Nike (NKE) Upgraded to “Outperform” at Wedbush

Wedbush upgraded shares of Nike (NYSE:NKE) from a neutral rating to an outperform rating in a research report report published on Friday morning, MarketBeat.com reports. They currently have $74.00 target price on the footwear maker’s stock. Wedbush also issued estimates for Nike’s Q4 2018 earnings at $0.70 EPS, FY2019 earnings at $2.67 EPS and FY2020 earnings at $3.05 EPS.

NKE has been the subject of a number of other reports. Goldman Sachs Group set a $59.00 price target on shares of Nike and gave the stock a neutral rating in a research note on Thursday, December 14th. HSBC cut shares of Nike from a buy rating to a hold rating and lifted their price target for the stock from $58.95 to $62.00 in a research note on Tuesday, November 28th. Buckingham Research assumed coverage on shares of Nike in a research note on Sunday, December 31st. They set a buy rating and a $72.00 price target for the company. Zacks Investment Research raised shares of Nike from a sell rating to a hold rating in a research note on Tuesday, October 24th. Finally, B. Riley lifted their price target on shares of Nike from $53.00 to $61.00 and gave the stock a neutral rating in a research note on Friday, December 22nd. Two equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and twenty-one have assigned a buy rating to the stock. Nike currently has an average rating of Hold and an average target price of $64.94.

Nike (NYSE:NKE) traded up $3.10 during trading on Friday, hitting $67.21. 12,893,952 shares of the stock were exchanged, compared to its average volume of 8,970,000. Nike has a 12-month low of $50.35 and a 12-month high of $67.24. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.67 and a current ratio of 2.46. The company has a market cap of $109,650.00, a P/E ratio of 29.10, a PEG ratio of 2.91 and a beta of 0.64.

Nike (NYSE:NKE) last released its quarterly earnings results on Thursday, December 21st. The footwear maker reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.06. Nike had a net margin of 11.13% and a return on equity of 31.64%. The firm had revenue of $8.55 billion during the quarter, compared to analysts’ expectations of $8.39 billion. During the same period in the previous year, the company earned $0.50 EPS. The firm’s revenue for the quarter was up 4.6% compared to the same quarter last year. sell-side analysts forecast that Nike will post 2.25 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Monday, December 4th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.19%. The ex-dividend date was Friday, December 1st. This is a boost from Nike’s previous quarterly dividend of $0.18. Nike’s dividend payout ratio is presently 34.63%.

In other news, insider Eric D. Sprunk sold 226,040 shares of the company’s stock in a transaction that occurred on Wednesday, December 27th. The shares were sold at an average price of $63.10, for a total value of $14,263,124.00. Following the completion of the sale, the insider now owns 165,591 shares of the company’s stock, valued at approximately $10,448,792.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Monique S. Matheson sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $62.00, for a total transaction of $620,000.00. Following the completion of the sale, the executive vice president now directly owns 23,248 shares of the company’s stock, valued at approximately $1,441,376. The disclosure for this sale can be found here. Insiders sold a total of 967,896 shares of company stock valued at $60,257,267 in the last ninety days. Corporate insiders own 3.90% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in NKE. Capital Investment Advisors LLC lifted its position in shares of Nike by 25.3% in the 2nd quarter. Capital Investment Advisors LLC now owns 20,376 shares of the footwear maker’s stock worth $1,202,000 after purchasing an additional 4,119 shares during the period. New England Research & Management Inc. raised its stake in shares of Nike by 0.6% during the 2nd quarter. New England Research & Management Inc. now owns 24,725 shares of the footwear maker’s stock worth $1,459,000 after acquiring an additional 150 shares in the last quarter. Smith Shellnut Wilson LLC ADV raised its stake in shares of Nike by 0.3% during the 2nd quarter. Smith Shellnut Wilson LLC ADV now owns 14,894 shares of the footwear maker’s stock worth $822,000 after acquiring an additional 41 shares in the last quarter. Carlson Capital Management bought a new position in shares of Nike during the 2nd quarter worth approximately $273,000. Finally, Appleton Partners Inc. MA raised its stake in shares of Nike by 23.0% during the 2nd quarter. Appleton Partners Inc. MA now owns 13,096 shares of the footwear maker’s stock worth $773,000 after acquiring an additional 2,450 shares in the last quarter. 62.75% of the stock is owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for Nike (NYSE:NKE)

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