Wipro Limited (NYSE:WIT) Shares Purchased by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its holdings in Wipro Limited by 45.4%, acquiring 2,257,828 additional shares, bringing its total to 7,227,213 shares valued at approximately $22.1 million.
• Several brokerage firms have upgraded their ratings on Wipro, with Wall Street Zen changing its rating from "hold" to "buy," and Morgan Stanley moving from "underweight" to "equal weight."
• Wipro reported a net margin of 15.07% and earnings per share of $0.04 for the latest quarter, aligning with consensus estimates, and reported revenues of $2.58 billion.

Connor Clark & Lunn Investment Management Ltd. boosted its position in Wipro Limited (NYSE:WIT - Free Report) by 45.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,227,213 shares of the information technology services provider's stock after purchasing an additional 2,257,828 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.07% of Wipro worth $22,115,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Focus Partners Advisor Solutions LLC purchased a new position in Wipro during the 4th quarter valued at about $35,000. KLP Kapitalforvaltning AS purchased a new position in shares of Wipro in the 4th quarter valued at about $37,000. CogentBlue Wealth Advisors LLC purchased a new position in shares of Wipro in the 1st quarter valued at about $37,000. Captrust Financial Advisors acquired a new stake in shares of Wipro during the 4th quarter worth about $44,000. Finally, Legacy Advisors LLC acquired a new position in Wipro during the first quarter worth approximately $40,000. 2.36% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

WIT has been the topic of a number of recent analyst reports. Wall Street Zen raised Wipro from a "hold" rating to a "buy" rating in a report on Saturday, April 26th. Morgan Stanley raised Wipro from an "underweight" rating to an "equal weight" rating in a research note on Friday, June 20th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold".

Wipro Stock Down 0.9%

Shares of NYSE WIT traded down $0.03 on Thursday, hitting $2.71. The company had a trading volume of 3,888,656 shares, compared to its average volume of 6,213,853. Wipro Limited has a 12-month low of $2.62 and a 12-month high of $3.79. The business has a 50 day moving average of $2.92 and a two-hundred day moving average of $3.05. The firm has a market capitalization of $28.29 billion, a P/E ratio of 17.45, a PEG ratio of 9.77 and a beta of 0.93.

Wipro (NYSE:WIT - Get Free Report) last issued its earnings results on Thursday, July 17th. The information technology services provider reported $0.04 earnings per share for the quarter, hitting the consensus estimate of $0.04. Wipro had a return on equity of 15.94% and a net margin of 15.07%. The company had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $219.23 billion. On average, sell-side analysts anticipate that Wipro Limited will post 0.14 earnings per share for the current year.

About Wipro

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.