United Services Automobile Association increased its stake in shares of Wipro Limited (NYSE:WIT) by 13.9% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 14,558 shares of the information technology services provider’s stock after buying an additional 1,773 shares during the period. United Services Automobile Association’s holdings in Wipro Limited were worth $149,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in the stock. Fox Run Management L.L.C. acquired a new position in Wipro Limited during the first quarter valued at $109,000. Teza Capital Management LLC acquired a new position in Wipro Limited during the first quarter valued at $122,000. Nationwide Fund Advisors acquired a new position in Wipro Limited during the first quarter valued at $136,000. Brandes Investment Partners LP acquired a new position in Wipro Limited during the first quarter valued at $138,000. Finally, Greenleaf Trust acquired a new position in Wipro Limited during the first quarter valued at $141,000. Hedge funds and other institutional investors own 1.28% of the company’s stock.
Shares of Wipro Limited (WIT) opened at 6.05 on Monday. Wipro Limited has a one year low of $4.50 and a one year high of $6.14. The stock has a market capitalization of $29.31 billion, a P/E ratio of 22.16 and a beta of 0.83. The stock’s 50 day moving average is $5.24 and its 200-day moving average is $5.02.
Wipro Limited (NYSE:WIT) last posted its quarterly earnings data on Thursday, July 20th. The information technology services provider reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.01. Wipro Limited had a net margin of 15.46% and a return on equity of 16.96%. The company had revenue of $2.11 billion during the quarter, compared to analyst estimates of $2.05 billion. On average, equities research analysts expect that Wipro Limited will post $0.27 EPS for the current year.
Wipro Limited declared that its Board of Directors has authorized a share repurchase plan on Thursday, July 20th that allows the company to repurchase $1.70 billion in outstanding shares. This repurchase authorization allows the information technology services provider to reacquire up to 6.1% of its stock through a tender offer. Stock repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.
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WIT has been the subject of several recent research reports. Zacks Investment Research downgraded shares of Wipro Limited from a “hold” rating to a “sell” rating in a report on Friday, April 28th. BidaskClub downgraded shares of Wipro Limited from a “hold” rating to a “sell” rating in a report on Tuesday, June 20th. Jefferies Group LLC downgraded shares of Wipro Limited from a “hold” rating to an “underperform” rating in a report on Tuesday, June 6th. Finally, Bank of America Corporation raised their target price on shares of Wipro Limited from $250.00 to $277.00 and gave the company a “neutral” rating in a report on Friday. Four research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $140.63.
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.
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