Wipro Limited (NYSE:WIT) – Jefferies Group increased their FY2020 earnings per share estimates for Wipro Limited in a research note issued on Thursday. Jefferies Group analyst V. Dhasmana now expects that the information technology services provider will post earnings of $0.33 per share for the year, up from their prior estimate of $0.33. Jefferies Group currently has a “Underperform” rating on the stock.

Wipro Limited (NYSE:WIT) last released its quarterly earnings results on Thursday, July 20th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.01. Wipro Limited had a net margin of 15.46% and a return on equity of 16.96%. The firm had revenue of $2.11 billion for the quarter, compared to analysts’ expectations of $2.05 billion.

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A number of other analysts have also commented on the company. Zacks Investment Research lowered Wipro Limited from a “hold” rating to a “sell” rating in a research note on Friday, April 28th. BidaskClub lowered Wipro Limited from a “hold” rating to a “sell” rating in a research note on Tuesday, June 20th. Finally, Bank of America Corporation raised their price objective on Wipro Limited from $250.00 to $277.00 and gave the stock a “neutral” rating in a report on Friday. 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 stock. The stock has a consensus rating of “Hold” and an average target price of $140.63.

Shares of Wipro Limited (NYSE WIT) traded down 0.66% during midday trading on Monday, reaching $6.01. 270,687 shares of the company’s stock traded hands. The company has a market capitalization of $29.12 billion, a PE ratio of 22.01 and a beta of 0.83. Wipro Limited has a 52 week low of $4.50 and a 52 week high of $6.14. The stock’s 50 day moving average is $5.24 and its 200-day moving average is $5.02. Wipro Limited also saw some unusual options trading on Friday. Traders acquired 5,200 put options on the stock. This is an increase of approximately 1,988% compared to the average volume of 249 put options.

Wipro Limited announced that its Board of Directors has initiated a share repurchase program 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 repurchase up to 6.1% of its shares through a tender offer. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Fox Run Management L.L.C. acquired a new stake in shares of Wipro Limited during the first quarter valued at $109,000. Signaturefd LLC purchased a new stake in Wipro Limited during the first quarter worth approximately $115,000. Teza Capital Management LLC purchased a new stake in Wipro Limited during the first quarter worth approximately $122,000. Nationwide Fund Advisors purchased a new stake in Wipro Limited during the first quarter worth approximately $136,000. Finally, Brandes Investment Partners LP purchased a new stake in Wipro Limited during the first quarter worth approximately $138,000. Institutional investors and hedge funds own 1.32% 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.

Earnings History and Estimates for Wipro Limited (NYSE:WIT)

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