Verdence Capital Advisors LLC Makes New Investment in Wipro Limited (NYSE:WIT)

Verdence Capital Advisors LLC purchased a new stake in Wipro Limited (NYSE:WIT) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 32,492 shares of the information technology services provider’s stock, valued at approximately $211,000.

A number of other large investors have also made changes to their positions in WIT. GAMMA Investing LLC grew its stake in Wipro by 37.8% in the third quarter. GAMMA Investing LLC now owns 8,841 shares of the information technology services provider’s stock valued at $57,000 after acquiring an additional 2,426 shares during the period. Oppenheimer & Co. Inc. acquired a new position in shares of Wipro in the 1st quarter valued at approximately $60,000. Mayflower Financial Advisors LLC bought a new stake in Wipro during the 2nd quarter worth approximately $64,000. Abacus Wealth Partners LLC acquired a new stake in Wipro during the 3rd quarter worth approximately $71,000. Finally, Werba Rubin Papier Wealth Management bought a new position in Wipro in the third quarter valued at approximately $71,000. Institutional investors own 2.36% of the company’s stock.

Wipro Price Performance

Shares of NYSE WIT opened at $6.93 on Wednesday. The business’s 50 day moving average is $6.50 and its 200-day moving average is $6.08. The firm has a market cap of $36.20 billion, a P/E ratio of 25.67, a price-to-earnings-growth ratio of 4.63 and a beta of 0.89. Wipro Limited has a 1-year low of $4.50 and a 1-year high of $7.04. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 0.08.

Wipro (NYSE:WIT) last posted its earnings results on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.07. Wipro had a return on equity of 14.98% and a net margin of 13.23%. The company had revenue of $2.66 billion during the quarter, compared to the consensus estimate of $2.66 billion. Equities research analysts predict that Wipro Limited will post 0.27 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Investec cut Wipro from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. StockNews.com upgraded shares of Wipro from a “hold” rating to a “buy” rating in a research note on Tuesday, October 29th. Three research analysts have rated the stock with a sell rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $5.60.

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.