Nike (NYSE:NKE) has been assigned a $82.00 price objective by equities research analysts at Wells Fargo & Co in a research note issued to investors on Wednesday. The firm presently has a “hold” rating on the footwear maker’s stock. Wells Fargo & Co’s target price would suggest a potential downside of 3.00% from the stock’s previous close.
NKE has been the subject of several other research reports. Zacks Investment Research lowered Nike from a “buy” rating to a “hold” rating in a research report on Thursday, June 21st. Goldman Sachs Group assumed coverage on Nike in a research report 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 stock a “buy” rating in a research report on Friday, June 29th. Morgan Stanley set a $88.00 price target on Nike and gave the stock a “buy” rating in a research report on Wednesday, September 19th. Finally, JPMorgan Chase & Co. set a $76.00 price target on Nike and gave the stock a “neutral” rating in a research report on Friday, June 29th. Three analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-four have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $84.59.
NKE opened at $84.54 on Wednesday. The stock has a market capitalization of $135.71 billion, a P/E ratio of 34.93, a P/E/G ratio of 2.82 and a beta of 0.70. Nike has a 12 month low of $50.35 and a 12 month high of $86.04. The company has a quick ratio of 1.63, a current ratio of 2.51 and a debt-to-equity ratio of 0.35.
Nike announced that its board has authorized a stock buyback plan on Thursday, June 28th that authorizes the company to buyback $15.00 billion in shares. This buyback authorization authorizes the footwear maker to buy up to 12.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
In other news, EVP Monique S. Matheson sold 10,000 shares of Nike stock in a transaction that occurred on Monday, July 30th. The shares were sold at an average price of $76.07, for a total transaction of $760,700.00. Following the completion of the sale, the executive vice president now owns 86,774 shares of the company’s stock, valued at $6,600,898.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Andrew Campion sold 2,907 shares of Nike stock in a transaction that occurred on Tuesday, July 24th. The shares were sold at an average price of $76.85, for a total transaction of $223,402.95. The disclosure for this sale can be found here. Insiders have sold 112,778 shares of company stock valued at $9,029,646 in the last ninety days. Insiders own 3.90% of the company’s stock.
Several institutional investors have recently bought and sold shares of NKE. Bank of New York Mellon Corp raised its stake in Nike by 4.8% in 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 buying an additional 1,273,548 shares in the last quarter. Northern Trust Corp raised its stake in Nike by 0.3% in the second quarter. Northern Trust Corp now owns 20,669,184 shares of the footwear maker’s stock worth $1,646,920,000 after buying an additional 64,030 shares in the last quarter. FMR LLC raised its stake in Nike by 1.4% in the second quarter. FMR LLC now owns 15,661,001 shares of the footwear maker’s stock worth $1,247,869,000 after buying an additional 219,743 shares in the last quarter. Edgewood Management LLC raised its stake in Nike by 2.6% in the second quarter. Edgewood Management LLC now owns 15,500,497 shares of the footwear maker’s stock worth $1,235,080,000 after buying an additional 388,901 shares in the last quarter. Finally, Jennison Associates LLC raised its stake in Nike by 26.5% in the second quarter. Jennison Associates LLC now owns 14,740,623 shares of the footwear maker’s stock worth $1,174,533,000 after buying an additional 3,087,189 shares in the last quarter. 63.94% of the stock is owned by hedge funds and other institutional investors.
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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