Wipro Limited (NYSE:WIT) Given Average Rating of “Hold” by Analysts

Wipro Limited (NYSE:WIT – Get Rating) has received a consensus rating of “Hold” from the nine analysts that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $6.97.

A number of equities research analysts recently commented on WIT shares. StockNews.com lowered shares of Wipro from a “buy” rating to a “hold” rating in a report on Friday, May 13th. Jefferies Financial Group upgraded shares of Wipro from an “underperform” rating to a “hold” rating and dropped their price objective for the stock from $8.55 to $7.70 in a research note on Friday, February 4th. CLSA upgraded shares of Wipro from an “underperform” rating to an “outperform” rating in a research report on Monday, February 21st. Zacks Investment Research raised shares of Wipro from a “sell” rating to a “hold” rating in a report on Saturday, May 14th. Finally, Nomura lowered shares of Wipro from a “buy” rating to a “neutral” rating in a research note on Wednesday.

Several institutional investors have recently added to or reduced their stakes in WIT. Morgan Stanley lifted its position in shares of Wipro by 20.7% during the third quarter. Morgan Stanley now owns 3,617,287 shares of the information technology services provider’s stock worth $31,941,000 after purchasing an additional 620,454 shares during the last quarter. Alps Advisors Inc. raised its holdings in Wipro by 5.4% in the 4th quarter. Alps Advisors Inc. now owns 58,566 shares of the information technology services provider’s stock worth $572,000 after purchasing an additional 3,010 shares during the period. Comerica Bank raised its holdings in Wipro by 29.7% in the 3rd quarter. Comerica Bank now owns 399,125 shares of the information technology services provider’s stock worth $3,588,000 after purchasing an additional 91,449 shares during the period. Kestra Private Wealth Services LLC raised its holdings in shares of Wipro by 34.2% during the fourth quarter. Kestra Private Wealth Services LLC now owns 21,832 shares of the information technology services provider’s stock valued at $213,000 after acquiring an additional 5,562 shares during the last quarter. Finally, BlackRock Inc. raised its holdings in shares of Wipro by 2.6% during the third quarter. BlackRock Inc. now owns 15,242,376 shares of the information technology services provider’s stock valued at $134,590,000 after acquiring an additional 383,028 shares during the last quarter. Institutional investors and hedge funds own 2.30% of the company’s stock.

Wipro stock traded up $0.17 on Friday, reaching $5.94. 1,897,516 shares of the stock were exchanged, compared to its average volume of 3,336,720. The stock has a market cap of $32.47 billion, a PE ratio of 20.48, a PEG ratio of 2.15 and a beta of 0.85. The company has a current ratio of 2.01, a quick ratio of 2.01 and a debt-to-equity ratio of 0.09. Wipro has a twelve month low of $5.68 and a twelve month high of $9.96. The firm has a fifty day moving average price of $6.96 and a two-hundred day moving average price of $7.86.

Wipro (NYSE:WIT – Get Rating) last issued its quarterly earnings data on Friday, April 29th. The information technology services provider reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.01). Wipro had a return on equity of 19.33% and a net margin of 15.44%. The firm had revenue of $2.75 billion for the quarter, compared to the consensus estimate of $2.79 billion. Equities analysts anticipate that Wipro will post 0.31 EPS for the current fiscal year.

The firm also recently announced a dividend, which was paid on Wednesday, April 6th. Stockholders of record on Wednesday, April 6th were issued a dividend of $0.059 per share. The ex-dividend date was Tuesday, April 5th. This is a boost from Wipro’s previous dividend of $0.02. Wipro’s payout ratio is 24.14%.

About Wipro (Get Rating)

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

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