Nike, Inc. (NKE) Earns Equal Weight Rating from Morgan Stanley

Morgan Stanley reissued their equal weight rating on shares of Nike, Inc. (NYSE:NKE) in a research report sent to investors on Wednesday. Morgan Stanley currently has a $56.00 price objective on the footwear maker’s stock.

A number of other equities research analysts also recently issued reports on the stock. Piper Jaffray Companies reaffirmed a neutral rating and issued a $50.00 price objective on shares of Nike in a research report on Wednesday, June 21st. Cowen and Company reaffirmed a market perform rating and issued a $53.00 price objective (down from $54.00) on shares of Nike in a research report on Tuesday, June 20th. Barclays PLC reaffirmed an overweight rating and issued a $65.00 price objective on shares of Nike in a research report on Monday, June 19th. Zacks Investment Research raised shares of Nike from a sell rating to a hold rating in a research report on Monday, June 19th. Finally, Robert W. Baird reaffirmed an outperform rating and issued a $62.00 price objective on shares of Nike in a research report on Friday, June 16th. Two research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and nineteen have given a buy rating to the stock. Nike currently has an average rating of Hold and an average price target of $60.19.

Shares of Nike (NYSE NKE) opened at 53.28 on Wednesday. The company has a 50-day moving average of $53.14 and a 200 day moving average of $54.21. The firm has a market capitalization of $87.95 billion, a P/E ratio of 22.23 and a beta of 0.47. Nike has a 52 week low of $49.01 and a 52 week high of $60.33.

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The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 5th. Investors of record on Monday, June 5th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.35%. The ex-dividend date is Thursday, June 1st. Nike’s dividend payout ratio is currently 30.00%.

In related news, insider Eric D. Sprunk sold 50,000 shares of the stock in a transaction on Wednesday, March 29th. The shares were sold at an average price of $57.00, for a total transaction of $2,850,000.00. Following the transaction, the insider now owns 300,108 shares of the company’s stock, valued at approximately $17,106,156. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Mark G. Parker sold 100,000 shares of the stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $55.50, for a total transaction of $5,550,000.00. Following the transaction, the chairman now directly owns 1,966,235 shares in the company, valued at approximately $109,126,042.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 329,000 shares of company stock worth $18,430,300. 3.90% of the stock is owned by insiders.

Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Nike by 4.2% in the first quarter. Vanguard Group Inc. now owns 97,152,415 shares of the footwear maker’s stock valued at $5,414,304,000 after buying an additional 3,925,394 shares in the last quarter. BlackRock Inc. raised its stake in shares of Nike by 2,576.9% in the first quarter. BlackRock Inc. now owns 80,846,138 shares of the footwear maker’s stock worth $4,505,554,000 after buying an additional 77,826,052 shares during the period. State Street Corp raised its stake in shares of Nike by 1.4% in the first quarter. State Street Corp now owns 59,554,253 shares of the footwear maker’s stock worth $3,319,086,000 after buying an additional 835,003 shares during the period. Wellington Management Group LLP raised its stake in shares of Nike by 5.0% in the first quarter. Wellington Management Group LLP now owns 49,907,256 shares of the footwear maker’s stock worth $2,781,332,000 after buying an additional 2,375,447 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of Nike by 0.5% in the first quarter. Bank of New York Mellon Corp now owns 29,087,830 shares of the footwear maker’s stock worth $1,621,066,000 after buying an additional 144,846 shares during the period. 64.00% of the stock is currently owned by institutional investors.

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.

Analyst Recommendations for Nike (NYSE:NKE)

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