Veritas Asset Management LLP Has $1.98 Million Position in New Oriental Education & Technology Group Inc. (NYSE:EDU)

Veritas Asset Management LLP increased its stake in shares of New Oriental Education & Technology Group Inc. (NYSE:EDU) by 22.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,038 shares of the company’s stock after buying an additional 4,747 shares during the period. Veritas Asset Management LLP’s holdings in New Oriental Education & Technology Group were worth $1,975,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Ridgewood Investments LLC acquired a new stake in shares of New Oriental Education & Technology Group in the 2nd quarter valued at $43,000. Ashton Thomas Private Wealth LLC bought a new stake in New Oriental Education & Technology Group during the 2nd quarter worth about $50,000. Blue Trust Inc. lifted its position in New Oriental Education & Technology Group by 782.4% during the 2nd quarter. Blue Trust Inc. now owns 803 shares of the company’s stock valued at $62,000 after purchasing an additional 712 shares during the period. Hancock Whitney Corp bought a new position in shares of New Oriental Education & Technology Group in the 2nd quarter valued at about $212,000. Finally, QRG Capital Management Inc. boosted its stake in shares of New Oriental Education & Technology Group by 7.4% in the 2nd quarter. QRG Capital Management Inc. now owns 3,666 shares of the company’s stock valued at $285,000 after purchasing an additional 254 shares during the last quarter.

Analysts Set New Price Targets

A number of research firms recently weighed in on EDU. Citigroup dropped their price target on shares of New Oriental Education & Technology Group from $127.00 to $106.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. StockNews.com raised New Oriental Education & Technology Group from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, Morgan Stanley set a $83.00 price objective on shares of New Oriental Education & Technology Group in a research note on Thursday, October 17th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $99.67.

New Oriental Education & Technology Group Stock Performance

EDU stock traded up $0.09 during midday trading on Friday, hitting $62.69. 935,559 shares of the company’s stock were exchanged, compared to its average volume of 1,856,831. New Oriental Education & Technology Group Inc. has a one year low of $58.60 and a one year high of $98.20. The stock’s fifty day moving average price is $66.33 and its 200-day moving average price is $73.13. The company has a market cap of $10.64 billion, a PE ratio of 26.79 and a beta of 0.49.

New Oriental Education & Technology Group (NYSE:EDU) last announced its quarterly earnings data on Wednesday, October 23rd. The company reported $1.60 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.27. The business had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.45 billion. New Oriental Education & Technology Group had a net margin of 8.38% and a return on equity of 9.43%. The firm’s revenue for the quarter was up 30.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.99 earnings per share. On average, analysts expect that New Oriental Education & Technology Group Inc. will post 2.85 EPS for the current year.

New Oriental Education & Technology Group Announces Dividend

The company also recently announced a — dividend, which was paid on Monday, September 23rd. Investors of record on Monday, September 9th were paid a $0.58 dividend. The ex-dividend date was Monday, September 9th.

About New Oriental Education & Technology Group

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 four segments: Educational Services and Test Preparation Courses; Online Education and Other Services; Overseas Study Consulting Services; and Educational Materials and Distribution.