Envestnet Asset Management Inc. Boosts Holdings in Adtalem Global Education Inc. (NYSE:ATGE)

Key Points

• Envestnet Asset Management Inc. significantly increased its stake in Adtalem Global Education by 377.1% in Q1 2023, now owning 12,294 shares valued at approximately $1.24 million.
• Adtalem Global Education reported a 12.9% increase in revenue year-over-year, reaching $466.06 million, and beat EPS estimates with $1.92 for the quarter.
• The company announced a share buyback program worth $150 million, indicating management's belief that its shares are undervalued.

Envestnet Asset Management Inc. raised its stake in Adtalem Global Education Inc. (NYSE:ATGE - Free Report) by 377.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,294 shares of the company's stock after acquiring an additional 9,717 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Adtalem Global Education were worth $1,237,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Fifth Third Bancorp increased its holdings in shares of Adtalem Global Education by 56.8% during the first quarter. Fifth Third Bancorp now owns 287 shares of the company's stock worth $29,000 after purchasing an additional 104 shares during the period. Vontobel Holding Ltd. increased its holdings in shares of Adtalem Global Education by 6.4% during the first quarter. Vontobel Holding Ltd. now owns 2,559 shares of the company's stock worth $258,000 after purchasing an additional 155 shares during the period. Quantinno Capital Management LP increased its holdings in shares of Adtalem Global Education by 5.4% during the fourth quarter. Quantinno Capital Management LP now owns 3,224 shares of the company's stock worth $293,000 after purchasing an additional 165 shares during the period. Summit Investment Advisors Inc. boosted its position in shares of Adtalem Global Education by 5.2% during the 4th quarter. Summit Investment Advisors Inc. now owns 3,922 shares of the company's stock worth $356,000 after acquiring an additional 194 shares in the last quarter. Finally, Federated Hermes Inc. boosted its position in shares of Adtalem Global Education by 18.2% during the 4th quarter. Federated Hermes Inc. now owns 1,497 shares of the company's stock worth $136,000 after acquiring an additional 231 shares in the last quarter. 98.84% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on ATGE. Jefferies Financial Group began coverage on shares of Adtalem Global Education in a report on Wednesday, April 23rd. They set a "buy" rating and a $135.00 price target on the stock. Barrington Research reiterated an "outperform" rating and set a $140.00 price target on shares of Adtalem Global Education in a report on Wednesday, July 30th. Finally, BMO Capital Markets lifted their price target on shares of Adtalem Global Education from $115.00 to $132.00 and gave the stock an "outperform" rating in a report on Monday, May 12th.

Insider Buying and Selling

In other news, Director William W. Burke sold 2,291 shares of the firm's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $128.35, for a total transaction of $294,049.85. Following the sale, the director directly owned 9,368 shares in the company, valued at $1,202,382.80. This trade represents a 19.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.00% of the company's stock.

Adtalem Global Education Stock Down 0.1%

Shares of NYSE:ATGE traded down $0.07 during trading on Tuesday, reaching $114.53. 128,629 shares of the stock traded hands, compared to its average volume of 470,248. The stock has a 50-day moving average of $121.78 and a two-hundred day moving average of $111.70. Adtalem Global Education Inc. has a 52-week low of $67.30 and a 52-week high of $140.12. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a market cap of $4.27 billion, a P/E ratio of 18.99, a price-to-earnings-growth ratio of 1.02 and a beta of 0.88.

Adtalem Global Education (NYSE:ATGE - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $1.92 earnings per share for the quarter, beating the consensus estimate of $1.63 by $0.29. The company had revenue of $466.06 million during the quarter, compared to analysts' expectations of $447.19 million. Adtalem Global Education had a net margin of 13.34% and a return on equity of 17.47%. Adtalem Global Education's quarterly revenue was up 12.9% on a year-over-year basis. During the same period last year, the company posted $1.50 earnings per share. As a group, sell-side analysts expect that Adtalem Global Education Inc. will post 6.2 earnings per share for the current fiscal year.

Adtalem Global Education announced that its Board of Directors has authorized a stock buyback plan on Tuesday, May 6th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 3.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Adtalem Global Education Profile

Adtalem Global Education Inc provides workforce solutions worldwide. It operates through three segments, Chamberlain, Walden, and Medical and Veterinary. The Chamberlain segment offers degree and non-degree programs in the nursing and health professions postsecondary education industry. This segment operates Chamberlain University.