Wipro Limited (WIT) Shares Bought by Goldman Sachs Group Inc.
Goldman Sachs Group Inc. increased its position in Wipro Limited (NYSE:WIT) by 83.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 401,902 shares of the information technology services provider’s stock after purchasing an additional 183,180 shares during the quarter. Goldman Sachs Group Inc.’s holdings in Wipro Limited were worth $2,090,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Conning Inc. bought a new position in Wipro Limited in the second quarter worth approximately $104,000. Legal & General Group Plc grew its stake in Wipro Limited by 100.0% in the second quarter. Legal & General Group Plc now owns 22,720 shares of the information technology services provider’s stock worth $118,000 after purchasing an additional 11,360 shares in the last quarter. Ronald Blue & Co. LLC bought a new position in Wipro Limited in the second quarter worth approximately $122,000. SG Americas Securities LLC bought a new position in Wipro Limited in the second quarter worth approximately $132,000. Finally, Nationwide Fund Advisors bought a new position in Wipro Limited in the first quarter worth approximately $136,000. 2.49% of the stock is currently owned by institutional investors.
Wipro Limited (WIT) opened at 5.36 on Wednesday. The company has a market cap of $25.97 billion, a PE ratio of 19.21 and a beta of 0.83. The company has a 50-day moving average price of $5.53 and a 200 day moving average price of $5.49. Wipro Limited has a 52 week low of $4.50 and a 52 week high of $6.40.
Wipro Limited (NYSE:WIT) last posted its earnings results on Tuesday, October 17th. The information technology services provider reported $0.07 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.01. Wipro Limited had a net margin of 15.77% and a return on equity of 16.14%. The firm had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2.17 billion. On average, equities research analysts forecast that Wipro Limited will post $0.27 EPS for the current fiscal year.
Wipro Limited declared that its board has approved a stock buyback program on Thursday, July 20th that allows the company to repurchase $1.70 billion in shares. This repurchase authorization allows the information technology services provider to reacquire up to 6.1% of its stock through a tender offer. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.
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Several brokerages recently issued reports on WIT. BidaskClub raised Wipro Limited from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 16th. Zacks Investment Research raised Wipro Limited from a “hold” rating to a “buy” rating and set a $6.00 price objective on the stock in a research note on Friday, October 20th. Bank of America Corporation increased their price objective on Wipro Limited from $250.00 to $277.00 and gave the stock a “neutral” rating in a research note on Friday, July 21st. Finally, Goldman Sachs Group, Inc. (The) cut Wipro Limited from a “neutral” rating to a “sell” rating in a research note on Sunday, September 17th. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $141.50.
About Wipro Limited
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.
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