Nike (NYSE:NKE) had its price objective upped by Barclays to $100.00 in a report issued on Friday, September 21st, The Fly reports. They currently have an overweight rating on the footwear maker’s stock. The analysts noted that the move was a valuation call.
Several 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. Nomura boosted their target price on Nike from $74.00 to $85.00 and gave the stock a buy rating in a research note on Friday, June 29th. Piper Jaffray Companies boosted their target price on Nike to $72.00 and gave the stock a neutral rating in a research note on Friday, June 29th. Wedbush boosted their target price on Nike from $82.00 to $85.00 and gave the stock an outperform rating in a research note on Friday, June 29th. Finally, Sanford C. Bernstein boosted their target price on Nike from $76.00 to $84.00 and gave the stock an outperform rating in a research note on Friday, June 29th. Two analysts have rated the stock with a sell rating, seventeen have given a hold rating and twenty-three have given a buy rating to the company’s stock. Nike has a consensus rating of Buy and an average price target of $84.60.
NKE stock traded up $1.40 during midday trading on Friday, reaching $75.91. The company had a trading volume of 9,854,000 shares, compared to its average volume of 7,285,737. The company has a market cap of $135.60 billion, a PE ratio of 31.37, a price-to-earnings-growth ratio of 2.81 and a beta of 0.65. Nike has a 1-year low of $50.40 and a 1-year high of $86.04. The company has a quick ratio of 1.53, a current ratio of 2.31 and a debt-to-equity ratio of 0.39.
Nike (NYSE:NKE) last posted its quarterly earnings results on Tuesday, September 25th. The footwear maker reported $0.67 EPS for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.04. The business had revenue of $9.95 billion during the quarter, compared to the consensus estimate of $9.92 billion. Nike had a return on equity of 40.69% and a net margin of 5.57%. Nike’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.57 earnings per share. On average, analysts anticipate that Nike will post 2.63 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 1st. Shareholders of record on Tuesday, September 4th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date was Friday, August 31st. Nike’s payout ratio is 33.06%.
Nike declared that its board has initiated a share repurchase program on Thursday, June 28th that allows the company to buyback $15.00 billion in outstanding shares. This buyback authorization allows the footwear maker to repurchase up to 12.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
In other news, EVP Monique S. Matheson sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, July 30th. The stock was sold at an average price of $76.07, for a total transaction of $760,700.00. Following the transaction, the executive vice president now directly owns 86,774 shares of the company’s stock, valued at $6,600,898.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Johnathan A. Rodgers sold 16,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 19th. The stock was sold at an average price of $85.05, for a total value of $1,360,800.00. Following the transaction, the director now directly owns 26,963 shares in the company, valued at $2,293,203.15. The disclosure for this sale can be found here. Insiders have sold a total of 72,778 shares of company stock worth $5,969,246 over the last 90 days. Company insiders own 3.90% of the company’s stock.
Several large investors have recently modified their holdings of NKE. Chevy Chase Trust Holdings Inc. raised its position in Nike by 0.4% in the 2nd quarter. Chevy Chase Trust Holdings Inc. now owns 1,609,608 shares of the footwear maker’s stock valued at $128,253,000 after buying an additional 6,256 shares during the last quarter. Riverhead Capital Management LLC raised its position in Nike by 7.6% in the 2nd quarter. Riverhead Capital Management LLC now owns 21,710 shares of the footwear maker’s stock valued at $1,730,000 after buying an additional 1,525 shares during the last quarter. Oregon Public Employees Retirement Fund raised its position in Nike by 49.3% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 531,637 shares of the footwear maker’s stock valued at $42,361,000 after buying an additional 175,587 shares during the last quarter. Envestnet Asset Management Inc. raised its position in Nike by 362.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 684,436 shares of the footwear maker’s stock valued at $54,536,000 after buying an additional 536,468 shares during the last quarter. Finally, Dragon Financial & Investment Group LLC purchased a new stake in Nike in the 2nd quarter valued at $215,000. 63.97% of the stock is currently owned by institutional investors.
Nike Company Profile
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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