Raymond James Financial Inc. Buys New Stake in Wipro Limited (NYSE:WIT)

Raymond James Financial Inc. purchased a new position in Wipro Limited (NYSE:WIT - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 470,843 shares of the information technology services provider's stock, valued at approximately $1,667,000.

A number of other hedge funds have also recently made changes to their positions in WIT. Vanguard Group Inc. lifted its position in Wipro by 92.0% during the fourth quarter. Vanguard Group Inc. now owns 23,359,346 shares of the information technology services provider's stock valued at $82,692,000 after acquiring an additional 11,196,013 shares during the last quarter. Schroder Investment Management Group increased its position in shares of Wipro by 177.6% during the fourth quarter. Schroder Investment Management Group now owns 9,683,559 shares of the information technology services provider's stock worth $34,280,000 after purchasing an additional 6,195,561 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in shares of Wipro by 97.9% during the 4th quarter. Fisher Asset Management LLC now owns 7,524,297 shares of the information technology services provider's stock valued at $26,636,000 after purchasing an additional 3,722,115 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Wipro in the 4th quarter worth $12,795,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in Wipro by 208.6% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,969,385 shares of the information technology services provider's stock worth $17,592,000 after buying an additional 3,359,066 shares during the last quarter. 2.36% of the stock is currently owned by hedge funds and other institutional investors.

Wipro Stock Performance

WIT stock traded up $0.04 during midday trading on Friday, reaching $2.90. The stock had a trading volume of 4,549,412 shares, compared to its average volume of 5,017,451. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.83 and a current ratio of 2.83. The firm has a fifty day simple moving average of $2.99 and a two-hundred day simple moving average of $4.26. The stock has a market cap of $30.33 billion, a PE ratio of 20.00, a P/E/G ratio of 3.08 and a beta of 0.96. Wipro Limited has a 52-week low of $2.55 and a 52-week high of $3.79.

Wipro (NYSE:WIT - Get Free Report) last released its earnings results on Wednesday, April 16th. The information technology services provider reported $0.04 EPS for the quarter, hitting analysts' consensus estimates of $0.04. Wipro had a return on equity of 15.46% and a net margin of 13.96%. The firm had revenue of $2.62 billion during the quarter, compared to the consensus estimate of $225.66 billion. As a group, equities research analysts anticipate that Wipro Limited will post 0.14 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on WIT shares. Jefferies Financial Group cut Wipro from a "hold" rating to an "underperform" rating in a research note on Tuesday, April 8th. StockNews.com raised shares of Wipro from a "hold" rating to a "buy" rating in a research report on Saturday, April 26th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold".

Wipro Company 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.