Wipro Stock (NYSE:WIT), Trade Ideas

Wipro

Wipro is a leading global IT services provider, with 175,000 employees. Based in Bengaluru, this India IT services firm leverages its offshore outsourcing model to derive over half of its revenue (57%) from North America. The company offers traditional IT services offerings: consulting, managed services, and cloud infrastructure services as well as business process outsourcing as a service.

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Wipro Ltd (NYSE: WIT) reports Q4 results with revenue of INR222.1 billion and EPS of $0.07. IT Services revenue declined by 6.4% Y/Y. Stock gained 19% in 12 months.

Wipro Beats Revenue Expectations In Q4, Anticipates Steady Growth Driven By Tech Demand

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GEHC

Wipro GE Healthcare plans to invest ₹80 billion ($960 million) in its Indian facilities over 5 years. Focused on bolstering local manufacturing aligned with &#34;Make in India,&#34; the investment targets PET CT scan devices for global export. Additionally, the company aims to produce CT scanners and MR breast coils domestically.

Wipro GE Healthcare Sets Sight on India&#39;s Healthcare Growth with $960M Investment

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Wipro Limited announced an agreement with Desjardins to modernize consumer banking services using its NetOxygen platform, aiming to improve customer experience and cost savings.

Why Indian IT Major Wipro Shares Are Trading Higher Today

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Wipro shares are trading higher following Friday's Q4 earnings.

Technology services and consulting company&nbsp;Wipro Ltd&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WIT#NYSE">WIT</a>)&nbsp;shares are trading higher after the company reported&nbsp;fourth-quarter results.
The company reported gross revenue of INR222.1 billion ($2.67 billion), flat Q/Q, beating the consensus of&nbsp;<a target="_blank" href="https://www.wipro.com/investors/" rel="noreferrer noopener">$2.65 billion</a>.&nbsp;
EPS of 7 cents was in line <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">with the consensus</a>.
IT Services revenue declined by 6.4% Y/Y to $2.66 billion. Adjusted constant currency IT Services segment revenue decreased by 6.6% Y/Y.
IT Services' operating margin for the quarter was 16.4%, versus 17%&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/22/04/26895936/wipro-shares-drop-post-q4-misses-consensus" rel="noreferrer noopener">a year ago</a>.&nbsp;
Net income was INR28.3 billion ($341 million), down from INR30.7 million a year ago. Operating cash flow was at INR52.2 billion ($626.1 million).
Total bookings stood at $3.6 billion, with large deal bookings worth $1.2 billion, up by 9.5% Y/Y.
The board confirmed the interim dividend of INR1, which it will consider the final dividend for the financial year 2023-2024.
Q1 Outlook:&nbsp;Wipro expects IT Services business revenue of $2.617 billion&nbsp;– $2.670&nbsp;billion, (-1.5)% to (+0.5)% Q/Q in constant currency terms.&nbsp;Total&nbsp;revenue&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">consensus was $2.690 billion</a>.
Wipro&nbsp;stock gained over 19% in the last 12 months. Investors can gain exposure to the stock via&nbsp;VanEck ETF Trust VanEck Digital India ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DGIN#NYSE">DGIN</a>) and&nbsp;ALPS Emerging Sector Dividend Dogs ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EDOG#NYSE">EDOG</a>).
Price Action: WIT shares were up 3.5% to $5.34 at last check Friday.
Now Read: <a href="https://www.benzinga.com/news/earnings/24/04/38333186/increase-in-card-member-spending-boosts-amex-q1-revenue-company-eyes-steady-annual-growth">Increase In Card Member Spending Boosts Amex Q1 Revenue, Company Eyes Steady Annual Growth</a>
Image generated using artificial intelligence via Midjourney.

