Nike, Inc. (NYSE:NKE)‘s stock had its “outperform” rating reiterated by Robert W. Baird in a report released on Friday. They currently have a $62.00 target price on the footwear maker’s stock. Robert W. Baird’s price objective indicates a potential upside of 19.18% from the stock’s previous close.
A number of other research firms have also weighed in on NKE. J P Morgan Chase & Co lowered shares of Nike from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $61.00 to $58.00 in a research report on Friday. Piper Jaffray Companies reaffirmed a “neutral” rating and set a $51.00 target price on shares of Nike in a research report on Thursday, March 16th. Credit Suisse Group set a $67.00 target price on shares of Nike and gave the stock a “buy” rating in a research report on Tuesday, March 14th. Vetr lowered shares of Nike from a “strong-buy” rating to a “buy” rating and set a $60.36 target price on the stock. in a research report on Monday, March 27th. Finally, Barclays PLC reaffirmed an “overweight” rating and set a $65.00 target price on shares of Nike in a research report on Wednesday, March 22nd. Two research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and twenty-one have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $60.74.
Nike (NYSE:NKE) opened at 52.02 on Friday. Nike has a one year low of $49.01 and a one year high of $60.33. The company’s 50-day moving average price is $53.24 and its 200-day moving average price is $54.21. The stock has a market cap of $85.87 billion, a P/E ratio of 21.70 and a beta of 0.47.
Nike (NYSE:NKE) last posted its quarterly earnings data on Tuesday, March 21st. The footwear maker reported $0.68 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.15. Nike had a net margin of 12.02% and a return on equity of 32.97%. The company had revenue of $8.43 billion for the quarter, compared to analyst estimates of $8.47 billion. During the same period in the prior year, the company posted $0.55 EPS. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. Analysts forecast that Nike will post $2.41 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 5th. Shareholders of record on Monday, June 5th will be issued a $0.18 dividend. The ex-dividend date is Thursday, June 1st. This represents a $0.72 dividend on an annualized basis and a yield of 1.38%. Nike’s payout ratio is 30.00%.
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In other Nike news, insider Eric D. Sprunk sold 50,000 shares of Nike stock in a transaction on Friday, March 24th. The shares were sold at an average price of $55.67, for a total value of $2,783,500.00. Following the completion of the transaction, the insider now owns 300,108 shares of the company’s stock, valued at $16,707,012.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John F. Slusher sold 100,000 shares of Nike stock in a transaction on Monday, April 17th. The shares were sold at an average price of $56.00, for a total transaction of $5,600,000.00. Following the completion of the transaction, the executive vice president now directly owns 209,165 shares of the company’s stock, valued at approximately $11,713,240. The disclosure for this sale can be found here. Insiders sold 379,000 shares of company stock valued at $21,213,800 in the last ninety days. 3.90% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in 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 last quarter. Jennison Associates LLC boosted its position in Nike by 124.7% in the first quarter. Jennison Associates LLC now owns 25,143,559 shares of the footwear maker’s stock worth $1,401,251,000 after buying an additional 13,953,567 shares during the last quarter. Norges Bank purchased a new position in Nike during the fourth quarter worth $463,411,000. OppenheimerFunds Inc. boosted its position in Nike by 7,020.1% in the first quarter. OppenheimerFunds Inc. now owns 5,349,793 shares of the footwear maker’s stock worth $298,145,000 after buying an additional 5,274,656 shares during the last quarter. Finally, Vanguard Group Inc. boosted 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 worth $5,414,304,000 after buying an additional 3,925,394 shares during the last quarter. 65.55% of the stock is 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’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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