Vetr upgraded shares of Nike, Inc. (NYSE:NKE) from a buy rating to a strong-buy rating in a research note released on Wednesday, October 4th. Vetr currently has $57.97 price target on the footwear maker’s stock.
Several other brokerages have also recently weighed in on NKE. Nomura reiterated a buy rating and issued a $60.00 price objective on shares of Nike in a research note on Friday, June 30th. J P Morgan Chase & Co cut shares of Nike from an overweight rating to a neutral rating and lowered their price objective for the stock from $61.00 to $58.00 in a research note on Friday, June 16th. Telsey Advisory Group decreased their target price on shares of Nike from $66.00 to $62.00 and set an outperform rating on the stock in a research note on Thursday, June 22nd. Cowen and Company lifted their price objective on shares of 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 lowered shares of Nike from a buy rating to a hold rating and dropped their price objective for the stock from $75.00 to $60.00 in a research note on Monday, August 21st. Four investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $59.14.
Shares of Nike (NYSE:NKE) opened at 51.37 on Wednesday. The firm has a 50-day moving average of $52.64 and a 200 day moving average of $54.80. Nike has a 12 month low of $49.01 and a 12 month high of $60.53. The company has a market cap of $84.20 billion, a price-to-earnings ratio of 21.87 and a beta of 0.61.
Nike (NYSE:NKE) last announced its quarterly earnings results on Tuesday, September 26th. The footwear maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.09. The firm had revenue of $9.07 billion for the quarter, compared to the consensus estimate of $9.08 billion. Nike had a net margin of 11.47% and a return on equity of 31.88%. The business’s quarterly revenue was up .1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.73 EPS. On average, analysts expect that Nike will post $2.32 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Tuesday, September 5th were issued a $0.18 dividend. The ex-dividend date was Thursday, August 31st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.40%. Nike’s payout ratio is 30.64%.
In related news, Director Johnathan A. Rodgers sold 16,000 shares of the company’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $53.45, for a total value of $855,200.00. Following the transaction, the director now owns 25,660 shares in the company, valued at approximately $1,371,527. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Andrew Campion sold 5,722 shares of the company’s stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $59.40, for a total transaction of $339,886.80. Following the completion of the transaction, the chief financial officer now owns 34,976 shares in the company, valued at approximately $2,077,574.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 134,045 shares of company stock worth $7,778,338. 3.90% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew 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 valued at $5,876,718,000 after buying an additional 2,452,993 shares during the last quarter. State Street Corp grew 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 valued at $3,319,086,000 after buying an additional 835,003 shares during the last quarter. Wellington Management Group LLP grew 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 valued at $2,781,332,000 after buying an additional 2,375,447 shares during the last quarter. Bank of New York Mellon Corp grew 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 valued at $1,621,066,000 after buying an additional 144,846 shares during the last quarter. Finally, Jennison Associates LLC grew its position in shares of Nike by 124.7% during the 1st quarter. Jennison Associates LLC now owns 25,143,559 shares of the footwear maker’s stock worth $1,401,251,000 after purchasing an additional 13,953,567 shares in the last quarter. Institutional investors and hedge funds own 62.55% of the company’s stock.
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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