Outlook for the Quarter ending June 30, 2024 We expect revenue from our IT Services business segment to be in the range of $2,617 million to $2,670 million&#x2A;. This translates to sequential guidance of (-)1.5% to +0.5% in constant currency terms. &nbsp;

Wipro Expects Q1 IT Services Business Segment Revenue of  $2.617B-$2.670B Vs Total Revenue Consensus of $2.69B

Wipro (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WIT#NYSE">WIT</a>) reported quarterly earnings of $0.07 per share which met the analyst consensus estimate. This is unchanged from the same period last year. The company reported quarterly sales of $2.67 billion which beat the analyst consensus estimate of $2.65 billion by 0.57 percent. This is a 5.56 percent decrease over sales of $2.82 billion the same period last year.

Wipro Q4 EPS $0.07, Inline, Sales $2.67B Beat $2.65B Estimate

Wipro shares are trading higher following Q4 earnings.

Wipro Reports Q4 Revenue of INR228.612B Vs INR238.215B YoY, EPS of INR5.41 Vs INR5.60 YoY

Wipro Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WIT#NYSE">WIT</a>, BSE: 507685, NSE: WIPRO)))), a leading technology services and consulting company, announced today the appointment of Malay Joshi as Chief Executive Officer of Wipro Americas 1 Strategic Market Unit, effective immediately. Malay succeeds Srini Pallia, who was appointed as <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.wipro.com%2Fnewsroom%2Fpress-releases%2F2024%2Fwipro-appoints-srini-pallia-as-ceo-and-managing-director%2F&amp;esheet=53927676&amp;newsitemid=20240410776006&amp;lan=en-US&amp;anchor=Chief+Executive+Officer+and+Managing+Director+of+Wipro+Limited+on+April+6&amp;index=1&amp;md5=962bac2b422d27e3b9355df9382f5356">Chief Executive Officer and Managing Director of Wipro Limited on April 6</a>. Malay will also join the <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.wipro.com%2Fleadership%2Fexecutive-board%2F&amp;esheet=53927676&amp;newsitemid=20240410776006&amp;lan=en-US&amp;anchor=Wipro+Executive+Board&amp;index=2&amp;md5=ae870b312bfdb43730a85c77da187cbb">Wipro Executive Board</a>.
Malay was previously the Senior Vice President and Business Unit Head, leading the Communications, Media, Tech, Retail, Travel, Hospitality and Public Sector industries, which make up one of Wipro's largest business units globally. In this role, he was responsible for helping clients drive successful enterprise transformations, enhancing client experience (CX), strengthening delivery, and ensuring consistent revenue growth in the sectors he leads.
"Malay has been leading one of the largest business units at Wipro and has delivered the highest CAGR over a decade across multiple global businesses," said Srini Pallia, Chief Executive Officer and Managing Director, Wipro Limited. "His client centricity and deep understanding of the industry makes him an ideal fit to lead the Americas 1 strategic market. He is the perfect leader to take the helm of this fast-growing market and write its next chapter of our growth."
Malay joined Wipro in 1996 and has had an extensive career spanning over 28 years in various leadership roles across functions, industries, and geographies. He has a strong background in delivery, consultative sales, and client engagement.
Malay holds a Bachelor's degree in Information Technology Engineering and has graduated from Harvard Business School's Leading Global Businesses Executive Program and Advanced Program Management from Stanford University.
"I am honored to assume the role of CEO Americas 1, a market that is brimming with opportunity and potential," said Malay Joshi, Chief Executive Officer, Americas 1 Strategic Market Unit, Wipro Limited. "I am looking forward to leading our talented team toward a future where we can harness the power of technology to continue to enhance our value proposition for our clients and communities."
Malay is a member of Wipro's Culture Council. He will be based out of Wipro's New York City office.

