Wipro Limited (NYSE:WIT) Receives Consensus Rating of “Hold” from Analysts

Shares of Wipro Limited (NYSE:WIT) have earned an average rating of “Hold” from the five brokerages that are presently covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a sell rating, one has issued a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $5.60.

A number of research firms have recently weighed in on WIT. Investec downgraded shares of Wipro from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. StockNews.com cut shares of Wipro from a “buy” rating to a “hold” rating in a report on Tuesday.

Wipro Stock Performance

WIT opened at $7.03 on Friday. The firm has a market cap of $36.73 billion, a P/E ratio of 26.04, a PEG ratio of 4.80 and a beta of 0.89. Wipro has a 1-year low of $4.68 and a 1-year high of $7.12. The company has a 50 day simple moving average of $6.63 and a two-hundred day simple moving average of $6.20. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.69 and a quick ratio of 2.69.

Shares of Wipro are going to split on Wednesday, December 11th. The 2-1 split was announced on Tuesday, October 22nd. The newly created shares will be issued to shareholders after the closing bell on Tuesday, December 10th.

Wipro (NYSE:WIT) last released its quarterly earnings data on Thursday, October 17th. The information technology services provider reported $0.07 EPS for the quarter, meeting the consensus estimate of $0.07. Wipro had a net margin of 13.23% and a return on equity of 14.98%. The business had revenue of $2.66 billion during the quarter, compared to the consensus estimate of $2.66 billion. Equities analysts forecast that Wipro will post 0.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wipro

Several institutional investors have recently bought and sold shares of the company. QRG Capital Management Inc. raised its position in shares of Wipro by 6.9% in the 2nd quarter. QRG Capital Management Inc. now owns 25,836 shares of the information technology services provider’s stock valued at $158,000 after purchasing an additional 1,665 shares during the last quarter. Dynamic Advisor Solutions LLC lifted its stake in shares of Wipro by 13.6% during the second quarter. Dynamic Advisor Solutions LLC now owns 14,091 shares of the information technology services provider’s stock worth $86,000 after buying an additional 1,692 shares during the period. Glenmede Trust Co. NA lifted its stake in shares of Wipro by 4.9% during the third quarter. Glenmede Trust Co. NA now owns 37,327 shares of the information technology services provider’s stock worth $242,000 after buying an additional 1,746 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Wipro by 16.7% during the second quarter. Bank of New York Mellon Corp now owns 14,686 shares of the information technology services provider’s stock valued at $90,000 after buying an additional 2,104 shares during the last quarter. Finally, CWM LLC increased its position in shares of Wipro by 11.8% in the 2nd quarter. CWM LLC now owns 20,621 shares of the information technology services provider’s stock valued at $126,000 after acquiring an additional 2,178 shares during the period. 2.36% of the stock is currently owned by institutional investors and hedge funds.

About Wipro

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through IT Services and IT Products segments. The IT Services segment offers IT and IT-enabled services, including digital strategy advisory, customer-centric design, technology and IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, cloud and infrastructure, business process, cloud, mobility and analytics, research and development, and hardware and software design services to enterprises.