Nike (NKE) PT Raised to $94.00 at Citigroup

Nike (NYSE:NKE) had its price objective upped by Citigroup from $87.00 to $94.00 in a research report issued to clients and investors on Wednesday. The brokerage presently has a “buy” rating on the footwear maker’s stock. Citigroup’s target price suggests a potential upside of 11.19% from the company’s current price.

A number of other equities research analysts have also issued reports on the stock. Wedbush boosted their price target on shares of Nike from $85.00 to $90.00 and gave the company an “outperform” rating in a report on Monday, September 10th. Wells Fargo & Co set a $82.00 price target on shares of Nike and gave the company a “neutral” rating in a report on Tuesday, September 4th. Piper Jaffray Companies upgraded shares of Nike from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $72.00 to $93.00 in a report on Monday, August 20th. UBS Group upgraded shares of Nike from a “neutral” rating to a “positive” rating in a report on Monday, August 20th. Finally, Robert W. Baird restated a “buy” rating and set a $90.00 price target on shares of Nike in a report on Monday, September 3rd. Three research analysts have rated the stock with a sell rating, fourteen have given 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 price target of $84.59.

NKE stock opened at $84.54 on Wednesday. Nike has a 52-week low of $50.35 and a 52-week high of $86.04. The company has a current ratio of 2.51, a quick ratio of 1.63 and a debt-to-equity ratio of 0.35. The company has a market cap of $135.71 billion, a PE ratio of 34.93, a PEG ratio of 2.82 and a beta of 0.70.

Nike (NYSE:NKE) last released its quarterly earnings results on Tuesday, September 25th. The footwear maker reported $0.67 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.04. Nike had a net margin of 5.57% and a return on equity of 39.27%. The business had revenue of $9.95 billion for the quarter, compared to analyst estimates of $9.92 billion. During the same quarter in the previous year, the business earned $0.57 earnings per share. The firm’s revenue was up 9.7% compared to the same quarter last year. equities research analysts anticipate that Nike will post 2.62 EPS for the current fiscal year.

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

In other news, insider Elliott Hill sold 5,741 shares of the stock in a transaction on Friday, July 27th. The shares were sold at an average price of $78.17, for a total transaction of $448,773.97. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Hilary K. Krane sold 40,000 shares of the stock in a transaction on Thursday, July 5th. The stock was sold at an average price of $76.51, for a total transaction of $3,060,400.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 112,778 shares of company stock worth $9,029,646. Company insiders own 3.90% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in NKE. Fuller & Thaler Asset Management Inc. acquired a new position in shares of Nike during the 2nd quarter worth $104,000. BDO Wealth Advisors LLC increased its stake in shares of Nike by 1,044.3% during the 2nd quarter. BDO Wealth Advisors LLC now owns 1,396 shares of the footwear maker’s stock worth $111,000 after purchasing an additional 1,274 shares during the last quarter. CSat Investment Advisory L.P. acquired a new position in shares of Nike during the 2nd quarter worth $119,000. Archford Capital Strategies LLC acquired a new position in shares of Nike during the 1st quarter worth $137,000. Finally, Tyvor Capital LLC acquired a new position in shares of Nike during the 2nd quarter worth $160,000. 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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