Management

Wipro Appoints Malay Joshi As Chief Executive Officer For Americas 1 Strategic Market Unit, Effective Immediately

Reported Saturday, Wipro Named Srini Pallia As CEO & Managing Director, Effective Immediately

Wipro GE Healthcare, a joint venture between India&#8217;s Wipro Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WIT#NYSE">WIT</a>) and GE Healthcare Technologies Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GEHC#NASDAQ">GEHC</a>), announced plans to invest ₹80 billion ($960 million) in its manufacturing and research and development facilities in India over the next five years. 
The Bengaluru-based medical technology company aims to bolster local manufacturing in alignment with the Indian government&#8217;s &#8220;Make in India&#8221; initiative.
The investment will primarily focus on enhancing the production capacity of Wipro GE Healthcare&#8217;s positron emission tomography and computed tomography (PET CT) diagnostic scan devices for export to 15 countries, supporting the company&#8217;s expansion efforts.&nbsp;
Additionally, the company intends to manufacture other high-end medical technology devices, such as CT scanners and MR breast coils, within India.
&#8220;As India envisions to be among the top five global manufacturing hubs for medical devices, we are committed to the national healthcare agenda,&#8221; Reuters noted, citing&nbsp;Chaitanya Sarawate, Managing Director of Wipro GE Healthcare.&nbsp;
Established in 1990, Wipro GE Healthcare has been actively participating in the government&#8217;s initiatives to boost local manufacturing.&nbsp;
The company inaugurated a greenfield manufacturing unit in Bengaluru in 2022 under the production-linked incentive scheme, emphasizing its strategic alignment with India&#8217;s industrial policies.
With four manufacturing plants in Bengaluru, Wipro GE Healthcare is poised to reinforce its position in both domestic and global markets.&nbsp;
Price Action:&nbsp;GEHC shares are up 0.67% at $88.87 on the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by Sundry Photography via Shutterstock

Wipro GE Healthcare Sets Sight on India's Healthcare Growth with $960M Investment

Wipro's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WIT#NYSE">WIT</a>) short percent of float has risen 12.5% since its last report. The company recently reported that it has 14.10 million shares sold short, which is 0.27% of all regular shares that are available for trading. Based on its trading volume, it would take traders 4.88 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Wipro Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1711476009_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Wipro has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Wipro's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Wipro's peer group average for short interest as a percentage of float is 4.82%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

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(WIT) - Analyzing Wipro's Short Interest

Wipro&nbsp;Limited&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WIT#NYSE">WIT</a>) shares are trading higher after the company announced that it penned an agreement with Desjardins to modernize consumer banking services&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/03/b37691968/wipro-enters-into-agreement-with-desjardins-to-modernize-consumer-banking-services-using-its-netox" rel="noreferrer noopener">using its NetOxygen platform</a>.
As per the deal, Wipro Gallagher Solutions&#8217; (WGS), a Wipro Company and provider of cloud-based Loan Origination Systems (LOS), flagship NetOxygen solution will integrate and manage Desjardins&#8217; multiple in-house and legacy systems to bring all their Loan Origination Systems into one platform.
The program will improve customer experience, efficiency gains, and cost savings and will provide Desjardins members and clients with a convenient digital lending experience accessible seamlessly.
Kim Watson, President &amp; Managing Director, Wipro Solutions Canada Limited, said: &#8220;We are excited about the prospects that this project holds for the future of lending services, harnessing NetOxygen&#8217;s cutting-edge digital capabilities. Transforming Desjardins&#8217; consumer banking services will enable them to better serve their customers and simplify their processes to realize their ambitions.&#8221;&nbsp;
This week, the Indian IT major also&nbsp;expanded its partnership with&nbsp;Nutanix, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTNX#NASDAQ">NTNX</a>) to launch a new&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/03/b37582289/wipro-expands-partnership-with-nutanix-to-launch-a-new-nutanix-business-unit" rel="noreferrer noopener">Nutanix business unit</a>.
In January 2024, Wipro reported a fourth-quarter FY23 gross revenue decline of 1.4% on quarter, with IT services segment&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/01/36612350/why-indian-it-major-wipro-shares-are-higher-today" rel="noreferrer noopener">revenue down 2.1% Q/Q</a>.
Price Action: WIT shares are up 2.08% at $6.14 on the last check Thursday.
Image: Shutterstock/ Sundry Photography

Wipro shares are trading higher after the company announced that it entered into an agreement with Desjardins to modernize consumer banking services using its NetOxygen platform.

