OVERSEA CHINESE BANKING Corp Ltd Acquires New Holdings in Wipro Limited (NYSE:WIT)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd has made a new investment of approximately $375,000 in Wipro Limited, acquiring 122,498 shares during the first quarter.
• Several institutional investors recently altered their positions in Wipro, with total institutional ownership currently at 2.36% of the company's stock.
• Wipro's stock has received mixed ratings from analysts, with two sell ratings, three holds, and one buy, resulting in an average rating of "Hold".

OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in shares of Wipro Limited (NYSE:WIT - Free Report) in the first quarter, according to its most recent filing with the SEC. The firm purchased 122,498 shares of the information technology services provider's stock, valued at approximately $375,000.

Several other large investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Wipro by 92.0% in the 4th quarter. Vanguard Group Inc. now owns 23,359,346 shares of the information technology services provider's stock valued at $82,692,000 after buying an additional 11,196,013 shares during the period. BNP Paribas Financial Markets increased its position in shares of Wipro by 36.4% during the fourth quarter. BNP Paribas Financial Markets now owns 15,798,020 shares of the information technology services provider's stock worth $55,925,000 after acquiring an additional 4,215,981 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Wipro by 41.5% during the 4th quarter. JPMorgan Chase & Co. now owns 8,744,712 shares of the information technology services provider's stock worth $30,956,000 after purchasing an additional 2,566,388 shares during the last quarter. Marshall Wace LLP acquired a new stake in Wipro in the fourth quarter valued at $20,008,000. Finally, Penserra Capital Management LLC raised its stake in Wipro by 41.0% during the first quarter. Penserra Capital Management LLC now owns 4,517,030 shares of the information technology services provider's stock valued at $13,822,000 after buying an additional 1,313,832 shares in the last quarter. Institutional investors and hedge funds own 2.36% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on WIT shares. Morgan Stanley upgraded Wipro from an "underweight" rating to an "equal weight" rating in a research report on Friday, June 20th. Wall Street Zen upgraded shares of Wipro from a "hold" rating to a "buy" rating in a research report on Saturday, April 26th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Wipro presently has a consensus rating of "Hold".

Wipro Stock Up 0.6%

Shares of WIT stock traded up $0.02 during trading hours on Thursday, reaching $2.66. 9,242,484 shares of the company's stock were exchanged, compared to its average volume of 6,090,543. The stock has a market capitalization of $27.77 billion, a P/E ratio of 17.13, a P/E/G ratio of 9.77 and a beta of 0.93. Wipro Limited has a fifty-two week low of $2.62 and a fifty-two week high of $3.79. The business has a fifty day moving average price of $2.94 and a 200-day moving average price of $3.08.

Wipro (NYSE:WIT - Get Free Report) last posted its earnings results on Thursday, July 17th. The information technology services provider reported $0.04 EPS for the quarter, hitting the consensus estimate of $0.04. The business had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $219.23 billion. Wipro had a return on equity of 15.94% and a net margin of 15.07%. As a group, research analysts expect that Wipro Limited will post 0.14 EPS for the current fiscal year.

Wipro 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.