Wells Fargo & Company MN Increases Position in New Oriental Education & Tech Grp (EDU)

Wells Fargo & Company MN increased its holdings in New Oriental Education & Tech Grp (NYSE:EDU) by 6.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,362,907 shares of the company’s stock after purchasing an additional 136,133 shares during the period. Wells Fargo & Company MN owned approximately 1.66% of New Oriental Education & Tech Grp worth $174,879,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in EDU. Marshall Wace LLP bought a new position in New Oriental Education & Tech Grp during the second quarter valued at $16,812,000. US Bancorp DE increased its position in New Oriental Education & Tech Grp by 13.5% during the second quarter. US Bancorp DE now owns 9,781 shares of the company’s stock valued at $927,000 after acquiring an additional 1,160 shares during the last quarter. Bridgewater Associates LP bought a new position in New Oriental Education & Tech Grp during the second quarter valued at $1,283,000. Krane Funds Advisors LLC increased its position in New Oriental Education & Tech Grp by 243.7% during the second quarter. Krane Funds Advisors LLC now owns 16,937 shares of the company’s stock valued at $1,603,000 after acquiring an additional 12,009 shares during the last quarter. Finally, Schroder Investment Management Group increased its position in New Oriental Education & Tech Grp by 7.6% during the second quarter. Schroder Investment Management Group now owns 6,383,548 shares of the company’s stock valued at $599,288,000 after acquiring an additional 452,870 shares during the last quarter. Institutional investors own 89.88% of the company’s stock.

A number of research firms have weighed in on EDU. ValuEngine cut shares of New Oriental Education & Tech Grp from a “hold” rating to a “sell” rating in a research report on Saturday. Deutsche Bank lowered shares of New Oriental Education & Tech Grp from a “buy” rating to a “hold” rating and lowered their target price for the company from $105.00 to $55.00 in a research note on Thursday, November 1st. Zacks Investment Research lowered shares of New Oriental Education & Tech Grp from a “hold” rating to a “sell” rating in a research note on Wednesday, October 24th. Nomura lowered their target price on shares of New Oriental Education & Tech Grp from $115.00 to $100.00 and set a “buy” rating for the company in a research note on Wednesday, October 24th. Finally, Benchmark lowered their target price on shares of New Oriental Education & Tech Grp from $105.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, October 24th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $88.00.

Shares of EDU opened at $57.40 on Friday. The firm has a market cap of $8.72 billion, a PE ratio of 31.53, a P/E/G ratio of 0.95 and a beta of 1.38. New Oriental Education & Tech Grp has a 12-month low of $51.21 and a 12-month high of $108.40.

New Oriental Education & Tech Grp (NYSE:EDU) last issued its earnings results on Tuesday, October 23rd. The company reported $1.15 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.13 by $0.02. The firm had revenue of $859.80 million during the quarter, compared to analyst estimates of $839.68 million. New Oriental Education & Tech Grp had a net margin of 9.86% and a return on equity of 15.47%. The business’s revenue was up 30.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.02 earnings per share. As a group, sell-side analysts predict that New Oriental Education & Tech Grp will post 1.94 EPS for the current fiscal year.

New Oriental Education & Tech Grp announced that its Board of Directors has initiated a share buyback plan on Tuesday, October 23rd that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

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About New Oriental Education & Tech Grp

New Oriental Education & Technology Group Inc provides private educational services under the New Oriental brand in the People's Republic of China. It operates through Language Training and Test Preparation Courses, and Others segments. The company offers test preparation courses to students taking language and entrance exams used by educational institutions in the United States, the People's Republic of China, and the Commonwealth countries; and after-school tutoring courses for middle and high school students to achieve better scores on entrance exams for admission into high schools or higher education institutions, as well as for children to teach English.

Further Reading: Why do company’s buyback their stock?

Institutional Ownership by Quarter for New Oriental Education & Tech Grp (NYSE:EDU)

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