Jefferies Group LLC Reaffirms Buy Rating for Nike Inc (NKE)

Jefferies Group LLC restated their buy rating on shares of Nike Inc (NYSE:NKE) in a research report report published on Wednesday morning. They currently have a $75.00 target price on the footwear maker’s stock.

A number of other research analysts also recently commented on NKE. Zacks Investment Research downgraded Nike from a hold rating to a sell rating in a report on Wednesday, November 30th. HSBC Holdings plc raised Nike from a hold rating to a buy rating and upped their target price for the company from $56.00 to $60.00 in a research report on Monday, December 5th. Cowen and Company cut Nike from an outperform rating to a market perform rating and decreased their target price for the company from $59.00 to $54.00 in a research report on Tuesday, December 6th. Credit Suisse Group AG reissued an outperform rating and issued a $60.00 target price on shares of Nike in a research report on Wednesday, December 7th. Finally, Morningstar, Inc. reissued a neutral rating on shares of Nike in a research report on Thursday, December 8th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of Buy and a consensus target price of $61.46.

Analyst Recommendations for Nike (NYSE:NKE)

Nike (NYSE:NKE) traded down 0.69% during midday trading on Wednesday, hitting $55.97. The company had a trading volume of 2,000,577 shares. Nike has a 12 month low of $49.01 and a 12 month high of $62.64. The firm has a 50-day moving average price of $56.45 and a 200-day moving average price of $53.41. The company has a market cap of $92.52 billion, a price-to-earnings ratio of 23.35 and a beta of 0.44.

Nike (NYSE:NKE) last released its quarterly earnings data on Tuesday, March 21st. The footwear maker reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.15. Nike had a return on equity of 31.70% and a net margin of 11.60%. The business had revenue of $8.43 billion for the quarter, compared to the consensus estimate of $8.47 billion. During the same quarter in the prior year, the business posted $0.55 EPS. The business’s revenue for the quarter was up 5.0% on a year-over-year basis. Equities analysts anticipate that Nike will post $2.34 EPS for the current year.

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The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 3rd. Shareholders of record on Monday, March 6th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.28%. The ex-dividend date of this dividend is Thursday, March 2nd. Nike’s dividend payout ratio is presently 31.72%.

In other news, Chairman Mark G. Parker sold 100,000 shares of Nike stock in a transaction dated Wednesday, February 1st. The stock was sold at an average price of $52.94, for a total transaction of $5,294,000.00. Following the sale, the chairman now directly owns 1,966,235 shares of the company’s stock, valued at $104,092,480.90. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP David J. Ayre sold 200,000 shares of Nike stock in a transaction dated Monday, January 30th. The stock was sold at an average price of $53.08, for a total value of $10,616,000.00. Following the sale, the executive vice president now directly owns 357,713 shares in the company, valued at $18,987,406.04. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 636,000 shares of company stock worth $33,477,680. 3.90% of the stock is currently owned by insiders.

Several hedge funds have recently made changes to their positions in NKE. State Street Corp raised its stake in shares of Nike by 4.6% in the fourth quarter. State Street Corp now owns 58,719,250 shares of the footwear maker’s stock worth $2,984,719,000 after buying an additional 2,563,166 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in shares of Nike by 1.8% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 36,587,010 shares of the footwear maker’s stock worth $1,926,306,000 after buying an additional 662,231 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Nike by 0.5% in the third quarter. Bank of New York Mellon Corp now owns 29,211,934 shares of the footwear maker’s stock worth $1,538,008,000 after buying an additional 143,272 shares during the last quarter. Morgan Stanley raised its stake in shares of Nike by 10.1% in the third quarter. Morgan Stanley now owns 22,764,806 shares of the footwear maker’s stock worth $1,198,567,000 after buying an additional 2,090,700 shares during the last quarter. Finally, Northern Trust Corp raised its stake in shares of Nike by 3.6% in the third quarter. Northern Trust Corp now owns 21,830,050 shares of the footwear maker’s stock worth $1,149,353,000 after buying an additional 755,061 shares during the last quarter. 62.23% of the stock is currently owned by institutional investors and hedge funds.

About Nike

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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