DA Davidson restated their buy rating on shares of Nike, Inc. (NYSE:NKE) in a research report sent to investors on Thursday morning. The brokerage currently has a $69.00 price objective on the footwear maker’s stock.
Several other research firms also recently issued reports on NKE. Nomura reaffirmed a buy rating and set a $60.00 price target on shares of Nike in a research note on Friday, June 30th. J P Morgan Chase & Co downgraded Nike from an overweight rating to a neutral rating and cut their price target for the stock from $61.00 to $58.00 in a research note on Friday, June 16th. Telsey Advisory Group cut their price target on Nike from $66.00 to $62.00 and set an outperform rating for the company in a research note on Thursday, June 22nd. Cowen and Company lifted their price target on Nike from $53.00 to $54.00 and gave the stock a market perform rating in a research note on Friday, June 30th. Finally, Jefferies Group LLC downgraded Nike from a buy rating to a hold rating and cut their price target for the stock from $75.00 to $60.00 in a research note on Monday, August 21st. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-four have assigned a buy rating to the company. The stock currently has an average rating of Buy and an average target price of $60.48.
Shares of Nike (NKE) opened at 53.87 on Thursday. Nike has a 12-month low of $49.01 and a 12-month high of $60.53. The stock’s 50 day moving average is $55.88 and its 200-day moving average is $55.47. The stock has a market cap of $88.52 billion, a price-to-earnings ratio of 21.46 and a beta of 0.61.
Nike (NYSE:NKE) last released its quarterly earnings results on Thursday, June 29th. The footwear maker reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.10. The business had revenue of $8.68 billion during the quarter, compared to the consensus estimate of $8.63 billion. Nike had a return on equity of 34.18% and a net margin of 12.34%. The business’s revenue was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.49 EPS. Equities analysts anticipate that Nike will post $2.41 EPS for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Tuesday, September 5th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.34%. The ex-dividend date of this dividend is Thursday, August 31st. Nike’s dividend payout ratio is 28.69%.
In other news, CFO Andrew Campion sold 96,243 shares of the company’s stock in a transaction on Friday, June 30th. The stock was sold at an average price of $56.68, for a total transaction of $5,455,053.24. Following the completion of the sale, the chief financial officer now directly owns 50,246 shares of the company’s stock, valued at $2,847,943.28. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Eric D. Sprunk sold 50,000 shares of the company’s stock in a transaction on Friday, June 30th. The shares were sold at an average price of $59.00, for a total value of $2,950,000.00. Following the sale, the insider now directly owns 300,108 shares of the company’s stock, valued at $17,706,372. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 492,360 shares of company stock valued at $28,485,174. 3.90% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in Nike by 2.5% in the 2nd quarter. Vanguard Group Inc. now owns 99,605,408 shares of the footwear maker’s stock worth $5,876,718,000 after acquiring an additional 2,452,993 shares in the last quarter. State Street Corp lifted its stake in Nike by 1.4% in the 1st quarter. State Street Corp now owns 59,554,253 shares of the footwear maker’s stock worth $3,319,086,000 after acquiring an additional 835,003 shares in the last quarter. Wellington Management Group LLP lifted its stake in Nike by 5.0% in the 1st quarter. Wellington Management Group LLP now owns 49,907,256 shares of the footwear maker’s stock worth $2,781,332,000 after acquiring an additional 2,375,447 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Nike by 0.5% in the 1st quarter. Bank of New York Mellon Corp now owns 29,087,830 shares of the footwear maker’s stock worth $1,621,066,000 after acquiring an additional 144,846 shares in the last quarter. Finally, Jennison Associates LLC lifted its stake in Nike by 124.7% in the 1st quarter. Jennison Associates LLC now owns 25,143,559 shares of the footwear maker’s stock worth $1,401,251,000 after acquiring an additional 13,953,567 shares in the last quarter. 62.72% of the stock is owned by hedge funds and other institutional investors.
Nike Company Profile
NIKE, Inc is engaged in the design, development, marketing and selling of athletic footwear, apparel, equipment, accessories and services. The Company’s operating segments include North America, Western Europe, Central & Eastern Europe, Greater China, Japan and Emerging Markets. Its portfolio brands include the NIKE Brand, Jordan Brand, Hurley and Converse.
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