Cowen and Company Reiterates “Market Perform” Rating for Nike, Inc. (NKE)

Cowen and Company restated their market perform rating on shares of Nike, Inc. (NYSE:NKE) in a research note issued to investors on Tuesday morning. They currently have a $53.00 price objective on the footwear maker’s stock, down from their previous price objective of $54.00.

A number of other research firms have also issued reports on NKE. Morgan Stanley set a $56.00 target price on Nike and gave the company a neutral rating in a report on Monday, March 13th. Piper Jaffray Companies restated a neutral rating and set a $51.00 target price on shares of Nike in a research report on Thursday, March 16th. Bank of America Corporation restated an underperform rating and set a $46.00 target price on shares of Nike in a research report on Wednesday, March 22nd. Deutsche Bank AG raised their target price on Nike from $65.00 to $66.00 and gave the stock a buy rating in a research report on Wednesday, March 8th. Finally, Vetr downgraded Nike from a buy rating to a hold rating and set a $58.44 target price for the company. in a research report on Monday, April 17th. Two analysts have rated the stock with a sell rating, sixteen have issued a hold rating and twenty have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $60.18.

Shares of Nike (NYSE:NKE) opened at 52.85 on Tuesday. Nike has a one year low of $49.01 and a one year high of $60.33. The stock’s 50 day moving average price is $53.14 and its 200-day moving average price is $54.21. The stock has a market cap of $87.24 billion, a PE ratio of 22.05 and a beta of 0.47.

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The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 5th. Shareholders of record on Monday, June 5th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, June 1st. This represents a $0.72 dividend on an annualized basis and a yield of 1.36%. Nike’s dividend payout ratio (DPR) is currently 30.00%.

In other Nike news, CAO Hilary K. Krane sold 65,000 shares of Nike stock in a transaction dated Tuesday, April 18th. The stock was sold at an average price of $56.00, for a total transaction of $3,640,000.00. Following the completion of the transaction, the chief accounting officer now owns 270,795 shares in the company, valued at approximately $15,164,520. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John R. Thompson, Jr. sold 14,000 shares of Nike stock in a transaction dated Thursday, April 20th. The shares were sold at an average price of $56.45, for a total value of $790,300.00. Following the transaction, the director now owns 55,660 shares of the company’s stock, valued at approximately $3,142,007. The disclosure for this sale can be found here. Insiders have sold a total of 329,000 shares of company stock valued at $18,430,300 in the last quarter. Company insiders own 3.90% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the stock. Accredited Investors Inc. increased its position in Nike by 0.5% in the first quarter. Accredited Investors Inc. now owns 4,167 shares of the footwear maker’s stock worth $232,000 after buying an additional 19 shares during the period. Montecito Bank & Trust boosted its position in Nike by 0.3% in the first quarter. Montecito Bank & Trust now owns 7,200 shares of the footwear maker’s stock valued at $402,000 after buying an additional 24 shares in the last quarter. Intrust Bank NA boosted its position in Nike by 0.9% in the first quarter. Intrust Bank NA now owns 5,082 shares of the footwear maker’s stock valued at $283,000 after buying an additional 46 shares in the last quarter. Welch & Forbes LLC boosted its position in Nike by 0.5% in the first quarter. Welch & Forbes LLC now owns 9,998 shares of the footwear maker’s stock valued at $557,000 after buying an additional 48 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. boosted its position in Nike by 0.5% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 9,749 shares of the footwear maker’s stock valued at $543,000 after buying an additional 50 shares in the last quarter. Institutional investors and hedge funds own 64.00% 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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “NKE”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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