Robert W. Baird reaffirmed their buy rating on shares of Nike, Inc. (NYSE:NKE) in a research note issued to investors on Sunday morning. Robert W. Baird currently has a $65.00 target price on the footwear maker’s stock.
NKE has been the topic of several other research reports. Morgan Stanley reiterated a buy rating and issued a $64.00 price objective (down previously from $68.00) on shares of Nike in a research note on Tuesday, August 29th. Telsey Advisory Group lowered their price objective on shares of Nike from $63.00 to $61.00 and set an outperform rating on the stock in a research note on Wednesday, August 30th. Vetr upgraded shares of Nike from a buy rating to a strong-buy rating and set a $59.09 price objective on the stock in a research note on Wednesday, September 6th. Cowen and Company set a $54.00 price objective on shares of Nike and gave the stock a hold rating in a research note on Friday, August 4th. Finally, Canaccord Genuity set a $51.00 price objective on shares of Nike and gave the stock a hold rating in a research note on Friday, May 26th. Three equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of Buy and an average price target of $60.43.
Nike (NKE) opened at 52.20 on Friday. The stock has a market cap of $85.77 billion, a P/E ratio of 20.80 and a beta of 0.61. Nike has a 1-year low of $49.01 and a 1-year high of $60.53. The stock has a 50 day moving average of $56.66 and a 200 day moving average of $55.62.
Nike (NYSE:NKE) last issued its quarterly earnings data on Thursday, June 29th. The footwear maker reported $0.60 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.10. Nike had a net margin of 12.34% and a return on equity of 34.18%. The firm had revenue of $8.68 billion for the quarter, compared to analysts’ expectations of $8.63 billion. During the same quarter in the prior year, the business earned $0.49 EPS. The business’s quarterly revenue was up 5.3% on a year-over-year basis. Equities analysts anticipate that Nike will post $2.41 EPS for the current fiscal year.
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The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Tuesday, September 5th will be given a dividend of $0.18 per share. The ex-dividend date is Thursday, August 31st. This represents a $0.72 annualized dividend and a dividend yield of 1.38%. Nike’s dividend payout ratio (DPR) is 28.69%.
In related news, insider Trevor A. Edwards sold 200,000 shares of Nike stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $57.63, for a total value of $11,526,000.00. Following the completion of the sale, the insider now directly owns 729,610 shares in the company, valued at $42,047,424.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Andrew Campion sold 5,722 shares of Nike stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $59.40, for a total value of $339,886.80. Following the completion of the sale, the chief financial officer now owns 34,976 shares of the company’s stock, valued at $2,077,574.40. The disclosure for this sale can be found here. Insiders sold 492,360 shares of company stock valued at $28,485,174 over the last 90 days. 3.90% of the stock is currently owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in shares of Nike by 2.5% in the second quarter. Vanguard Group Inc. now owns 99,605,408 shares of the footwear maker’s stock valued at $5,876,718,000 after acquiring an additional 2,452,993 shares in the last quarter. State Street Corp raised its holdings 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 valued at $3,319,086,000 after acquiring an additional 835,003 shares in the last quarter. Wellington Management Group LLP raised its holdings 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 valued at $2,781,332,000 after acquiring an additional 2,375,447 shares in the last quarter. Bank of New York Mellon Corp raised its holdings 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 valued at $1,621,066,000 after acquiring an additional 144,846 shares in the last quarter. Finally, Jennison Associates LLC raised its holdings in shares of Nike by 124.7% in the first quarter. Jennison Associates LLC now owns 25,143,559 shares of the footwear maker’s stock valued at $1,401,251,000 after acquiring an additional 13,953,567 shares in the last quarter. Hedge funds and other institutional investors own 62.72% of the company’s stock.
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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