Wipro Limited $WIT Shares Sold by Bank of America Corp DE

Key Points

• Bank of America cut its Wipro stake by 45.7% in the first quarter, selling 941,734 shares and retaining 1.12 million shares valued at approximately $2.37 million.
• Wipro shares opened at $1.84, near their 52-week low of $1.75, while the company reported quarterly earnings of $0.03 per share and revenue of $2.58 billion, slightly below revenue expectations.
• Analyst sentiment is strongly negative: Wipro has an average “Strong Sell” rating, with three Sell ratings and one Hold rating, and a consensus price target of $1.70.

Bank of America Corp DE decreased its position in Wipro Limited (NYSE:WIT - Free Report) by 45.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,117,366 shares of the information technology services provider's stock after selling 941,734 shares during the quarter. Bank of America Corp DE's holdings in Wipro were worth $2,369,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in WIT. Morgan Stanley increased its position in shares of Wipro by 65.0% during the fourth quarter. Morgan Stanley now owns 48,531,368 shares of the information technology services provider's stock worth $137,829,000 after acquiring an additional 19,114,904 shares during the last quarter. State Street Corp raised its position in shares of Wipro by 0.8% in the 4th quarter. State Street Corp now owns 23,861,012 shares of the information technology services provider's stock valued at $67,765,000 after purchasing an additional 179,034 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Wipro by 25.9% during the 3rd quarter. Millennium Management LLC now owns 21,305,291 shares of the information technology services provider's stock valued at $56,033,000 after buying an additional 4,382,854 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of Wipro by 20.9% during the 1st quarter. First Trust Advisors LP now owns 18,557,277 shares of the information technology services provider's stock valued at $39,341,000 after buying an additional 3,206,153 shares during the last quarter. Finally, Defiance ETFs LLC acquired a new stake in shares of Wipro during the fourth quarter worth approximately $39,525,000. 2.36% of the stock is owned by institutional investors and hedge funds.

Wipro Stock Down 0.3%

WIT opened at $1.84 on Wednesday. The firm has a market cap of $18.25 billion, a price-to-earnings ratio of 14.19, a price-to-earnings-growth ratio of 4.22 and a beta of 0.95. Wipro Limited has a fifty-two week low of $1.75 and a fifty-two week high of $3.09. The company's 50-day moving average price is $1.93 and its 200 day moving average price is $2.08.

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

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on WIT. CLSA lowered shares of Wipro from a "hold" rating to an "underperform" rating in a research note on Wednesday, August 19th. Weiss Ratings upgraded shares of Wipro from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday, July 28th. Finally, JPMorgan Chase & Co. lowered Wipro from a "neutral" rating to an "underweight" rating and lowered their price objective for the company from $2.20 to $1.70 in a report on Wednesday, June 24th. One equities research analyst has rated the stock with a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Wipro currently has an average rating of "Strong Sell" and a consensus price target of $1.70.

Wipro Company Profile

Wipro Limited NYSE: WIT is an Indian multinational corporation that provides information technology, consulting and business process services. Headquartered in Bengaluru, India, the company traces its origins to 1945 when it was founded as Western India Vegetable Products and later diversified into technology and IT services. Today Wipro positions itself as a provider of enterprise IT solutions and digital transformation services for large and mid-sized organizations across multiple industries.

The company's service portfolio includes application development and maintenance, cloud and infrastructure services, data analytics and AI, cybersecurity, digital consulting, product engineering and research and development, as well as business process services.

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