly earnings results on Thursday, July 20th. The information technology services provider reported $0.07 EPS for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.01. The company had revenue of $2.11 billion during the quarter, compared to analysts’ expectations of $2.05 billion. Wipro Limited had a return on equity of 16.53% and a net margin of 15.46%. Equities analysts expect that Wipro Limited will post $0.28 EPS for the current year.

Wipro Limited declared that its Board of Directors has initiated a stock buyback program on Thursday, July 20th that authorizes the company to buyback $1.70 billion in shares. This buyback authorization authorizes the information technology services provider to repurchase up to 6.1% of its shares through a tender offer. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Wipro Limited Company 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.

Institutional Ownership by Quarter for Wipro Limited (NYSE:WIT)

Receive News & Ratings for Wipro Limited Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wipro Limited and related companies with Analyst Ratings Network's FREE daily email newsletter.