Wipro (NYSE:WIT) Stock Rating Upgraded by StockNews.com

by · The Markets Daily

Wipro (NYSE:WIT – Get Free Report) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Wednesday.

Separately, Investec cut Wipro from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. Three investment analysts have rated the stock with a sell rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Wipro presently has an average rating of “Hold” and an average target price of $5.60.

Get Our Latest Stock Report on WIT

Wipro Stock Up 1.5 %

Shares of WIT opened at $7.23 on Wednesday. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 0.08. The firm has a market cap of $37.75 billion, a P/E ratio of 26.76, a price-to-earnings-growth ratio of 4.79 and a beta of 0.92. The company’s 50-day moving average price is $6.70 and its 200 day moving average price is $6.26. Wipro has a 12-month low of $4.91 and a 12-month high of $7.28.

Wipro shares are scheduled to split before the market opens on Wednesday, December 11th. The 2-1 split was announced on Tuesday, October 22nd. The newly minted shares will be payable to shareholders after the market closes on Tuesday, December 10th.

Wipro (NYSE:WIT – Get Free Report) last posted its quarterly earnings data on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.07. The firm had revenue of $2.66 billion during the quarter, compared to analysts’ expectations of $2.66 billion. Wipro had a net margin of 13.23% and a return on equity of 14.98%. On average, sell-side analysts forecast that Wipro will post 0.27 earnings per share for the current year.

Institutional Investors Weigh In On Wipro

A number of hedge funds have recently added to or reduced their stakes in WIT. QRG Capital Management Inc. increased its position in shares of Wipro by 6.9% during the second quarter. QRG Capital Management Inc. now owns 25,836 shares of the information technology services provider’s stock worth $158,000 after acquiring an additional 1,665 shares during the period. Dynamic Advisor Solutions LLC increased its holdings in Wipro by 13.6% during the 2nd quarter. Dynamic Advisor Solutions LLC now owns 14,091 shares of the information technology services provider’s stock worth $86,000 after purchasing an additional 1,692 shares during the period. Glenmede Trust Co. NA raised its position in Wipro by 4.9% in the 3rd quarter. Glenmede Trust Co. NA now owns 37,327 shares of the information technology services provider’s stock valued at $242,000 after purchasing an additional 1,746 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Wipro by 16.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 14,686 shares of the information technology services provider’s stock valued at $90,000 after buying an additional 2,104 shares during the period. Finally, CWM LLC grew its position in shares of Wipro by 11.8% during the second quarter. CWM LLC now owns 20,621 shares of the information technology services provider’s stock worth $126,000 after buying an additional 2,178 shares in the last quarter. 2.36% of the stock is currently owned by institutional investors and hedge funds.

Wipro Company Profile

(Get Free Report)

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through IT Services and IT Products segments. The IT Services segment offers IT and IT-enabled services, including digital strategy advisory, customer-centric design, technology and IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, cloud and infrastructure, business process, cloud, mobility and analytics, research and development, and hardware and software design services to enterprises.

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