Beacon Financial Group Acquires New Stake in Wipro Limited (NYSE:WIT)

Beacon Financial Group bought a new position in Wipro Limited (NYSE:WIT) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 10,600 shares of the information technology services provider’s stock, valued at approximately $38,000.

Several other hedge funds have also recently made changes to their positions in WIT. State Street Corp increased its holdings in Wipro by 0.8% in the 3rd quarter. State Street Corp now owns 10,826,697 shares of the information technology services provider’s stock worth $70,157,000 after acquiring an additional 87,682 shares during the last quarter. Fisher Asset Management LLC boosted its position in Wipro by 72.2% during the third quarter. Fisher Asset Management LLC now owns 3,802,182 shares of the information technology services provider’s stock worth $24,638,000 after purchasing an additional 1,593,619 shares during the period. Robeco Institutional Asset Management B.V. increased its stake in shares of Wipro by 147.1% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 3,562,214 shares of the information technology services provider’s stock worth $12,610,000 after purchasing an additional 2,120,454 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Wipro by 116.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,610,319 shares of the information technology services provider’s stock valued at $10,435,000 after purchasing an additional 867,516 shares during the period. Finally, Creative Planning lifted its stake in shares of Wipro by 24.6% during the 3rd quarter. Creative Planning now owns 1,337,344 shares of the information technology services provider’s stock valued at $8,666,000 after buying an additional 263,925 shares in the last quarter. 2.36% of the stock is currently owned by institutional investors.

Wipro Stock Performance

NYSE WIT opened at $3.63 on Thursday. The company’s 50 day simple moving average is $3.95 and its two-hundred day simple moving average is $5.57. The stock has a market capitalization of $37.96 billion, a PE ratio of 25.04, a P/E/G ratio of 3.13 and a beta of 0.91. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.83 and a quick ratio of 2.83. Wipro Limited has a 1 year low of $2.55 and a 1 year high of $3.79.

Wipro (NYSE:WIT) last posted its quarterly earnings data on Friday, January 17th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.04. Wipro had a return on equity of 15.46% and a net margin of 13.96%. Analysts predict that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on WIT shares. UBS Group upgraded shares of Wipro from a “sell” rating to a “neutral” rating in a research note on Thursday, January 2nd. StockNews.com upgraded Wipro from a “hold” rating to a “buy” rating in a research note on Monday, January 20th. Finally, HSBC upgraded Wipro from a “reduce” rating to a “hold” rating in a research note on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy”.

About Wipro

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through IT Services and IT Products segments. 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.