With Stock in Doldrums, DeVry (DV) Continues Aggressive Share Buybacks
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Price: $31.11 +1.90%
Rating Summary:
5 Buy, 13 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
5 Buy, 13 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade DV Now!
Shares of DeVry (NYSE: DV) are on the move today and are higher by 5 percent. Yesterday. the company's board of directors approved its eighth share repurchase program and it's another big one, allowing the company to purchase up to $100 million through December of 2014. In the past 12 months DeVry has been very aggressive, repurchasing $158.1 million in stock. In the previous 12 months, the company repurchased $133.7 million.
The company had $177 million in net cash at the end of the June quarter, noted analysts at Wells Fargo, which has an Outperform rating on the post secondary education company. The buyback is expected to generate negative cash flow in FY2013, they note.
Year-to-date DeVry shares have declined by 48 percent. In July. DeVry was hit by 5 analyst downgrades, including a downgrade by analysts at JPMorgan, after the company warned on profits. It later reported earnings that were 4c higher than revised estimates.
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The company had $177 million in net cash at the end of the June quarter, noted analysts at Wells Fargo, which has an Outperform rating on the post secondary education company. The buyback is expected to generate negative cash flow in FY2013, they note.
Year-to-date DeVry shares have declined by 48 percent. In July. DeVry was hit by 5 analyst downgrades, including a downgrade by analysts at JPMorgan, after the company warned on profits. It later reported earnings that were 4c higher than revised estimates.
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Analyst Comments, Stock BuybacksRelated Entities
JPMorgan, Stock Buyback, Earnings, Wells Fargo
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