Wipro Limited (WIT) Holdings Lifted by Nordea Investment Management AB
Nordea Investment Management AB boosted its holdings in Wipro Limited (NYSE:WIT) by 52.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,072,417 shares of the information technology services provider’s stock after purchasing an additional 2,441,298 shares during the quarter. Nordea Investment Management AB owned approximately 0.15% of Wipro Limited worth $36,777,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of WIT. Nationwide Fund Advisors bought a new position in Wipro Limited in the 1st quarter worth approximately $136,000. Profund Advisors LLC boosted its stake in Wipro Limited by 24.8% in the 1st quarter. Profund Advisors LLC now owns 24,581 shares of the information technology services provider’s stock worth $251,000 after purchasing an additional 4,888 shares during the period. Russell Investments Group Ltd. boosted its stake in Wipro Limited by 8.6% in the 1st quarter. Russell Investments Group Ltd. now owns 109,586 shares of the information technology services provider’s stock worth $1,122,000 after purchasing an additional 8,717 shares during the period. Wells Fargo & Company MN boosted its stake in Wipro Limited by 11.8% in the 1st quarter. Wells Fargo & Company MN now owns 867,794 shares of the information technology services provider’s stock worth $8,878,000 after purchasing an additional 91,544 shares during the period. Finally, Comerica Bank boosted its stake in Wipro Limited by 1.1% in the 1st quarter. Comerica Bank now owns 139,602 shares of the information technology services provider’s stock worth $1,372,000 after purchasing an additional 1,477 shares during the period. Institutional investors and hedge funds own 2.48% of the company’s stock.
Wipro Limited (NYSE:WIT) traded up 1.07% on Friday, hitting $5.68. The stock had a trading volume of 1,225,076 shares. The company has a market cap of $27.48 billion, a PE ratio of 20.73 and a beta of 0.89. The company has a 50-day moving average of $6.01 and a 200 day moving average of $5.39. Wipro Limited has a 12 month low of $4.50 and a 12 month high of $6.40.
Wipro Limited (NYSE:WIT) last issued its quarterly earnings results on Thursday, July 20th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.01. The firm had revenue of $2.11 billion for the quarter, compared to analyst estimates of $2.05 billion. Wipro Limited had a return on equity of 16.53% and a net margin of 15.46%. On average, analysts predict that Wipro Limited will post $0.28 EPS for the current fiscal year.
Wipro Limited announced that its Board of Directors has initiated a share buyback program on Thursday, July 20th that permits the company to repurchase $1.70 billion in outstanding shares. This repurchase authorization permits the information technology services provider to purchase up to 6.1% of its shares through a tender offer. Shares repurchase programs are usually a sign that the company’s board of directors believes its stock is undervalued.
COPYRIGHT VIOLATION WARNING: This piece of content was originally posted by Daily Political and is the property of of Daily Political. If you are accessing this piece of content on another site, it was illegally stolen and republished in violation of US & international copyright & trademark law. The legal version of this piece of content can be read at https://www.dailypolitical.com/2017/09/24/wipro-limited-wit-holdings-lifted-by-nordea-investment-management-ab.html.
Several research firms have weighed in on WIT. BidaskClub upgraded Wipro Limited from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 16th. Zacks Investment Research downgraded Wipro Limited from a “buy” rating to a “hold” rating in a research note on Wednesday. Goldman Sachs Group, Inc. (The) downgraded Wipro Limited from a “neutral” rating to a “sell” rating in a research note on Sunday, September 17th. Jefferies Group LLC downgraded Wipro Limited from a “hold” rating to an “underperform” rating in a research note on Tuesday, June 6th. Finally, 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. Four investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $277.00.
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.
Want to see what other hedge funds are holding WIT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades 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 MarketBeat.com's FREE daily email newsletter.