Pictet Asset Management SA Invests $12.32 Million in New Oriental Education & Technology Group Inc. (NYSE:EDU)

Pictet Asset Management SA purchased a new position in shares of New Oriental Education & Technology Group Inc. (NYSE:EDUGet Rating) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 605,161 shares of the company’s stock, valued at approximately $12,321,000. Pictet Asset Management SA owned approximately 0.36% of New Oriental Education & Technology Group at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Ariose Capital Management Ltd purchased a new stake in shares of New Oriental Education & Technology Group during the 2nd quarter worth approximately $6,395,000. Granite Point Capital Management L.P. purchased a new stake in shares of New Oriental Education & Technology Group during the 2nd quarter worth approximately $509,000. Seven Eight Capital LP purchased a new stake in shares of New Oriental Education & Technology Group during the 2nd quarter worth approximately $443,000. Envestnet Asset Management Inc. purchased a new stake in shares of New Oriental Education & Technology Group during the 2nd quarter worth approximately $229,000. Finally, US Bancorp DE boosted its stake in shares of New Oriental Education & Technology Group by 29.2% during the 2nd quarter. US Bancorp DE now owns 7,509 shares of the company’s stock worth $154,000 after acquiring an additional 1,696 shares in the last quarter. Hedge funds and other institutional investors own 45.81% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on EDU shares. Bank of America raised New Oriental Education & Technology Group from a “neutral” rating to a “buy” rating and upped their target price for the company from $18.80 to $36.60 in a research note on Friday, July 29th. StockNews.com started coverage on New Oriental Education & Technology Group in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. Finally, Macquarie raised New Oriental Education & Technology Group from a “neutral” rating to an “outperform” rating in a research note on Thursday, July 28th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, New Oriental Education & Technology Group presently has an average rating of “Moderate Buy” and an average price target of $36.60.

New Oriental Education & Technology Group Stock Performance

Shares of EDU opened at $26.49 on Friday. The stock has a fifty day moving average of $24.83 and a two-hundred day moving average of $21.83. The company has a market capitalization of $4.50 billion, a PE ratio of 15.86 and a beta of 0.56. New Oriental Education & Technology Group Inc. has a fifty-two week low of $8.40 and a fifty-two week high of $29.89.

New Oriental Education & Technology Group (NYSE:EDUGet Rating) last issued its quarterly earnings results on Wednesday, October 26th. The company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.17. The business had revenue of $744.80 million during the quarter, compared to analyst estimates of $689.08 million. The company’s revenue was down 43.1% on a year-over-year basis. As a group, equities research analysts forecast that New Oriental Education & Technology Group Inc. will post 0.48 earnings per share for the current fiscal year.

New Oriental Education & Technology Group declared that its Board of Directors has authorized a stock buyback plan on Wednesday, July 27th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

New Oriental Education & Technology Group Company Profile

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New Oriental Education & Technology Group Inc provides private educational services under the New Oriental brand in the People's Republic of China. The company operates through Educational Services and Test Preparation Courses; Online Education and Other Services; Overseas Study Consulting Services; and Others segments.

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Institutional Ownership by Quarter for New Oriental Education & Technology Group (NYSE:EDU)

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