Bank of New York Mellon Corp Buys 24,573 Shares of Wipro Limited (WIT)

Bank of New York Mellon Corp grew its stake in Wipro Limited (NYSE:WIT) by 154.3% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 40,500 shares of the information technology services provider’s stock after acquiring an additional 24,573 shares during the quarter. Bank of New York Mellon Corp’s holdings in Wipro Limited were worth $210,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of Wipro Limited by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 6,459,179 shares of the information technology services provider’s stock worth $66,077,000 after acquiring an additional 82,708 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Wipro Limited by 175.0% in the 2nd quarter. First Trust Advisors LP now owns 4,396,755 shares of the information technology services provider’s stock worth $22,863,000 after acquiring an additional 2,798,198 shares during the last quarter. Fisher Asset Management LLC increased its position in shares of Wipro Limited by 108.6% during the 2nd quarter. Fisher Asset Management LLC now owns 3,947,292 shares of the information technology services provider’s stock worth $20,526,000 after purchasing an additional 2,055,196 shares during the last quarter. Aperio Group LLC increased its position in shares of Wipro Limited by 134.2% during the 2nd quarter. Aperio Group LLC now owns 2,938,621 shares of the information technology services provider’s stock worth $15,281,000 after purchasing an additional 1,683,716 shares during the last quarter. Finally, Bank of Montreal Can increased its position in shares of Wipro Limited by 153.0% during the 2nd quarter. Bank of Montreal Can now owns 1,354,966 shares of the information technology services provider’s stock worth $7,046,000 after purchasing an additional 819,464 shares during the last quarter. 2.49% of the stock is owned by institutional investors and hedge funds.

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Shares of Wipro Limited (WIT) opened at $5.13 on Friday. The company has a current ratio of 2.53, a quick ratio of 2.52 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $24,941.03, a PE ratio of 18.65, a P/E/G ratio of 2.38 and a beta of 0.73. Wipro Limited has a 52-week low of $4.50 and a 52-week high of $6.40.

Wipro Limited (NYSE:WIT) last released its earnings results on Tuesday, October 17th. The information technology services provider reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.01. The company had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2.17 billion. Wipro Limited had a return on equity of 16.14% and a net margin of 15.77%. analysts predict that Wipro Limited will post 0.27 earnings per share for the current fiscal year.

Wipro Limited declared that its board has authorized a stock repurchase plan on Thursday, July 20th that permits the company to repurchase $1.70 billion in shares. This repurchase authorization permits the information technology services provider to repurchase up to 6.1% of its shares through a tender offer. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

A number of analysts recently issued reports on WIT shares. Zacks Investment Research raised Wipro Limited from a “hold” rating to a “buy” rating in a research report on Thursday, September 7th. BidaskClub downgraded Wipro Limited from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 24th. 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 research report on Friday, July 21st. Goldman Sachs Group, Inc. (The) downgraded Wipro Limited from a “neutral” rating to a “sell” rating in a research report on Sunday, September 17th. Finally, BNP Paribas downgraded Wipro Limited from a “hold” rating to a “reduce” rating in a research report on Thursday, September 14th. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company. Wipro Limited presently has an average rating of “Hold” and a consensus price target of $141.50.

Wipro Limited Profile

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.

Institutional Ownership by Quarter for Wipro Limited (NYSE:WIT)

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