Wipro Limited (WIT) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS
Wipro Limited (NYSE:WIT) released its earnings results on Tuesday. The information technology services provider reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.01, MarketWatch Earnings reports. Wipro Limited had a return on equity of 16.53% and a net margin of 15.46%.
Shares of Wipro Limited (NYSE:WIT) traded down 1.65% during midday trading on Tuesday, hitting $5.37. 3,162,048 shares of the stock were exchanged. The stock has a market capitalization of $25.98 billion, a price-to-earnings ratio of 19.60 and a beta of 0.84. Wipro Limited has a 1-year low of $4.50 and a 1-year high of $6.40. The firm’s 50 day moving average is $5.73 and its 200-day moving average is $5.47.
Wipro Limited announced that its Board of Directors has initiated a share buyback plan 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 plans are generally an indication that the company’s board believes its shares are undervalued.
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A number of research firms have recently issued reports on WIT. Zacks Investment Research upgraded shares of Wipro Limited from a “hold” rating to a “buy” rating in a research note on Thursday, September 7th. BidaskClub upgraded shares of Wipro Limited from a “sell” rating to a “hold” rating in a research note on Monday, June 26th. Finally, Bank of America Corporation lifted their target price on shares of Wipro Limited from $250.00 to $277.00 and gave the company a “neutral” rating in a research note on Friday, July 21st. Four analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. Wipro Limited presently has a consensus rating of “Hold” and a consensus target price of $277.00.
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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