SG Americas Securities LLC recently announced the acquisition of new stake in Wipro Limited (NYSE:WIT). The institutional investor has increased its shareholding in the Technology company by 305.46% to 11.77 million shares with purchase of 8.87 million shares. This fresh investment now brings its stake to 0.22% valued currently at $54.97 million. In addition, The Vanguard Group, Inc. raised its holdings by 59011.0 to 11.55 million shares. And Aperio Group LLC has lifted its position by 39.45% or 3.16 million shares – to 11.16 million shares.
With over 2.31 million Wipro Limited (WIT) shares trading Monday and a closing price of $4.67 on the day, the dollar volume was approximately $10.78 million. The shares have shown a negative half year performance of -10.54% and its price on 03/13/23 lost nearly -0.43%. Currently, there are 5.47B common shares owned by the public and among those 1.48B shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 44 analysts who have offered their price forecasts for WIT have a consensus price objective of $5.06. The analysts have set the share’s price value over the next 12 months at a high of $6.50 and a low of $4.00. The average price target is -8.1% below its recent price level and a downside to the estimated low will see the stock lose -16.75% over that period. But an upside of 28.15% will see the stock hit the forecast high price target while median target price for the stock is $5.05.
The top 3 mutual fund holders in Wipro Limited are Vanguard Total International Stoc, Nordea 2 – Global Responsible Enh, and Vanguard Emerging Markets Stock I. Vanguard Total International Stoc owns 5.6 million shares of the company’s stock, all valued at over $26.16 million. The company sold -0.17 million shares recently to bring their total holdings to about 0.10% of the shares outstanding. Vanguard Emerging Markets Stock I now owns shares totaling to 0.06% of the shares outstanding.
Shares of Wipro Limited (NYSE: WIT) opened at $4.64, down -$0.05 from a prior closing price of $4.69. However, the script later moved the day high at 4.7100, down -0.43%. The company’s stock has a 5-day price change of -3.91% and -5.27% over the past three months. WIT shares are trading 0.21% year to date (YTD), with the 12-month market performance down to -38.31% lower. It has a 12-month low price of $4.38 and touched a high of $8.07 over the same period. WIT has an average intraday trading volume of 2.38 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -2.54%, -3.20%, and -7.25% respectively.
Institutional ownership of Wipro Limited (NYSE: WIT) shares accounts for 2.20% of the company’s 5.47B shares outstanding. Mutual fund holders own 0.61%, while other institutional holders and individual stakeholders account for 1.83% and — respectively.
It has a market capitalization of $25.96B and a beta (3y monthly) value of 0.85. The stock’s trailing 12-month PE ratio is 18.46, while the earnings-per-share (ttm) stands at $0.25. The company has a PEG of 2.05 and a Quick Ratio of 2.20 with the debt-to-equity ratio at 0.24. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.74% over the week and 1.45% over the month.
Analysts forecast that Wipro Limited (WIT) will achieve an EPS of $0.07 for the current quarter, $0 for the next quarter and $0.31 for 2024. The lowest estimate earnings-per-share for the quarter is $0.07 while analysts give the company a high EPS estimate of $0.07. Comparatively, EPS for the current quarter was $0.07 a year ago. Earnings per share for the fiscal year are expected to increase by 16.90%, and 24.00% over the next financial year. EPS should shrink at an annualized rate of 9.00% over the next five years, compared to 17.90% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 44 brokerage firm advisors rate Wipro Limited (WIT) as a “Moderate Sell” at a consensus score of 4.70. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 17 of the 44 advise that investors “hold,” and 9 rated it as a “Sell.”
Goldman coverage for the Wipro Limited (WIT) stock in a research note released on September 13, 2022 offered a Buy rating with a price target of $4.87. Jefferies on their part issued Underperform rating on July 08, 2022.
