Nike (NKE) Given New $103.00 Price Target at Morgan Stanley

Nike (NYSE:NKE) had its price target hoisted by Morgan Stanley from $88.00 to $103.00 in a research report report published on Wednesday morning. Morgan Stanley currently has an overweight rating on the footwear maker’s stock.

A number of other research analysts also recently commented on NKE. Zacks Investment Research downgraded Nike from a buy rating to a hold rating in a research note on Thursday, June 21st. Goldman Sachs Group started coverage on Nike in a research note on Monday, June 25th. They issued a neutral rating and a $78.00 price target for the company. Credit Suisse Group set a $90.00 price target on Nike and gave the company a buy rating in a research note on Friday, June 29th. JPMorgan Chase & Co. set a $76.00 price target on Nike and gave the company a neutral rating in a research note on Friday, June 29th. Finally, Wells Fargo & Co reaffirmed a neutral rating and issued a $82.00 price target on shares of Nike in a research note on Friday, June 29th. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-five have assigned a buy rating to the company. Nike has a consensus rating of Buy and a consensus target price of $83.96.

Shares of NKE traded up $0.66 during midday trading on Wednesday, reaching $84.36. 117,537 shares of the stock were exchanged, compared to its average volume of 7,689,782. Nike has a twelve month low of $50.35 and a twelve month high of $86.04. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.63 and a current ratio of 2.51. The company has a market capitalization of $135.71 billion, a P/E ratio of 34.78, a P/E/G ratio of 2.82 and a beta of 0.70.

Nike (NYSE:NKE) last posted its earnings results on Tuesday, September 25th. The footwear maker reported $0.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.04. Nike had a return on equity of 39.27% and a net margin of 5.57%. The company had revenue of $9.95 billion during the quarter, compared to the consensus estimate of $9.92 billion. During the same quarter last year, the firm earned $0.57 earnings per share. The company’s revenue was up 9.7% on a year-over-year basis. equities research analysts predict that Nike will post 2.62 earnings per share for the current fiscal year.

Nike declared that its board has initiated a share buyback plan on Thursday, June 28th that allows the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization allows the footwear maker to reacquire up to 12.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Tuesday, September 4th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date is Friday, August 31st. Nike’s dividend payout ratio is presently 33.06%.

In other news, Director Johnathan A. Rodgers sold 16,000 shares of the business’s stock in a transaction dated Wednesday, September 19th. The stock was sold at an average price of $85.05, for a total transaction of $1,360,800.00. Following the sale, the director now directly owns 26,963 shares in the company, valued at $2,293,203.15. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Monique S. Matheson sold 17,000 shares of the business’s stock in a transaction dated Tuesday, September 18th. The stock was sold at an average price of $85.00, for a total value of $1,445,000.00. Following the sale, the executive vice president now owns 104,737 shares in the company, valued at $8,902,645. The disclosure for this sale can be found here. In the last quarter, insiders sold 365,778 shares of company stock worth $29,131,176. Company insiders own 3.90% of the company’s stock.

Several large investors have recently added to or reduced their stakes in NKE. Jennison Associates LLC grew its holdings in shares of Nike by 26.5% during the second quarter. Jennison Associates LLC now owns 14,740,623 shares of the footwear maker’s stock worth $1,174,533,000 after purchasing an additional 3,087,189 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Nike by 4.8% during the second quarter. Bank of New York Mellon Corp now owns 27,940,846 shares of the footwear maker’s stock worth $2,226,327,000 after purchasing an additional 1,273,548 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Nike by 2,820.1% during the second quarter. Millennium Management LLC now owns 1,169,503 shares of the footwear maker’s stock worth $93,186,000 after purchasing an additional 1,129,453 shares during the last quarter. LFA Lugano Financial Advisors SA bought a new stake in shares of Nike during the second quarter worth about $1,039,000. Finally, Bessemer Group Inc. grew its holdings in shares of Nike by 32.5% during the second quarter. Bessemer Group Inc. now owns 3,830,654 shares of the footwear maker’s stock worth $305,227,000 after purchasing an additional 940,411 shares during the last quarter. Institutional investors own 63.94% of the company’s stock.

About Nike

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide. The company offers NIKE brand products in six categories: running, NIKE basketball, the Jordan brand, football, training, and sportswear. It also markets products designed for kids, as well as for other athletic and recreational uses, such as American football, baseball, cricket, lacrosse, skateboarding, tennis, volleyball, wrestling, walking, and outdoor activities; and apparel with licensed college and professional team and league logos, as well as sells sports apparel.

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