Foster Group Inc. Makes New Investment in Wipro Limited (NYSE:WIT)

Foster Group Inc. acquired a new position in shares of Wipro Limited (NYSE:WIT) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 36,102 shares of the information technology services provider’s stock, valued at approximately $170,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of WIT. Raymond James & Associates increased its holdings in Wipro by 5.2% during the 1st quarter. Raymond James & Associates now owns 118,772 shares of the information technology services provider’s stock worth $916,000 after purchasing an additional 5,891 shares during the last quarter. American Century Companies Inc. grew its position in shares of Wipro by 22.8% in the 1st quarter. American Century Companies Inc. now owns 199,067 shares of the information technology services provider’s stock worth $1,535,000 after acquiring an additional 36,907 shares in the last quarter. PNC Financial Services Group Inc. grew its position in shares of Wipro by 4.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 47,432 shares of the information technology services provider’s stock worth $366,000 after acquiring an additional 2,234 shares in the last quarter. BlackRock Inc. grew its position in shares of Wipro by 3.3% in the 1st quarter. BlackRock Inc. now owns 16,033,590 shares of the information technology services provider’s stock worth $123,618,000 after acquiring an additional 509,102 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Wipro by 17.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 99,589 shares of the information technology services provider’s stock worth $768,000 after acquiring an additional 14,576 shares in the last quarter. 2.36% of the stock is currently owned by hedge funds and other institutional investors.

Wipro Stock Down 1.3 %

Shares of Wipro stock opened at $5.22 on Friday. The business’s fifty day moving average price is $4.98 and its two-hundred day moving average price is $4.76. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.72 and a quick ratio of 1.71. The company has a market capitalization of $28.61 billion, a P/E ratio of 20.08, a PEG ratio of 2.24 and a beta of 0.81. Wipro Limited has a 1-year low of $4.32 and a 1-year high of $5.31.

Wipro (NYSE:WIT) last announced its earnings results on Thursday, July 13th. The information technology services provider reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.01). The business had revenue of $2.78 billion for the quarter, compared to the consensus estimate of $2.79 billion. Wipro had a net margin of 12.70% and a return on equity of 15.94%. As a group, research analysts forecast that Wipro Limited will post 0.26 EPS for the current year.

Wall Street Analysts Forecast Growth

WIT has been the subject of several research reports. The Goldman Sachs Group initiated coverage on Wipro in a research report on Tuesday, August 22nd. They issued a “sell” rating and a $4.70 target price for the company. JPMorgan Chase & Co. started coverage on Wipro in a research report on Tuesday, May 23rd. They issued an “underweight” rating and a $4.30 target price for the company. Finally, StockNews.com started coverage on Wipro in a research report on Thursday, August 17th. They set a “hold” rating for the company. Four investment analysts have rated the stock with a sell rating and one has issued a hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $4.30.

Wipro 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.