694 Shares in New Oriental Education & Technology Group Inc. (NYSE:EDU) Bought by Westpac Banking Corp

Westpac Banking Corp purchased a new stake in New Oriental Education & Technology Group Inc. (NYSE:EDU) during the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 694 shares of the company’s stock, valued at approximately $45,000.

Several other institutional investors and hedge funds also recently made changes to their positions in EDU. AIA Group Ltd boosted its position in New Oriental Education & Technology Group by 11.0% during the fourth quarter. AIA Group Ltd now owns 83,033 shares of the company’s stock valued at $5,329,000 after acquiring an additional 8,230 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of New Oriental Education & Technology Group by 57.9% in the 4th quarter. Wellington Management Group LLP now owns 627,686 shares of the company’s stock valued at $40,285,000 after purchasing an additional 230,140 shares during the period. Schroder Investment Management Group boosted its position in shares of New Oriental Education & Technology Group by 17.2% during the 4th quarter. Schroder Investment Management Group now owns 3,019,859 shares of the company’s stock valued at $193,815,000 after purchasing an additional 442,656 shares in the last quarter. Pictet Asset Management Holding SA grew its stake in New Oriental Education & Technology Group by 4.3% during the fourth quarter. Pictet Asset Management Holding SA now owns 155,284 shares of the company’s stock worth $9,966,000 after purchasing an additional 6,342 shares during the period. Finally, Norges Bank bought a new stake in New Oriental Education & Technology Group in the fourth quarter worth approximately $92,345,000.

New Oriental Education & Technology Group Trading Down 6.5 %

EDU opened at $44.66 on Friday. New Oriental Education & Technology Group Inc. has a 1-year low of $43.34 and a 1-year high of $91.04. The company has a market cap of $7.58 billion, a price-to-earnings ratio of 19.00 and a beta of 0.37. The company’s fifty day moving average price is $49.36 and its two-hundred day moving average price is $58.28.

Analyst Ratings Changes

Several brokerages have recently commented on EDU. Citigroup downgraded shares of New Oriental Education & Technology Group from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $83.00 to $50.00 in a research report on Friday, January 24th. Morgan Stanley cut shares of New Oriental Education & Technology Group from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $83.00 to $52.00 in a report on Wednesday, January 22nd. StockNews.com downgraded shares of New Oriental Education & Technology Group from a “buy” rating to a “hold” rating in a research note on Thursday, March 13th. Macquarie cut shares of New Oriental Education & Technology Group from an “outperform” rating to an “underperform” rating and cut their price objective for the stock from $79.00 to $44.00 in a research report on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. lowered New Oriental Education & Technology Group from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $85.00 to $50.00 in a research report on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, New Oriental Education & Technology Group currently has a consensus rating of “Hold” and an average target price of $61.20.

New Oriental Education & Technology Group 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.