Vetr lowered shares of Nike, Inc. (NYSE:NKE) from a strong-buy rating to a buy rating in a research report released on Tuesday. The brokerage currently has $58.87 price objective on the footwear maker’s stock.
Several other brokerages also recently commented on NKE. Nomura reaffirmed a buy rating and set a $60.00 target price on shares of Nike in a report on Friday, June 30th. J P Morgan Chase & Co downgraded shares of Nike from an overweight rating to a neutral rating and reduced their target price for the stock from $61.00 to $58.00 in a report on Friday, June 16th. Telsey Advisory Group reduced their target price on shares of Nike from $66.00 to $62.00 and set an outperform rating for the company in a report on Thursday, June 22nd. Cowen and Company lifted their target price on shares of Nike from $53.00 to $54.00 and gave the stock a market perform rating in a report on Friday, June 30th. Finally, Jefferies Group LLC downgraded shares of Nike from a buy rating to a hold rating and reduced their target price for the stock from $75.00 to $60.00 in a report on Monday, August 21st. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-four have issued a buy rating to the stock. The company has an average rating of Buy and a consensus target price of $60.66.
Nike (NYSE NKE) opened at 53.40 on Tuesday. The stock’s 50 day moving average is $56.46 and its 200-day moving average is $55.56. Nike has a 12 month low of $49.01 and a 12 month high of $60.53. The firm has a market cap of $87.75 billion, a price-to-earnings ratio of 21.27 and a beta of 0.61.
Nike (NYSE:NKE) last announced its earnings results on Thursday, June 29th. The footwear maker reported $0.60 EPS for the quarter, topping the consensus estimate of $0.50 by $0.10. The business had revenue of $8.68 billion during the quarter, compared to the consensus estimate of $8.63 billion. Nike had a net margin of 12.34% and a return on equity of 34.18%. Nike’s revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.49 EPS. On average, analysts anticipate that Nike will post $2.41 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors 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 dividend on an annualized basis and a dividend yield of 1.35%. Nike’s payout ratio is presently 28.69%.
In related news, CFO Andrew Campion sold 5,722 shares of the business’s stock in a transaction on Monday, July 24th. The shares were sold at an average price of $59.40, for a total transaction of $339,886.80. Following the transaction, the chief financial officer now owns 34,976 shares in the company, valued at approximately $2,077,574.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Trevor A. Edwards sold 200,000 shares of the business’s stock in a transaction on Wednesday, July 5th. The shares were sold at an average price of $57.63, for a total transaction of $11,526,000.00. Following the transaction, the insider now owns 729,610 shares in the company, valued at approximately $42,047,424.30. The disclosure for this sale can be found here. Insiders have sold a total of 492,360 shares of company stock worth $28,485,174 in the last quarter. 3.90% of the stock is owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in NKE. V Wealth Management LLC acquired a new position in shares of Nike during the 2nd quarter valued at $100,000. Crestwood Advisors Group LLC acquired a new position in shares of Nike during the 1st quarter valued at $117,000. Webster Bank N. A. lifted its position in shares of Nike by 75.5% during the 1st quarter. Webster Bank N. A. now owns 2,092 shares of the footwear maker’s stock valued at $117,000 after acquiring an additional 900 shares during the period. Asset Planning Services Ltd. lifted its position in shares of Nike by 0.3% during the 2nd quarter. Asset Planning Services Ltd. now owns 2,132 shares of the footwear maker’s stock valued at $126,000 after acquiring an additional 7 shares during the period. Finally, Atlantic Trust LLC acquired a new position in shares of Nike during the 2nd quarter valued at $136,000. 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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