Nike Inc. (NYSE:NKE) had its target price cut by analysts at Telsey Advisory Group from $69.00 to $67.00 in a research note issued on Wednesday. The firm currently has an “outperform” rating on the footwear maker’s stock. Telsey Advisory Group’s price target would indicate a potential upside of 28.45% from the company’s previous close.
Several other equities research analysts have also issued reports on NKE. Deutsche Bank AG reaffirmed a “buy” rating on shares of Nike in a research note on Tuesday, May 31st. Morgan Stanley lowered Nike from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $69.00 to $60.00 in a research note on Wednesday, June 1st. Bank of America Corp. lowered Nike from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $72.00 to $60.00 in a research note on Wednesday, June 1st. Vetr lowered Nike from a “strong-buy” rating to a “buy” rating and set a $61.63 price objective for the company. in a research note on Monday, June 13th. Finally, Zacks Investment Research lowered Nike from a “hold” rating to a “sell” rating in a research note on Tuesday, June 14th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and twenty-one have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $64.35.
Shares of Nike (NYSE:NKE) opened at 52.16 on Wednesday. The company has a 50-day moving average price of $56.63 and a 200-day moving average price of $57.26. Nike has a 52-week low of $51.48 and a 52-week high of $68.19. The stock has a market capitalization of $87.50 billion, a price-to-earnings ratio of 24.15 and a beta of 0.52.
Nike (NYSE:NKE) last posted its quarterly earnings data on Tuesday, September 27th. The footwear maker reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.17. The business earned $9.06 billion during the quarter. Nike had a return on equity of 30.56% and a net margin of 11.60%. Nike’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same period in the previous year, the business earned $1.34 earnings per share. On average, equities analysts anticipate that Nike will post $2.38 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Tuesday, September 6th will be given a $0.16 dividend. The ex-dividend date of this dividend is Thursday, September 1st. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.23%. Nike’s dividend payout ratio (DPR) is presently 28.83%.
In other news, EVP Hilary K. Krane sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $56.99, for a total value of $5,699,000.00. Following the completion of the sale, the executive vice president now directly owns 310,795 shares in the company, valued at $17,712,207.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John F. Slusher sold 72,696 shares of the company’s stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $57.75, for a total value of $4,198,194.00. Following the completion of the sale, the executive vice president now owns 231,861 shares of the company’s stock, valued at $13,389,972.75. The disclosure for this sale can be found here. 3.90% of the stock is owned by insiders.
Several large investors have recently bought and sold shares of the stock. Williams Jones & Associates LLC raised its stake in Nike by 2.7% in the second quarter. Williams Jones & Associates LLC now owns 337,484 shares of the footwear maker’s stock worth $18,629,000 after buying an additional 8,971 shares during the period. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in Nike during the second quarter worth approximately $2,968,000. Kentucky Retirement Systems acquired a new position in Nike during the second quarter worth approximately $6,250,000. Mason Street Advisors LLC acquired a new position in Nike during the second quarter worth approximately $9,900,000. Finally, Northwestern Mutual Wealth Management Co. boosted its position in Nike by 8.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 201,267 shares of the footwear maker’s stock worth $11,110,000 after buying an additional 15,292 shares in the last quarter. Institutional investors and hedge funds own 62.04% 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 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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