Morgan Stanley Reiterates $64.00 Price Target for Nike, Inc. (NKE)

Morgan Stanley set a $64.00 target price on Nike, Inc. (NYSE:NKE) in a research report released on Monday morning. The firm currently has a buy rating on the footwear maker’s stock.

A number of other equities research analysts also recently commented on NKE. UBS AG reiterated a buy rating and issued a $62.00 target price (down from $63.00) on shares of Nike in a research report on Tuesday, June 27th. FBR & Co set a $53.00 target price on Nike and gave the stock a hold rating in a research report on Saturday, July 1st. Canaccord Genuity set a $51.00 price objective on Nike and gave the stock a hold rating in a research note on Saturday, July 1st. Wells Fargo & Company set a $56.00 price objective on Nike and gave the stock a hold rating in a research note on Saturday, July 1st. Finally, Piper Jaffray Companies set a $50.00 price objective on Nike and gave the stock a hold rating in a research note on Saturday, July 1st. Four equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and twenty have issued a buy rating to the company. Nike has a consensus rating of Hold and an average price target of $60.04.

Nike (NYSE NKE) opened at 53.19 on Monday. The company has a market capitalization of $87.40 billion, a price-to-earnings ratio of 21.19 and a beta of 0.61. The stock’s 50 day moving average price is $55.57 and its 200 day moving average price is $55.39. Nike has a 12 month low of $49.01 and a 12 month high of $60.53.

Nike (NYSE:NKE) last posted its earnings results on Thursday, June 29th. The footwear maker reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.10. The company had revenue of $8.68 billion for the quarter, compared to the consensus estimate of $8.63 billion. Nike had a return on equity of 34.18% and a net margin of 12.34%. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.49 earnings per share. Equities research analysts anticipate that Nike will post $2.41 earnings per share for the current fiscal year.

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The company 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 $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.34%. The ex-dividend date is Thursday, August 31st. Nike’s payout ratio is 28.69%.

In other Nike news, CFO Andrew Campion sold 5,722 shares of the stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $59.40, for a total transaction of $339,886.80. Following the sale, the chief financial officer now directly owns 34,976 shares of the company’s stock, valued at approximately $2,077,574.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Eric D. Sprunk sold 50,000 shares of the stock in a transaction dated Friday, June 30th. The stock was sold at an average price of $59.00, for a total value of $2,950,000.00. Following the sale, the insider now directly owns 300,108 shares in the company, valued at $17,706,372. The disclosure for this sale can be found here. Over the last three months, insiders sold 508,360 shares of company stock worth $29,340,374. 3.90% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Royal Bank of Scotland Group PLC grew its position in Nike by 6.2% during the 1st quarter. Royal Bank of Scotland Group PLC now owns 207,834 shares of the footwear maker’s stock worth $11,582,000 after purchasing an additional 12,201 shares during the period. Adviser Investments LLC acquired a new stake in Nike during the 1st quarter worth about $2,645,000. North Star Asset Management Inc. grew its position in Nike by 7.8% during the 1st quarter. North Star Asset Management Inc. now owns 56,732 shares of the footwear maker’s stock worth $3,162,000 after purchasing an additional 4,129 shares during the period. Hartford Investment Management Co. grew its position in Nike by 5.5% during the 2nd quarter. Hartford Investment Management Co. now owns 360,722 shares of the footwear maker’s stock worth $21,283,000 after purchasing an additional 18,759 shares during the period. Finally, Fifth Third Bancorp grew its position in Nike by 3.7% during the 1st quarter. Fifth Third Bancorp now owns 1,120,494 shares of the footwear maker’s stock worth $62,445,000 after purchasing an additional 39,554 shares during the period. 62.63% 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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