Prudential PLC Invests $1.11 Million in Wipro Limited $WIT

Prudential PLC acquired a new position in Wipro Limited (NYSE:WIT) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 390,750 shares of the information technology services provider’s stock, valued at approximately $1,110,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. State Street Corp increased its stake in shares of Wipro by 3.4% in the 2nd quarter. State Street Corp now owns 22,803,389 shares of the information technology services provider’s stock worth $68,866,000 after purchasing an additional 746,088 shares in the last quarter. Millennium Management LLC increased its stake in shares of Wipro by 25.9% in the 3rd quarter. Millennium Management LLC now owns 21,305,291 shares of the information technology services provider’s stock worth $56,033,000 after purchasing an additional 4,382,854 shares in the last quarter. First Trust Advisors LP increased its stake in shares of Wipro by 8.6% in the 3rd quarter. First Trust Advisors LP now owns 16,654,556 shares of the information technology services provider’s stock worth $43,801,000 after purchasing an additional 1,317,586 shares in the last quarter. UBS Group AG increased its stake in shares of Wipro by 4.7% in the 4th quarter. UBS Group AG now owns 13,654,405 shares of the information technology services provider’s stock worth $38,779,000 after purchasing an additional 609,565 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its stake in shares of Wipro by 9.2% in the 4th quarter. BNP Paribas Financial Markets now owns 11,013,407 shares of the information technology services provider’s stock worth $31,278,000 after purchasing an additional 925,706 shares in the last quarter. 2.36% of the stock is currently owned by hedge funds and other institutional investors.

Wipro Stock Down 0.2%

WIT opened at $2.10 on Monday. The firm has a 50-day simple moving average of $2.09 and a two-hundred day simple moving average of $2.41. Wipro Limited has a 52 week low of $1.80 and a 52 week high of $3.13. The company has a market capitalization of $21.95 billion, a PE ratio of 14.96, a price-to-earnings-growth ratio of 4.60 and a beta of 0.97.

Wipro (NYSE:WIT) last released its quarterly earnings data on Thursday, April 16th. The information technology services provider reported $0.04 EPS for the quarter, meeting the consensus estimate of $0.04. Wipro had a net margin of 14.25% and a return on equity of 14.97%. The business had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.65 billion. As a group, sell-side analysts expect that Wipro Limited will post 0.14 earnings per share for the current year.

Analysts Set New Price Targets

Separately, Weiss Ratings lowered Wipro from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday. One research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Wipro has a consensus rating of “Sell”.

Wipro 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.