Meeder Asset Management Inc. Invests $1.13 Million in Adtalem Global Education Inc. (NYSE:ATGE)

Key Points

• Meeder Asset Management Inc. has acquired a new position in Adtalem Global Education Inc. by purchasing 11,262 shares valued at approximately $1,133,000.
• Adtalem Global Education reported a quarterly earnings per share of $1.92, exceeding analysts' estimates and showing a year-over-year revenue increase of 12.9%.
• The company's Board of Directors approved a share buyback program allowing< strong>$150 million for stock repurchases, indicating confidence in the stock's value.

Meeder Asset Management Inc. acquired a new stake in Adtalem Global Education Inc. (NYSE:ATGE - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 11,262 shares of the company's stock, valued at approximately $1,133,000.

Several other hedge funds have also added to or reduced their stakes in ATGE. Fifth Third Bancorp increased its holdings in shares of Adtalem Global Education by 56.8% in the first quarter. Fifth Third Bancorp now owns 287 shares of the company's stock worth $29,000 after acquiring an additional 104 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Adtalem Global Education by 1.1% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,880 shares of the company's stock valued at $1,196,000 after purchasing an additional 129 shares during the period. Xponance Inc. increased its stake in Adtalem Global Education by 5.2% during the 1st quarter. Xponance Inc. now owns 3,040 shares of the company's stock worth $306,000 after purchasing an additional 151 shares in the last quarter. Vontobel Holding Ltd. raised its holdings in Adtalem Global Education by 6.4% during the 1st quarter. Vontobel Holding Ltd. now owns 2,559 shares of the company's stock worth $258,000 after buying an additional 155 shares during the period. Finally, Quantinno Capital Management LP boosted its holdings in shares of Adtalem Global Education by 5.4% in the fourth quarter. Quantinno Capital Management LP now owns 3,224 shares of the company's stock valued at $293,000 after buying an additional 165 shares during the period. Institutional investors and hedge funds own 98.84% of the company's stock.

Insiders Place Their Bets

In other news, Director William W. Burke sold 2,291 shares of the stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $128.35, for a total value of $294,049.85. Following the completion of the sale, the director owned 9,368 shares of the company's stock, valued at approximately $1,202,382.80. This represents a 19.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

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

Adtalem Global Education Stock Up 0.4%

Shares of NYSE ATGE traded up $0.48 during midday trading on Friday, reaching $114.75. The company's stock had a trading volume of 401,311 shares, compared to its average volume of 473,895. The stock has a market capitalization of $4.28 billion, a price-to-earnings ratio of 19.03, a PEG ratio of 1.02 and a beta of 0.90. Adtalem Global Education Inc. has a fifty-two week low of $67.30 and a fifty-two week high of $140.12. The stock has a 50 day simple moving average of $122.34 and a 200-day simple moving average of $111.26. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.39.

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

Adtalem Global Education announced that its Board of Directors has approved a share repurchase plan on Tuesday, May 6th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the company to buy up to 3.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board of directors believes its stock is undervalued.

About Adtalem Global Education

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.