Wellington Management Group LLP Purchases 570,001 Shares of Wipro Limited (NYSE:WIT)

Wellington Management Group LLP raised its position in Wipro Limited (NYSE:WIT) by 44.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,866,359 shares of the information technology services provider’s stock after buying an additional 570,001 shares during the period. Wellington Management Group LLP’s holdings in Wipro were worth $10,396,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of WIT. Vanguard Group Inc. boosted its holdings in shares of Wipro by 4.6% in the 3rd quarter. Vanguard Group Inc. now owns 12,472,687 shares of the information technology services provider’s stock worth $60,368,000 after buying an additional 553,433 shares during the last quarter. BNP Paribas Financial Markets grew its position in shares of Wipro by 112.7% during the 4th quarter. BNP Paribas Financial Markets now owns 3,722,483 shares of the information technology services provider’s stock valued at $20,734,000 after acquiring an additional 1,972,425 shares during the period. Fisher Asset Management LLC increased its stake in shares of Wipro by 3.7% during the 4th quarter. Fisher Asset Management LLC now owns 2,312,160 shares of the information technology services provider’s stock worth $12,879,000 after purchasing an additional 83,519 shares during the last quarter. Deutsche Bank AG raised its holdings in shares of Wipro by 25.8% in the 3rd quarter. Deutsche Bank AG now owns 1,908,734 shares of the information technology services provider’s stock worth $9,238,000 after purchasing an additional 390,947 shares during the period. Finally, Toroso Investments LLC purchased a new position in Wipro in the third quarter valued at approximately $5,591,000. 2.36% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded Wipro from a “hold” rating to a “buy” rating in a research note on Friday, May 24th. Three equities research analysts have rated the stock with a sell rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $5.30.

Wipro Stock Up 2.5 %

WIT opened at $6.02 on Friday. Wipro Limited has a 12 month low of $4.48 and a 12 month high of $6.45. The company has a market cap of $31.39 billion, a PE ratio of 24.06, a price-to-earnings-growth ratio of 4.04 and a beta of 0.85. The company has a current ratio of 2.58, a quick ratio of 2.57 and a debt-to-equity ratio of 0.08. The company has a 50 day moving average of $5.47 and a 200 day moving average of $5.66.

Wipro (NYSE:WIT) last posted its quarterly earnings results on Friday, April 19th. The information technology services provider reported $0.07 EPS for the quarter, hitting analysts’ consensus estimates of $0.07. Wipro had a return on equity of 15.60% and a net margin of 12.29%. The firm had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.65 billion. On average, sell-side analysts expect that Wipro Limited will post 0.27 EPS for the current year.

Wipro Company Profile

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through three segments: IT Services, IT Products, and India State Run Enterprise Services (ISRE). 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.