Vanguard Group Inc. Increases Stake in Wipro Limited (NYSE:WIT)

Vanguard Group Inc. increased its holdings in shares of Wipro Limited (NYSE:WIT - Free Report) by 92.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 23,359,346 shares of the information technology services provider's stock after buying an additional 11,196,013 shares during the period. Vanguard Group Inc. owned about 0.22% of Wipro worth $82,692,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Perigon Wealth Management LLC bought a new position in Wipro during the 4th quarter worth approximately $61,000. HighTower Advisors LLC increased its holdings in shares of Wipro by 292.0% during the fourth quarter. HighTower Advisors LLC now owns 62,332 shares of the information technology services provider's stock valued at $221,000 after acquiring an additional 46,432 shares in the last quarter. Tobam bought a new stake in Wipro during the 4th quarter valued at $261,000. Van ECK Associates Corp raised its holdings in shares of Wipro by 89.8% in the 4th quarter. Van ECK Associates Corp now owns 348,859 shares of the information technology services provider's stock worth $1,235,000 after acquiring an additional 165,076 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in Wipro by 93.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 86,589 shares of the information technology services provider's stock valued at $307,000 after acquiring an additional 41,766 shares in the last quarter. Institutional investors and hedge funds own 2.36% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on WIT shares. Jefferies Financial Group lowered Wipro from a "hold" rating to an "underperform" rating in a report on Tuesday, April 8th. StockNews.com raised Wipro from a "hold" rating to a "buy" rating in a research report on Monday, January 20th. Finally, UBS Group raised shares of Wipro from a "sell" rating to a "neutral" rating in a report on Thursday, January 2nd. Two analysts have rated the stock with a sell rating, two have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Wipro has an average rating of "Hold".

Wipro Stock Performance

Wipro stock traded up $0.01 during mid-day trading on Tuesday, reaching $2.86. 1,440,752 shares of the company's stock were exchanged, compared to its average volume of 5,757,959. The firm has a market capitalization of $29.86 billion, a PE ratio of 19.69, a P/E/G ratio of 3.08 and a beta of 0.96. The company has a quick ratio of 2.83, a current ratio of 2.83 and a debt-to-equity ratio of 0.07. The business's fifty day simple moving average is $3.22 and its 200 day simple moving average is $4.60. Wipro Limited has a one year low of $2.55 and a one year high of $3.79.

Wipro (NYSE:WIT - Get Free Report) last issued its quarterly earnings results on Friday, January 17th. The information technology services provider reported $0.04 earnings per share for the quarter, hitting analysts' consensus estimates of $0.04. Wipro had a net margin of 13.96% and a return on equity of 15.46%. On average, sell-side analysts expect that Wipro Limited will post 0.14 earnings per share for the current year.

Wipro Company Profile

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.