Nordea Investment Management AB Raises Stake in Wipro Limited (NYSE:WIT)

Posted by on Jun 23rd, 2022

Nordea Investment Management AB boosted its position in Wipro Limited (NYSE:WIT – Get Rating) by 9.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,822,193 shares of the information technology services provider’s stock after buying an additional 331,459 shares during the quarter. Nordea Investment Management AB owned approximately 0.07% of Wipro worth $29,794,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of WIT. CWM LLC purchased a new stake in Wipro in the fourth quarter worth approximately $35,000. Glassman Wealth Services boosted its stake in shares of Wipro by 66.9% during the fourth quarter. Glassman Wealth Services now owns 3,585 shares of the information technology services provider’s stock valued at $35,000 after purchasing an additional 1,437 shares during the period. Lindbrook Capital LLC boosted its stake in shares of Wipro by 28.4% during the fourth quarter. Lindbrook Capital LLC now owns 6,105 shares of the information technology services provider’s stock valued at $60,000 after purchasing an additional 1,350 shares during the period. CFS Investment Advisory Services LLC purchased a new stake in shares of Wipro during the third quarter valued at approximately $94,000. Finally, MQS Management LLC purchased a new stake in shares of Wipro during the fourth quarter valued at approximately $112,000. 2.30% of the stock is owned by institutional investors and hedge funds.

Shares of WIT stock opened at $5.33 on Thursday. The stock has a fifty day moving average of $6.16 and a 200 day moving average of $7.44. Wipro Limited has a 52 week low of $5.18 and a 52 week high of $9.96. The firm has a market capitalization of $29.13 billion, a price-to-earnings ratio of 18.38, a PEG ratio of 1.90 and a beta of 0.86. The company has a quick ratio of 2.01, a current ratio of 2.01 and a debt-to-equity ratio of 0.09.

Wipro (NYSE:WIT – Get Rating) last announced its quarterly earnings results on Friday, April 29th. The information technology services provider reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.01). Wipro had a return on equity of 19.33% and a net margin of 15.44%. The business had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.79 billion. Equities research analysts anticipate that Wipro Limited will post 0.31 earnings per share for the current year.

The company also recently disclosed a dividend, which was paid on Wednesday, April 6th. Shareholders of record on Wednesday, April 6th were issued a $0.059 dividend. This is an increase from Wipro’s previous dividend of $0.02. The ex-dividend date was Tuesday, April 5th. Wipro’s dividend payout ratio is 24.14%.

A number of analysts have recently weighed in on WIT shares. Nomura lowered Wipro from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 25th. StockNews.com raised Wipro from a “hold” rating to a “buy” rating in a research note on Monday. JPMorgan Chase & Co. lowered Wipro from a “neutral” rating to an “underweight” rating in a research note on Thursday, May 19th. Finally, Macquarie raised Wipro from a “neutral” rating to an “outperform” rating in a research note on Wednesday, June 1st. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $7.70.

About Wipro (Get Rating)

Wipro Limited operates as 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.

See Also

Institutional Ownership by Quarter for Wipro (NYSE:WIT)

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