Wipro Announced That It Has Been Selected By Desjardins To Transform Their Credit Solutions For Members And Clients

The new business unit will empower mutual clients to accelerate digital transformation, and hybrid multicloud innovation

Wipro Expands Partnership With Nutanix To Launch Business Unit

General Motors (GM), global automotive supplier Magna, and leading technology services and consulting company Wipro Limited, have teamed up to develop a B2B sales platform for buying and selling automotive software. The platform, called SDVerse, aims to revolutionize the automotive software sourcing and procurement process by providing a matchmaking platform for buyers and sellers of embedded automotive software.

General Motors, Magna, and Wipro Team Up to Develop Automotive Software Marketplace: 'SDVerse'

Wipro Announced That It Has Completed The Migration Of Manpower Group's Largest Data Centre In Europe To Microsoft Azure

Wipro Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WIT#NYSE">WIT</a>, BSE: 507685, NSE: WIPRO)), a leading technology services and consulting company, today announced a joint private wireless solution with Nokia (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOK#NYSE">NOK</a>), to help enterprises scale their digital transformation. This joint solution will provide enterprises with a more secure 5G private wireless network solution integrated with their operation infrastructure. The solution will bring greater reliability, mobility, connectivity speed, real-time access to business insights, and the ability to process high volumes of data with low latency. Through a dedicated wireless network, enterprises will be able to create an integrated private environment they can control to better manage their performance and mitigate security risks.

Tech

Wipro, Nokia Announced Joint 5G Private Wireless Solution To Speed Up Enterprise Digital Transformation

As part of the expanded partnership, IBM and Wipro will establish a centralized tech hub to support joint clients in their AI pursuits

Wipro Launches An Enterprise AI-Ready Platform, Leveraging IBM watsonx, To Advance Enterprise Adoption Of Generative AI

Wipro Acquires 60% Stake In Aggne Global  And Its Affiliate For $66M, With Option To Purchase Remaining Stake

U.S. stocks traded lower, with the Dow Jones index falling more than 250 points on Tuesday.
Shares of Morgan Stanley (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ms#NYSE">MS</a>) fell during Tuesday&rsquo;s session after the company reported <a href="https://www.benzinga.com/news/earnings/24/01/36642997/morgan-stanleys-earnings-q4-beats-revenue-estimates-despite-profit-decline">fourth-quarter financial results.</a>
Morgan Stanley reported a fourth-quarter net profit of $1.5 billion, or 85 cents per diluted share, compared to $2.2 billion or $1.26 in the prior year. The company reported revenues of $12.9 billion, beating the consensus of $12.75 billion.
Morgan Stanley shares fell 4.6% to $85.58 on Tuesday.
Here are some other big stocks recording losses in today&rsquo;s session.
<ul>
<li>Spirit Airlines, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/save#NYSE">SAVE</a>) shares dipped 46.4% to $8.01.</li>
<li>Gol Linhas A&eacute;reas Inteligentes S.A. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gol#NYSE">GOL</a>) fell 25.4% to $2.2889.</li>
<li>Applied Digital Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/apld#NASDAQ">APLD</a>) declined 22% to $5.84 after the company reported worse-than-expected second-quarter financial results and said it expects its revenue and EBITDA to be below the low end of its previously guided range for fiscal year 2024.</li>
<li>WW International, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ww#NASDAQ">WW</a>) fell 17.2% to $4.6413.</li>
<li>Waldencast plc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wald#NASDAQ">WALD</a>) fell 16.8% to $8.54.</li>
<li>IGM Biosciences, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/igms#NASDAQ">IGMS</a>) shares tumbled 16.1% to $9.18.</li>
<li>Prime Medicine, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/prme#NASDAQ">PRME</a>) fell 14.1% to $ 6.86.</li>
<li>CompX International Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cix#NYSE">CIX</a>) fell 13.1% to $25.74.</li>
<li>Stem, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/stem#NYSE">STEM</a>) fell 12.4% to $2.89.</li>
<li>Wheels Up Experience Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/up#NYSE">UP</a>) fell 10.5% to $3.7048.</li>
<li>Plug Power Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/plug#NASDAQ">PLUG</a>) fell 10.1% to $3.09.</li>
<li>Opendoor Technologies Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/open#NASDAQ">OPEN</a>) fell 9.1% to $3.1902.</li>
<li>Leggett &amp; Platt, Incorporated (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/leg#NYSE">LEG</a>) fell 8.7% to $23.23 after the company announced a restructuring plan, which includes a workforce reduction, and withdrew its long-term financial targets.</li>
<li>Wipro Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wit#NYSE">WIT</a>) fell 8.4% to $5.75. Wedbush analyst Moshe Katri maintained Wipro with an Underperform and raised the price target from $4 to $6.</li>
<li>The Boeing Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ba#NYSE">BA</a>) declined 7.8% to $200.61 after Wells Fargo downgraded the stock from Overweight to Equal-Weight and lowered its price target from $280 to $225.</li>
<li>NIO Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nio#NYSE">NIO</a>) fell 7.6% to $6.63.</li>
<li>Alcoa Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aa#NYSE">AA</a>) fell 6.7% to $28.00. UBS analyst Curt Woodworth initiated coverage on Alcoa with a Sell rating and announced a price target of $29.</li>
</ul>
&nbsp;
Now Read This: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/01/36634564/jim-cramer-says-this-tech-company-reported-a-miserable-quarter-theyre-in-the-penalty-box"> Jim Cramer Says This Tech Company Reported A &#39;Miserable&#39; Quarter: &#39;They&#39;re In The Penalty Box&#39;</a>

