Wipro Limited (WIT) to Buyback $1.70 billion in Shares

Paterniano Del Favero
Agosto 9, 2017

The firm owned 327,790 shares of the information technology services provider's stock after buying an additional 163,895 shares during the period. Fisher Asset Management LLC raised its position in Wipro Limited by 108.6% in the second quarter.

Other large investors have also modified their holdings of the company. Aperio Group LLC now owns 2,938,621 shares of the information technology services provider's stock valued at $15,281,000 after buying an additional 1,683,716 shares in the last quarter. Fulton Bank N.A. raised its position in shares of Wipro Limited by 2.5% in the first quarter. Vanguard Group Inc. now owns 6,459,179 shares of the information technology services provider's stock valued at $66,077,000 after buying an additional 82,708 shares in the last quarter. Eqis Capital Management Inc. now owns 140,889 shares of the information technology services provider's stock worth $733,000 after buying an additional 65,443 shares during the period. Finally, Aperio Group LLC raised its stake in shares of Wipro Limited by 134.2% in the second quarter. US Bancorp DE boosted its position in shares of Wipro Limited by 261.7% in the second quarter. Credit Suisse AG now owns 1,916,419 shares of the information technology services provider's stock worth $19,605,000 after buying an additional 434,217 shares during the period.

A number of hedge funds have recently made changes to their positions in the company. Trading volume was up 164.72% over the stocks average daily volume. The company's P/E ratio is 22.49 and market cap is 29.71B. The stock has a 50-day moving average of $5.41 and a 200 day moving average of $5.09. Wipro Limited has a one year low of $4.50 and a one year high of $6.40. The value of the company's investment in Wipro Limited went from $0 to $1,000 a change of $1,000 since the last quarter. The information technology services provider reported $0.07 EPS for the quarter, beating analysts' consensus estimates of $0.06 by $0.01, Morningstar.com reports. The company had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.05 billion. Wipro Limited had a net margin of 15.46% and a return on equity of 16.53%. Analysts predict that Wipro Limited will post $0.27 EPS for the current year.

Wipro Limited (NYSE:WIT) declared that its board has approved a stock buyback plan, which allows the company to repurchase $1.70 billion in shares on Thursday, July 20th, EventVestor reports. This buyback authorization permits the information technology services provider to reacquire up to 6.1% of its shares through a tender offer. Shares repurchase plans are usually an indication that the company's board believes its stock is undervalued.

Shares of Wipro Limited (WIT) traded up 1.064% during trading on Tuesday, hitting $6.175. If you are reading this piece on another site, it was copied illegally and republished in violation of USA and global copyright laws. The legal version of this news story can be viewed at https://www.themarketsdaily.com/2017/08/08/wipro-limited-wit-stake-boosted-by-greenleaf-trust-updated.html.

WIT has been the subject of several recent research reports. BidaskClub upgraded Wipro Limited from a "buy" rating to a "strong-buy" rating in a report on Friday. Zacks Investment Research upgraded Wipro Limited from a "sell" rating to a "hold" rating in a research note on Wednesday, June 28th. Jefferies Group LLC downgraded Wipro Limited from a "hold" rating to an "underperform" rating in a report on Tuesday, June 6th. Bank of America Corporation increased their price objective on Wipro Limited from $250.00 to $277.00 and gave the company a "neutral" rating in a report on Friday, July 21st. Four research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a strong buy rating to the stock. The company now has an average rating of "Hold" and a consensus target price of $140.63. The value of the total investment in Wipro Limited decreased from $11,948,000 to $11,882,000 a change of 0.6% quarter to quarter. It operates through two segments: IT Services and IT Products.

Want to see what other hedge funds are holding WIT?

Altre relazioni OverNewsmagazine

Discuti questo articolo

SEGUI I NOSTRI GIORNALE