MAI Capital Management Makes New Investment in Wipro Limited $WIT

MAI Capital Management purchased a new stake in shares of Wipro Limited (NYSE:WIT) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 67,948 shares of the information technology services provider’s stock, valued at approximately $205,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of WIT. Bank of New York Mellon Corp grew its stake in Wipro by 178.5% during the first quarter. Bank of New York Mellon Corp now owns 70,881 shares of the information technology services provider’s stock valued at $217,000 after acquiring an additional 45,430 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Wipro by 16.5% in the 1st quarter. Victory Capital Management Inc. now owns 396,805 shares of the information technology services provider’s stock valued at $1,214,000 after purchasing an additional 56,342 shares during the period. HB Wealth Management LLC grew its position in shares of Wipro by 34.7% during the 1st quarter. HB Wealth Management LLC now owns 47,877 shares of the information technology services provider’s stock valued at $147,000 after purchasing an additional 12,321 shares in the last quarter. Banque Cantonale Vaudoise bought a new position in shares of Wipro in the first quarter worth $106,000. Finally, Hoxton Planning & Management LLC bought a new position in shares of Wipro in the first quarter worth $48,000. 2.36% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Weiss Ratings restated a “hold (c)” rating on shares of Wipro in a research report on Thursday, October 30th. CLSA lowered Wipro from an “outperform” rating to a “hold” rating in a report on Monday, October 20th. Five research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce”.

Wipro Trading Down 0.9%

WIT opened at $2.68 on Friday. The stock has a market capitalization of $28.01 billion, a P/E ratio of 17.83, a PEG ratio of 16.16 and a beta of 1.02. The stock has a 50-day moving average price of $2.67 and a 200-day moving average price of $2.81. Wipro Limited has a 12-month low of $2.55 and a 12-month high of $3.79.

Wipro Company Profile

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.