Wipro (NYSE:WIT) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Wipro (NYSE:WIT) from a hold rating to a buy rating in a report released on Thursday, Zacks.com reports. The brokerage currently has $11.00 price objective on the information technology services provider’s stock.

According to Zacks, “WIPRO LTD-ADR provides comprehensive IT solutions and services, including systems integration, Information Systems outsourcing, package implementation, software application development and maintenance, and research and development services to corporations globally. Wipro Limited is the first PCMM Level 5 and SEI CMM Level certified IT Services Company globally. “

WIT has been the subject of several other research reports. JPMorgan Chase & Co. raised shares of Wipro from an underweight rating to a neutral rating in a research report on Thursday, September 30th. Morgan Stanley raised Wipro from an underweight rating to an equal weight rating in a research note on Thursday, October 14th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Wipro has a consensus rating of Hold and an average target price of $8.62.

WIT opened at $8.58 on Thursday. Wipro has a twelve month low of $6.09 and a twelve month high of $9.96. The company has a 50-day simple moving average of $9.04 and a 200 day simple moving average of $8.92. The company has a quick ratio of 2.30, a current ratio of 2.30 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $47.01 billion, a price-to-earnings ratio of 29.59, a P/E/G ratio of 3.28 and a beta of 0.66.

Wipro (NYSE:WIT) last posted its quarterly earnings data on Tuesday, January 11th. The information technology services provider reported $0.07 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.08 by ($0.01). Wipro had a return on equity of 20.50% and a net margin of 16.25%. During the same quarter in the prior year, the firm posted $0.07 EPS. Sell-side analysts anticipate that Wipro will post 0.3 EPS for the current fiscal year.

The firm also recently announced an annual dividend, which will be paid on Monday, January 24th. Shareholders of record on Monday, January 24th will be paid a dividend of $0.012 per share. This represents a yield of 0.14%. The ex-dividend date of this dividend is Friday, January 21st. Wipro’s payout ratio is 3.45%.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Boston Private Wealth LLC increased its stake in shares of Wipro by 11.2% in the third quarter. Boston Private Wealth LLC now owns 13,064 shares of the information technology services provider’s stock valued at $115,000 after buying an additional 1,319 shares during the period. Raymond James Financial Services Advisors Inc. increased its stake in shares of Wipro by 11.3% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 18,190 shares of the information technology services provider’s stock valued at $161,000 after buying an additional 1,842 shares during the period. Squarepoint Ops LLC increased its stake in shares of Wipro by 4.9% in the third quarter. Squarepoint Ops LLC now owns 40,023 shares of the information technology services provider’s stock valued at $353,000 after buying an additional 1,864 shares during the period. Thrivent Financial for Lutherans increased its stake in shares of Wipro by 0.3% in the third quarter. Thrivent Financial for Lutherans now owns 701,168 shares of the information technology services provider’s stock valued at $6,191,000 after buying an additional 1,869 shares during the period. Finally, Advisor Group Holdings Inc. increased its stake in shares of Wipro by 4.2% in the third quarter. Advisor Group Holdings Inc. now owns 50,064 shares of the information technology services provider’s stock valued at $442,000 after buying an additional 2,008 shares during the period. 2.30% of the stock is owned by hedge funds and other institutional investors.

Wipro Company Profile

Wipro Ltd. is a global information technology, consulting and outsourcing company, which engages in the development and integration of solutions. It operates through the Information Technology Services, India State Run Enterprise (ISRE), and Information Technology Products segments. The Information Technology Services segment provides a range of IT and IT-enabled services, which include digital strategy advisory, customer-centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, global infrastructure services, analytics services, business process services, research and development, and hardware and software design to enterprises worldwide.

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