BNP Paribas Lowers Wipro Limited (WIT) to Reduce
Wipro Limited (NYSE:WIT) was downgraded by equities researchers at BNP Paribas from a “hold” rating to a “reduce” rating in a research note issued to investors on Thursday.
Several other equities research analysts have also recently issued reports on the stock. Zacks Investment Research cut shares of Wipro Limited from a “buy” rating to a “hold” rating in a research report on Friday, September 8th. BidaskClub cut shares of Wipro Limited from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 24th. Finally, Bank of America Corporation upped their price target on shares of Wipro Limited from $250.00 to $277.00 and gave the stock a “neutral” rating in a research report on Friday, July 21st. Three 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 stock. The company has an average rating of “Hold” and an average target price of $277.00.
Shares of Wipro Limited (NYSE WIT) traded down 6.17% during trading on Thursday, hitting $5.63. 1,293,813 shares of the company’s stock were exchanged. Wipro Limited has a one year low of $4.50 and a one year high of $6.40. The stock has a market cap of $27.24 billion, a P/E ratio of 20.62 and a beta of 0.89. The firm has a 50-day moving average price of $6.06 and a 200-day moving average price of $5.36.
Wipro Limited (NYSE:WIT) last released its quarterly earnings data on Thursday, July 20th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, beating the 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 net margin of 15.46% and a return on equity of 16.53%. Equities research analysts expect that Wipro Limited will post $0.28 EPS for the current fiscal year.
Wipro Limited announced that its Board of Directors has authorized a stock repurchase program 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 buy up to 6.1% of its shares through a tender offer. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
Several institutional investors and hedge funds have recently made changes to their positions in WIT. BlackRock Inc. lifted its position in shares of Wipro Limited by 112.3% in the 2nd quarter. BlackRock Inc. now owns 17,915,466 shares of the information technology services provider’s stock worth $93,159,000 after purchasing an additional 9,475,887 shares during the period. Vanguard Group Inc. lifted its position in shares of Wipro Limited by 108.9% in the 2nd quarter. Vanguard Group Inc. now owns 13,490,025 shares of the information technology services provider’s stock worth $70,148,000 after purchasing an additional 7,030,846 shares during the period. Commonwealth Bank of Australia lifted its position in shares of Wipro Limited by 100.1% in the 2nd quarter. Commonwealth Bank of Australia now owns 8,822,315 shares of the information technology services provider’s stock worth $45,875,000 after purchasing an additional 4,412,296 shares during the period. State Street Corp lifted its position in shares of Wipro Limited by 131.7% in the 2nd quarter. State Street Corp now owns 5,965,542 shares of the information technology services provider’s stock worth $31,022,000 after purchasing an additional 3,390,392 shares during the period. Finally, First Trust Advisors LP lifted its position in shares of Wipro Limited by 175.0% in the 2nd quarter. First Trust Advisors LP now owns 4,396,755 shares of the information technology services provider’s stock worth $22,863,000 after purchasing an additional 2,798,198 shares during the period. 2.48% of the stock is owned by hedge funds and other institutional investors.
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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