New Oriental Education Extends Share Buyback Program
Portfolio Pulse from Lekha Gupta
New Oriental Education & Technology Group (NYSE:EDU) extends its share repurchase program through May 31, 2024. The company has repurchased $191 million worth of ADSs and has a balance of $209 million remaining. EDU reported Q3 FY23 sales growth of 22.8% YoY to $754.15 million.
June 06, 2023 | 11:39 am
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EDU extends share repurchase program through May 2024, with $209M remaining. Q3 FY23 sales growth of 22.8% YoY to $754.15M.
The extension of the share repurchase program and strong Q3 FY23 sales growth indicate a positive outlook for EDU. The repurchase program shows the company's confidence in its stock, while the sales growth demonstrates solid performance. This news is likely to have a positive short-term impact on EDU's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100