Robert W. Baird reiterated their outperform rating on shares of Nike Inc. (NYSE:NKE) in a report released on Wednesday morning. They currently have a $67.00 target price on the footwear maker’s stock.
Several other research firms have also recently weighed in on NKE. Zacks Investment Research upgraded Nike from a sell rating to a hold rating in a research note on Wednesday, August 24th. B. Riley lowered Nike from a buy rating to a neutral rating and raised their target price for the stock from $58.66 to $62.00 in a research report on Friday, August 26th. Stifel Nicolaus reaffirmed a buy rating and set a $68.00 target price on shares of Nike in a research report on Friday, August 26th. Brean Capital reaffirmed a buy rating and set a $62.00 target price on shares of Nike in a research report on Sunday, August 21st. Finally, Vetr upgraded Nike from a sell rating to a hold rating and set a $56.94 price target for the company in a report on Monday, August 29th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and twenty-two have given a buy rating to the company. Nike presently has an average rating of Buy and a consensus target price of $64.54.
Nike (NYSE:NKE) opened at 52.67 on Wednesday. The firm has a 50-day moving average price of $56.40 and a 200 day moving average price of $57.06. Nike has a 12 month low of $51.48 and a 12 month high of $68.19. The company has a market cap of $88.06 billion, a P/E ratio of 23.77 and a beta of 0.56.
Nike (NYSE:NKE) last issued its quarterly earnings results on Tuesday, September 27th. The footwear maker reported $0.73 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.17. The business had revenue of $9.06 billion for the quarter. Nike had a return on equity of 30.56% and a net margin of 11.60%. The company’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.34 EPS. On average, equities analysts expect that Nike will post $2.38 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Tuesday, September 6th were given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date was Thursday, September 1st. Nike’s payout ratio is currently 28.83%.
In related news, Director John C. Lechleiter bought 1,000 shares of the company’s stock in a transaction on Friday, September 30th. The shares were bought at an average price of $52.72 per share, with a total value of $52,720.00. Following the transaction, the director now owns 27,560 shares in the company, valued at $1,452,963.20. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John F. Slusher sold 72,696 shares of the business’s stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of $57.75, for a total transaction of $4,198,194.00. Following the sale, the executive vice president now directly owns 231,861 shares in the company, valued at approximately $13,389,972.75. The disclosure for this sale can be found here. 3.90% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP increased its stake in Nike by 92.6% in the first quarter. Wellington Management Group LLP now owns 27,329,360 shares of the footwear maker’s stock valued at $1,679,937,000 after buying an additional 13,136,502 shares in the last quarter. Lone Pine Capital LLC boosted its position in Nike by 52.6% in the second quarter. Lone Pine Capital LLC now owns 18,305,703 shares of the footwear maker’s stock valued at $1,010,475,000 after buying an additional 6,309,324 shares in the last quarter. Emerald Acquisition Ltd. purchased a new position in Nike during the second quarter valued at about $197,303,000. Janus Capital Management LLC boosted its position in Nike by 14.4% in the second quarter. Janus Capital Management LLC now owns 25,453,224 shares of the footwear maker’s stock valued at $1,405,003,000 after buying an additional 3,203,177 shares in the last quarter. Finally, Vontobel Asset Management Inc. purchased a new position in Nike during the second quarter valued at about $175,750,000. 62.04% of the stock is currently owned by institutional investors.
NIKE, Inc is engaged in the design, development, marketing and selling of athletic footwear, apparel, equipment, accessories and services. The Company sells its products to retail accounts, through NIKE-owned retail stores and Internet Websites (which the Company refers to as its Direct to Consumer or DTC operations), and through a mix of independent distributors and licensees throughout the world.
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