Victory Capital Management Inc. Sells 6,153 Shares of New Oriental Education & Technology Group, Inc. (NYSE:EDU)

Key Points

• Victory Capital Management Inc. significantly reduced its stake in New Oriental Education & Technology Group by 79.1%, selling 6,153 shares and retaining only 1,628 shares.
• New Oriental Education & Technology Group's stock rating has been mixed, with some analysts upgrading it to a "buy" while others have issued hold ratings, leading to a consensus rating of "Hold" with an average target price of $52.00.
• The company reported strong earnings, with $0.61 earnings per share, exceeding analyst expectations and showing a year-over-year revenue growth of 9.4%.

Victory Capital Management Inc. cut its stake in shares of New Oriental Education & Technology Group, Inc. (NYSE:EDU - Free Report) by 79.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,628 shares of the company's stock after selling 6,153 shares during the period. Victory Capital Management Inc.'s holdings in New Oriental Education & Technology Group were worth $78,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of EDU. GeoWealth Management LLC increased its position in shares of New Oriental Education & Technology Group by 258.5% in the fourth quarter. GeoWealth Management LLC now owns 441 shares of the company's stock worth $28,000 after purchasing an additional 318 shares during the last quarter. Westpac Banking Corp purchased a new stake in shares of New Oriental Education & Technology Group during the fourth quarter valued at approximately $45,000. Natixis boosted its stake in shares of New Oriental Education & Technology Group by 39.2% during the fourth quarter. Natixis now owns 881 shares of the company's stock valued at $57,000 after purchasing an additional 248 shares during the period. BNP Paribas purchased a new stake in New Oriental Education & Technology Group in the fourth quarter worth $113,000. Finally, KBC Group NV purchased a new stake in New Oriental Education & Technology Group in the first quarter worth $192,000.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Wall Street Zen raised New Oriental Education & Technology Group from a "hold" rating to a "buy" rating in a research note on Monday, May 5th. HSBC downgraded New Oriental Education & Technology Group from a "buy" rating to a "hold" rating in a report on Wednesday, July 30th. JPMorgan Chase & Co. raised New Oriental Education & Technology Group from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $48.00 to $62.00 in a research report on Tuesday, June 24th. Citigroup raised New Oriental Education & Technology Group from a "neutral" rating to a "buy" rating and dropped their price objective for the company from $77.00 to $50.00 in a research report on Friday, June 27th. Finally, Hsbc Global Res raised New Oriental Education & Technology Group to a "hold" rating in a research report on Wednesday, July 30th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, New Oriental Education & Technology Group presently has a consensus rating of "Hold" and an average target price of $52.00.

New Oriental Education & Technology Group Stock Up 1.2%

EDU stock opened at $44.63 on Monday. New Oriental Education & Technology Group, Inc. has a twelve month low of $40.66 and a twelve month high of $87.26. The stock has a market cap of $7.58 billion, a P/E ratio of 19.84 and a beta of 0.25. The business's 50-day moving average price is $48.95 and its 200-day moving average price is $48.51.

New Oriental Education & Technology Group (NYSE:EDU - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.37. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.19 billion. New Oriental Education & Technology Group had a return on equity of 11.32% and a net margin of 7.59%. The firm's quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter last year, the company earned $0.22 EPS. On average, equities research analysts expect that New Oriental Education & Technology Group, Inc. will post 2.75 earnings per share for the current fiscal year.

New Oriental Education & Technology Group Company Profile

New Oriental Education & Technology Group, Inc is a holding company, which engages in the provision of private educational services. It operates through the following segments: Educational Services and Test Preparation Courses, Private Label Products and Livestreaming E-Commerce, Overseas Study Consulting Services, and Educational Materials and Distribution.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.