Nykredit A S Makes New $3.50 Million Investment in Wipro Limited $WIT

Key Points

• Nykredit A/S acquired 1.56 million Wipro shares during the second quarter, representing a new investment valued at approximately $3.5 million. Several other institutional investors also increased their Wipro holdings.
• Wall Street sentiment remains negative: Wipro has a consensus rating of “Strong Sell”, with one analyst rating it Hold and three rating it Sell. JPMorgan cut its price target from $2.20 to $1.70, while CLSA downgraded the stock to Underperform.
• Wipro shares opened at $1.69, near their 52-week low of $1.65, while the company’s latest quarterly results met EPS expectations at $0.03 but came in slightly below revenue estimates with $2.58 billion.

Nykredit A S bought a new stake in Wipro Limited (NYSE:WIT - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,557,633 shares of the information technology services provider's stock, valued at approximately $3,505,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. First Trust Advisors LP increased its stake in Wipro by 20.9% in the 1st quarter. First Trust Advisors LP now owns 18,557,277 shares of the information technology services provider's stock worth $39,341,000 after purchasing an additional 3,206,153 shares during the period. BNP Paribas Financial Markets lifted its position in Wipro by 9.2% during the fourth quarter. BNP Paribas Financial Markets now owns 11,013,407 shares of the information technology services provider's stock valued at $31,278,000 after acquiring an additional 925,706 shares during the last quarter. Norges Bank acquired a new stake in Wipro in the fourth quarter valued at approximately $22,036,000. Quadrant Capital Group LLC grew its holdings in Wipro by 46.9% in the fourth quarter. Quadrant Capital Group LLC now owns 2,136,767 shares of the information technology services provider's stock worth $6,068,000 after purchasing an additional 682,194 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. AG grew its holdings in Wipro by 5.9% in the second quarter. B. Metzler seel. Sohn & Co. AG now owns 2,314,134 shares of the information technology services provider's stock worth $5,207,000 after purchasing an additional 128,854 shares during the last quarter. Institutional investors and hedge funds own 2.36% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. CLSA downgraded Wipro from a "hold" rating to an "underperform" rating in a report on Wednesday, August 19th. Weiss Ratings upgraded shares of Wipro from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, July 28th. Finally, JPMorgan Chase & Co. lowered shares of Wipro from a "neutral" rating to an "underweight" rating and decreased their price objective for the company from $2.20 to $1.70 in a research report on Wednesday, June 24th. One research analyst has rated the stock with a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Strong Sell" and a consensus price target of $1.70.

Wipro Price Performance

Shares of WIT stock opened at $1.69 on Wednesday. The business's fifty day moving average price is $1.85 and its 200 day moving average price is $2.03. The firm has a market capitalization of $16.67 billion, a PE ratio of 12.96, a P/E/G ratio of 3.81 and a beta of 0.95. Wipro Limited has a 1-year low of $1.65 and a 1-year high of $3.09.

Wipro (NYSE:WIT - Get Free Report) last announced its earnings results on Friday, July 17th. The information technology services provider reported $0.03 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.03. The firm had revenue of $2.58 billion for the quarter, compared to analyst estimates of $2.60 billion. Wipro had a net margin of 13.93% and a return on equity of 15.40%. Equities research analysts expect that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

Wipro Company Profile

Wipro Limited NYSE: WIT is a global information technology, consulting and business process services company. It helps organizations modernize their technology environments, improve operational efficiency and develop digital capabilities through consulting, systems integration, application services and managed services.

Its offerings include cloud computing, cybersecurity, data and analytics, artificial intelligence, digital engineering, enterprise applications, infrastructure management and business process services.

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