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Morgan Stanley Reports Q4 Results, Joins Boeing, Alcoa And Other Big Stocks Moving Lower On Tuesday

Wipro Limited (WIT) has released an update. Wipro Limited has announced the resignation of Thierry Delaporte as CEO and MD, effective from April 6,...

Wipro Announces CEO Transition and Future Plans

Earnings week ahead: BAC, JNJ, TSM, UNH, ABT, SLB, UAL, PG, NFLX and more

Notable earnings before Friday's open

Wipro Q4 2024 Earnings Preview

Wipro GAAP EPS of $0.07 in-line, revenue of $2.7B beats by $40M

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Wipro (NYSE:<a href="https://investorplace.com/stock-quotes/wit-stock-quote/">WIT</a>) just reported results for the fourth quarter of 2024.<ul><li>Wipro reported earnings per share of 7 cents. This met the analyst estimate for EPS of 7 cents.</li><li>The company reported revenue of $2.67 billion.</li><li>This was 0.57% better than the analyst estimate for revenue of $2.65 billion.</li></ul><div>InvestorPlace Earnings is a project that leverages data from <a href="https://www.tradesmith.com">TradeSmith</a> to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at <a href="mailto:editor@investorplace.com">editor@investorplace.com</a>.</div><h3>More From InvestorPlace</h3>
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	The post <a href="https://investorplace.com/earning-results/2024/04/wit-stock-earnings-wipro-for-q4-of-2024/">WIT Stock Earnings: Wipro Meets EPS, Beats Revenue for Q4 2024</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

WIT Stock Earnings: Wipro Meets EPS, Beats Revenue for Q4 2024

Wipro Limited (WIT) Q4 2024 Earnings Call Transcript

GM expected to report Q1 EPS of $2.14 on revenue of $41.88B, Ford expected to report Q1 EPS 39c on revenue of $37.62B.

Here's What Wall St. Experts Are Saying About These Automakers Ahead Of Earnings

Wipro Limited (WIT) has released an update. Wipro Limited has announced the re-appointment of Rishad A. Premji as the Executive Chairman and Azim H...

Wipro Announces Key Director Re-appointments

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Quit scanning the market for a reasonably priced stock! Your search ends as Magna International (NYSE:<a href="https://investorplace.com/stock-quotes/mga-stock-quote/">MGA</a>) offers growth, value and yield. Plus, it&rsquo;s a company that most U.S.-based investors don&rsquo;t know about. Consequently, you have access to an underappreciated opportunity right now with Magna International stock.



