FY2019 EPS Estimates for Wipro Limited (WIT) Lowered by Analyst
Wipro Limited (NYSE:WIT) – Research analysts at Wedbush reduced their FY2019 EPS estimates for Wipro in a research note issued to investors on Tuesday. Wedbush analyst M. Katri now expects that the information technology services provider will post earnings of $0.24 per share for the year, down from their prior estimate of $0.25.
A number of other research firms also recently commented on WIT. Zacks Investment Research upgraded shares of Wipro from a “hold” rating to a “buy” rating and set a $6.00 price target on the stock in a research report on Friday, October 20th. BNP Paribas downgraded shares of Wipro from a “hold” rating to a “reduce” rating in a research report on Thursday, September 14th. Finally, Goldman Sachs Group cut shares of Wipro from a “neutral” rating to a “sell” rating in a research note on Sunday, September 17th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $141.50.
Wipro (NYSE WIT) traded down $0.04 during mid-day trading on Wednesday, hitting $5.68. 646,400 shares of the company’s stock were exchanged, compared to its average volume of 1,091,656. Wipro has a one year low of $4.50 and a one year high of $6.40. The company has a market cap of $22,850.00, a P/E ratio of 20.29, a price-to-earnings-growth ratio of 2.78 and a beta of 0.73. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.53 and a quick ratio of 2.52.
Wipro (NYSE:WIT) last released its quarterly earnings results on Tuesday, October 17th. The information technology services provider reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.01. Wipro had a net margin of 15.77% and a return on equity of 16.14%. The company had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.17 billion.
Institutional investors and hedge funds have recently made changes to their positions in the company. Commerzbank Aktiengesellschaft FI acquired a new position in shares of Wipro in the 3rd quarter worth approximately $258,000. Crossmark Global Holdings Inc. acquired a new position in shares of Wipro in the 3rd quarter worth approximately $622,000. Nationwide Fund Advisors grew its stake in shares of Wipro by 107.8% in the 3rd quarter. Nationwide Fund Advisors now owns 55,254 shares of the information technology services provider’s stock worth $314,000 after purchasing an additional 28,658 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Wipro by 83.8% in the 2nd quarter. Goldman Sachs Group Inc. now owns 401,902 shares of the information technology services provider’s stock worth $2,090,000 after purchasing an additional 183,180 shares during the last quarter. Finally, First Trust Advisors LP grew its stake in shares of Wipro by 15.4% in the 3rd quarter. First Trust Advisors LP now owns 5,074,878 shares of the information technology services provider’s stock worth $28,825,000 after purchasing an additional 678,123 shares during the last quarter. 2.36% of the stock is currently owned by institutional investors.
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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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