Wipro Limited (NYSE:WIT) Position Lowered by Bank of New York Mellon Corp
Bank of New York Mellon Corp reduced its position in shares of Wipro Limited (NYSE:WIT) by 7.7% during the first quarter, Holdings Channel reports. The institutional investor owned 15,927 shares of the information technology services provider’s stock after selling 1,326 shares during the period. Bank of New York Mellon Corp’s holdings in Wipro Limited were worth $163,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. First Trust Advisors LP increased its position in Wipro Limited by 22.8% in the first quarter. First Trust Advisors LP now owns 1,598,557 shares of the information technology services provider’s stock worth $16,353,000 after buying an additional 297,303 shares during the period. LSV Asset Management increased its position in Wipro Limited by 275.4% in the first quarter. LSV Asset Management now owns 591,700 shares of the information technology services provider’s stock worth $6,053,000 after buying an additional 434,100 shares during the period. Wells Fargo & Company MN increased its position in Wipro Limited by 11.8% in the first quarter. Wells Fargo & Company MN now owns 867,794 shares of the information technology services provider’s stock worth $8,878,000 after buying an additional 91,544 shares during the period. Greenleaf Trust purchased a new position in Wipro Limited during the first quarter worth $141,000. Finally, Wetherby Asset Management Inc. increased its position in Wipro Limited by 8.6% in the first quarter. Wetherby Asset Management Inc. now owns 54,450 shares of the information technology services provider’s stock worth $557,000 after buying an additional 4,319 shares during the period. 1.37% of the stock is currently owned by institutional investors.
Shares of Wipro Limited (NYSE:WIT) traded up 0.734% during mid-day trading on Friday, hitting $6.175. The stock had a trading volume of 140,583 shares. Wipro Limited has a 52-week low of $4.50 and a 52-week high of $6.40. The firm has a market cap of $29.88 billion, a PE ratio of 22.536 and a beta of 0.87. The stock’s 50-day moving average price is $5.65 and its 200-day moving average price is $5.15.
Wipro Limited (NYSE:WIT) last released its earnings results on Thursday, July 20th. The information technology services provider reported $0.07 earnings per share (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 firm had revenue of $2.11 billion during the quarter, compared to analyst estimates of $2.05 billion. On average, analysts anticipate that Wipro Limited will post $0.27 earnings per share for the current fiscal year.
Wipro Limited declared that its board has initiated 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 purchase up to 6.1% of its stock through a tender offer. Stock buyback plans are typically a sign that the company’s board believes its shares are undervalued.
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A number of research firms recently weighed in on WIT. Bank of America Corporation upped their price target on Wipro Limited from $250.00 to $277.00 and gave the stock a “neutral” rating in a research note on Friday, July 21st. BidaskClub raised Wipro Limited from a “hold” rating to a “buy” rating in a research note on Wednesday, July 5th. Zacks Investment Research raised Wipro Limited from a “sell” rating to a “hold” rating in a research note on Wednesday, June 28th. Finally, Jefferies Group LLC downgraded Wipro Limited from a “hold” rating to an “underperform” rating in a research note on Tuesday, June 6th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price 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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