Just to recap, Magna International is a Canada-based provider of automotive technology. As we&rsquo;ll discover, the company is teaming up with an iconic American automaker. This adds to the already impressive value proposition you&rsquo;ll find with Magna International.



<h2>Magna International Collaborates With a Famous Automaker</h2>



So, let&rsquo;s dive right into the details. Magna International is <a href="https://finance.yahoo.com/news/general-motors-magna-wipro-team-123000198.html">collaborating with</a> General Motors (NYSE:<a href="https://investorplace.com/stock-quotes/gm-stock-quote/">GM</a>) and technology services and consulting firm Wipro (NYSE:<a href="https://investorplace.com/stock-quotes/wit-stock-quote/">WIT</a>) to develop a business-to-business sales platform for the buying and selling of automotive software.



This platform, known as SDVerse, is described as a &ldquo;matchmaking platform for buyers and sellers of embedded automotive software.&rdquo; 



SDVerse is intended to reduce the time, costs and complexities involved in the currently available automotive software procurement processes.



As I see it, there&rsquo;s a vast moneymaking opportunity here for all parties. According to Harmeet Chauhan, Global Head Wipro Engineering Edge, Wipro Limited, &ldquo;The market for automotive software is expected to nearly double this decade.&rdquo; 



In other words, Magna International&rsquo;s team-up with General Motors and Wipro should provide long-term benefits for the three companies and their stakeholders.



<h2>Magna International&rsquo;s Amazing Earnings Growth</h2>



Certainly, the SDVerse partnership should help Magna International grow its business over the coming years. However, the company is already growing its bottom line quite rapidly.



Impressively, Magna International&rsquo;s fourth-quarter 2023 adjusted EPS <a href="https://finance.yahoo.com/news/correction-magna-announces-fourth-quarter-100000255.html">increased 41.5%</a> year over year to $1.33 (versus 94 cents per share in the year-earlier quarter). Furthermore, the company&rsquo;s quarterly sales increased 9% YOY to $10.5 billion.



Thus, Magna International&rsquo;s growth is indisputable. However, despite its notable growth pace, the company isn&rsquo;t overvalued at all. On a trailing 12-month basis, Magna International has a GAAP price-to-earnings ratio of <a href="https://seekingalpha.com/symbol/MGA/valuation/metrics">11.42x</a>. This compares favorably to the sector median P/E ratio of 17.13x.



Passive-income investors should conduct their due diligence on Magna International. That&rsquo;s because the company offers a forward annual dividend yield of <a href="https://www.tipranks.com/stocks/mga/dividends">3.58%</a>, which easily beats the cyclical sector average dividend yield of around 1%.



<h2>Magna International Stock: Who Says You Can&rsquo;t Have It All?</h2>



Sales and earnings growth? Check. A good value? Check. Generous dividend distributions? Check. Unless I&rsquo;m missing something, it sure sounds like Magna International offers a complete package for investors. 



Then, there&rsquo;s the icing on the cake as Magna International teams up with General Motors and Wipro. If all of this isn&rsquo;t enough for you, then maybe you&rsquo;re just asking for too much. So, stop waiting and hesitating, and go get yourself some Magna International stock.



On the date of publication, David Moadel&nbsp;did not have (either directly or indirectly) any positions in the securities mentioned in this article.&nbsp;The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>.
<div>David Moadel has provided compelling content &ndash; and crossed the occasional line &ndash; on behalf of Motley Fool, Crush the Street, Market Realist, TalkMarkets, TipRanks, Benzinga, and (of course) InvestorPlace.com. He also serves as the chief analyst and market researcher for Portfolio Wealth Global and hosts the popular financial YouTube channel Looking at the Markets.</div><h3>More From InvestorPlace</h3>
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	The post <a href="https://investorplace.com/2024/04/cheapskate-investor-alert-magna-international-stock-is-priced-to-buy-now/">Cheapskate Investor Alert! Magna International Stock Is Priced to Buy Now.</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

Cheapskate Investor Alert! Magna International Stock Is Priced to Buy Now.

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