Wipro Limited (WIT) PT Raised to $277.00 at Bank of America Corporation
Wipro Limited (NYSE:WIT) had its price objective upped by research analysts at Bank of America Corporation from $250.00 to $277.00 in a research report issued to clients and investors on Friday. The brokerage presently has a “neutral” rating on the information technology services provider’s stock.
Other equities analysts have also recently issued reports about the stock. Jefferies Group LLC cut shares of Wipro Limited from a “hold” rating to an “underperform” rating in a research report on Tuesday, June 6th. BidaskClub cut shares of Wipro Limited from a “buy” rating to a “hold” rating in a research report on Saturday, June 10th. Finally, Zacks Investment Research cut shares of Wipro Limited from a “hold” rating to a “sell” rating in a research report on Wednesday, June 14th. Four research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. Wipro Limited has an average rating of “Hold” and an average price target of $140.63.
Shares of Wipro Limited (NYSE WIT) traded up 5.22% during midday trading on Friday, reaching $6.05. The company’s stock had a trading volume of 3,697,328 shares. Wipro Limited has a 12 month low of $4.50 and a 12 month high of $6.14. The stock has a market capitalization of $29.25 billion, a PE ratio of 22.32 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 results on Thursday, July 20th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.01. The company had revenue of $2.11 billion for the quarter, compared to analysts’ expectations of $2.05 billion. Wipro Limited had a return on equity of 16.91% and a net margin of 15.42%. On average, analysts forecast that Wipro Limited will post $0.27 EPS for the current fiscal year.
Wipro Limited declared that its board has approved a stock repurchase plan on Thursday, July 20th that authorizes the company to buyback $1.70 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to purchase up to 6.1% of its stock through a tender offer. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.
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Institutional investors have recently bought and sold shares of the stock. Mizuho Trust & Banking Co. Ltd. raised its stake in Wipro Limited by 18.8% in the third quarter. Mizuho Trust & Banking Co. Ltd. now owns 10,331 shares of the information technology services provider’s stock valued at $100,000 after buying an additional 1,635 shares during the last quarter. Fox Run Management L.L.C. acquired a new stake in Wipro Limited during the first quarter valued at about $109,000. Atria Investments LLC acquired a new stake in Wipro Limited during the third quarter valued at about $113,000. Signaturefd LLC acquired a new stake in Wipro Limited during the first quarter valued at about $115,000. Finally, Teza Capital Management LLC acquired a new stake in Wipro Limited during the first quarter valued at about $122,000. Institutional investors and hedge funds own 1.28% of the company’s stock.
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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