Wipro (NYSE:WIT) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of Wipro (NYSE:WIT) from a hold rating to a buy rating in a research report sent to investors on Thursday, Zacks.com reports. Zacks Investment Research 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. “

Other analysts also recently issued research reports about the company. Morgan Stanley upgraded Wipro from an underweight rating to an equal weight rating in a research report on Thursday, October 14th. JPMorgan Chase & Co. upgraded Wipro from an underweight rating to a neutral rating in a research report on Thursday, September 30th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Wipro has a consensus rating of Hold and a consensus target price of $8.62.

Shares of NYSE WIT opened at $8.58 on Thursday. Wipro has a 52 week low of $6.09 and a 52 week high of $9.96. The business has a 50-day simple moving average of $9.04 and a two-hundred 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 company has a market cap of $47.01 billion, a P/E ratio of 29.59, a P/E/G ratio of 3.28 and a beta of 0.66.

Wipro (NYSE:WIT) last issued its earnings results on Tuesday, January 11th. The information technology services provider reported $0.07 EPS for the quarter, missing the 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 period in the prior year, the company posted $0.07 earnings per share. Equities research analysts anticipate that Wipro will post 0.3 EPS for the current year.

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

A number of large investors have recently added to or reduced their stakes in the stock. Amundi Pioneer Asset Management Inc. increased its stake in Wipro by 33.3% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 139,918 shares of the information technology services provider’s stock worth $556,000 after purchasing an additional 34,978 shares during the period. Envestnet Asset Management Inc. increased its stake in Wipro by 53.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 86,519 shares of the information technology services provider’s stock worth $676,000 after purchasing an additional 30,229 shares during the period. American Century Companies Inc. increased its stake in Wipro by 5.4% in the 2nd quarter. American Century Companies Inc. now owns 98,216 shares of the information technology services provider’s stock worth $767,000 after purchasing an additional 5,027 shares during the period. Wolverine Trading LLC purchased a new position in Wipro in the 2nd quarter worth approximately $109,000. Finally, Citigroup Inc. increased its stake in Wipro by 12,932.9% in the 2nd quarter. Citigroup Inc. now owns 452,242 shares of the information technology services provider’s stock worth $3,532,000 after purchasing an additional 448,772 shares during the period. Institutional investors own 2.30% of the company’s stock.

About Wipro

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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