OppenheimerFunds Inc. Acquires 1,293,535 Shares of New Oriental Education & Tech Grp (EDU)

OppenheimerFunds Inc. increased its holdings in shares of New Oriental Education & Tech Grp (NYSE:EDU) by 30.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,553,839 shares of the company’s stock after buying an additional 1,293,535 shares during the period. OppenheimerFunds Inc. owned 3.90% of New Oriental Education & Tech Grp worth $411,039,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of EDU. Cornerstone Wealth Management LLC acquired a new position in New Oriental Education & Tech Grp during the second quarter valued at approximately $400,000. Janney Montgomery Scott LLC acquired a new position in New Oriental Education & Tech Grp during the second quarter valued at approximately $730,000. Dupont Capital Management Corp grew its holdings in New Oriental Education & Tech Grp by 182.5% during the second quarter. Dupont Capital Management Corp now owns 6,488 shares of the company’s stock valued at $614,000 after purchasing an additional 4,191 shares during the period. Raymond James Financial Services Advisors Inc. grew its holdings in New Oriental Education & Tech Grp by 146.6% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 8,164 shares of the company’s stock valued at $773,000 after purchasing an additional 4,854 shares during the period. Finally, TD Asset Management Inc. grew its holdings in New Oriental Education & Tech Grp by 21.4% during the second quarter. TD Asset Management Inc. now owns 30,103 shares of the company’s stock valued at $2,850,000 after purchasing an additional 5,313 shares during the period. 87.79% of the stock is owned by institutional investors and hedge funds.

A number of brokerages recently issued reports on EDU. ValuEngine cut shares of New Oriental Education & Tech Grp from a “hold” rating to a “sell” rating in a report on Wednesday, August 22nd. Morgan Stanley cut shares of New Oriental Education & Tech Grp from an “overweight” rating to an “equal weight” rating in a report on Tuesday, October 2nd. CLSA upgraded shares of New Oriental Education & Tech Grp from an “underperform” rating to a “buy” rating in a report on Monday, October 15th. Deutsche Bank cut shares of New Oriental Education & Tech Grp from a “buy” rating to a “hold” rating and decreased their price objective for the company from $105.00 to $55.00 in a report on Thursday, November 1st. Finally, JPMorgan Chase & Co. reduced their price target on shares of New Oriental Education & Tech Grp from $113.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, October 24th. Two equities research 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. New Oriental Education & Tech Grp currently has a consensus rating of “Hold” and an average price target of $88.00.

New Oriental Education & Tech Grp stock opened at $59.63 on Tuesday. The company has a market capitalization of $8.15 billion, a PE ratio of 31.89, a P/E/G ratio of 0.90 and a beta of 1.33. New Oriental Education & Tech Grp has a twelve month low of $51.21 and a twelve month high of $108.40.

New Oriental Education & Tech Grp (NYSE:EDU) last released its quarterly earnings results on Tuesday, October 23rd. The company reported $1.15 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.13 by $0.02. The company had revenue of $859.80 million during the quarter, compared to analysts’ expectations 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 quarterly revenue was up 30.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.02 earnings per share. Sell-side analysts expect that New Oriental Education & Tech Grp will post 1.94 EPS for the current fiscal year.

New Oriental Education & Tech Grp declared that its board has authorized a stock buyback plan on Tuesday, October 23rd that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

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New Oriental Education & Tech Grp Company Profile

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.

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

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