Wipro (NYSE:WIT) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Wipro (NYSE:WITGet Rating) from a hold rating to a buy rating in a research note published on Thursday morning.

Other research analysts have also recently issued reports about the stock. Jefferies Financial Group raised shares of Wipro from an underperform rating to a hold rating and reduced their target price for the stock from $8.55 to $7.70 in a research report on Friday, February 4th. Zacks Investment Research upgraded shares of Wipro from a sell rating to a hold rating in a research note on Friday, April 29th. Macquarie assumed coverage on shares of Wipro in a research note on Monday, April 11th. They issued a neutral rating for the company. Finally, CLSA upgraded shares of Wipro from an underperform rating to an outperform rating in a research note on Monday, February 21st. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Wipro has an average rating of Hold and an average target price of $8.31.

Shares of WIT stock traded down $0.13 during trading hours on Thursday, hitting $6.21. 15,718 shares of the company were exchanged, compared to its average volume of 2,582,181. The firm has a market cap of $33.94 billion, a PE ratio of 21.86, a PEG ratio of 2.30 and a beta of 0.85. Wipro has a 1 year low of $6.26 and a 1 year high of $9.96. The company has a quick ratio of 2.27, a current ratio of 2.27 and a debt-to-equity ratio of 0.08. The firm has a fifty day moving average of $7.36 and a 200 day moving average of $8.17.

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

A number of hedge funds and other institutional investors have recently modified their holdings of the business. NINE MASTS CAPITAL Ltd lifted its holdings in Wipro by 126.5% in the 1st quarter. NINE MASTS CAPITAL Ltd now owns 1,199,749 shares of the information technology services provider’s stock valued at $9,353,000 after acquiring an additional 670,054 shares during the last quarter. JJJ Advisors Inc. increased its holdings in shares of Wipro by 18.2% in the 1st quarter. JJJ Advisors Inc. now owns 33,264 shares of the information technology services provider’s stock valued at $257,000 after purchasing an additional 5,118 shares during the period. Fisher Asset Management LLC increased its holdings in shares of Wipro by 3.1% in the 1st quarter. Fisher Asset Management LLC now owns 3,803,168 shares of the information technology services provider’s stock valued at $29,322,000 after purchasing an additional 114,710 shares during the period. DGS Capital Management LLC increased its holdings in Wipro by 12.8% in the first quarter. DGS Capital Management LLC now owns 67,512 shares of the information technology services provider’s stock worth $521,000 after buying an additional 7,647 shares during the last quarter. Finally, Janney Montgomery Scott LLC increased its holdings in Wipro by 5.2% in the first quarter. Janney Montgomery Scott LLC now owns 992,449 shares of the information technology services provider’s stock worth $7,652,000 after buying an additional 48,616 shares during the last quarter. 2.30% of the stock is owned by institutional investors.

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 consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, infrastructure, analytics, business process, research and development, and hardware and software design services to enterprises.

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