Hsbc Holdings PLC Cuts Stake in Wipro Limited $WIT

Hsbc Holdings PLC lessened its position in Wipro Limited (NYSE:WIT) by 65.1% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 175,254 shares of the information technology services provider’s stock after selling 326,695 shares during the period. Hsbc Holdings PLC’s holdings in Wipro were worth $498,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Morgan Stanley increased its stake in shares of Wipro by 65.0% during the fourth quarter. Morgan Stanley now owns 48,531,368 shares of the information technology services provider’s stock worth $137,829,000 after acquiring an additional 19,114,904 shares during the period. Defiance ETFs LLC acquired a new stake in Wipro in the fourth quarter valued at about $39,525,000. UBS Group AG boosted its holdings in Wipro by 165.0% in the 3rd quarter. UBS Group AG now owns 13,044,840 shares of the information technology services provider’s stock valued at $34,308,000 after purchasing an additional 8,122,275 shares in the last quarter. Norges Bank purchased a new stake in Wipro in the 4th quarter valued at approximately $22,036,000. Finally, Bank of America Corp DE increased its position in Wipro by 298.9% during the 2nd quarter. Bank of America Corp DE now owns 7,690,677 shares of the information technology services provider’s stock worth $23,226,000 after purchasing an additional 5,762,771 shares during the period. Hedge funds and other institutional investors own 2.36% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. downgraded Wipro from a “neutral” rating to an “underweight” rating and cut their target price for the stock from $2.20 to $1.70 in a research note on Wednesday, June 24th. Weiss Ratings downgraded Wipro from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday. One analyst has rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, Wipro currently has a consensus rating of “Strong Sell” and a consensus target price of $1.70.

Wipro Stock Up 1.4%

Shares of NYSE WIT opened at $1.86 on Friday. Wipro Limited has a 52 week low of $1.80 and a 52 week high of $3.12. The firm has a 50-day moving average price of $2.07 and a 200 day moving average price of $2.27. The stock has a market capitalization of $19.54 billion, a price-to-earnings ratio of 13.32, a price-to-earnings-growth ratio of 3.96 and a beta of 0.97.

Wipro (NYSE:WIT) last issued its earnings results on Thursday, July 16th. The information technology services provider reported $0.03 earnings per share for the quarter, hitting the consensus estimate of $0.03. Wipro had a net margin of 14.25% and a return on equity of 14.97%. The company had revenue of $2.54 billion for the quarter, compared to analyst estimates of $2.60 billion. Equities research analysts expect that Wipro Limited will post 0.14 EPS for the current fiscal year.

About Wipro

Wipro Limited (NYSE: WIT) is an Indian multinational corporation that provides information technology, consulting and business process services. Headquartered in Bengaluru, India, the company traces its origins to 1945 when it was founded as Western India Vegetable Products and later diversified into technology and IT services. Today Wipro positions itself as a provider of enterprise IT solutions and digital transformation services for large and mid-sized organizations across multiple industries.

The company’s service portfolio includes application development and maintenance, cloud and infrastructure services, data analytics and AI, cybersecurity, digital consulting, product engineering and research and development, as well as business process services.