Needham & Company LLC Reaffirms Hold Rating for Nike, Inc. (NKE)
Other analysts have also recently issued research reports about the stock. Jefferies Group LLC restated a buy rating and set a $75.00 target price on shares of Nike in a research note on Friday, May 5th. Morgan Stanley restated an equal weight rating and set a $56.00 target price on shares of Nike in a research note on Wednesday, June 21st. Credit Suisse Group set a $63.00 target price on shares of Nike and gave the stock a buy rating in a research note on Saturday, June 24th. UBS AG restated a buy rating and set a $62.00 target price (down previously from $63.00) on shares of Nike in a research note on Tuesday, June 27th. Finally, Nomura restated a buy rating and set a $60.00 target price on shares of Nike in a research note on Friday, June 30th. Three equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and twenty-two have assigned a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $60.53.
Nike (NYSE NKE) traded up 0.11% during trading on Thursday, reaching $53.90. The company had a trading volume of 6,416,622 shares. The stock has a market cap of $88.57 billion, a P/E ratio of 21.47 and a beta of 0.59. The firm has a 50-day moving average price of $58.03 and a 200 day moving average price of $55.80. 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 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.10. The company had revenue of $8.68 billion during the quarter, compared to analysts’ expectations of $8.63 billion. Nike had a net margin of 12.34% and a return on equity of 34.18%. Nike’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.49 EPS. Equities research analysts predict that Nike will post $2.42 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Tuesday, September 5th will be given a $0.18 dividend. The ex-dividend date is Thursday, August 31st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.34%. Nike’s dividend payout ratio (DPR) is currently 28.69%.
In other news, CFO Andrew Campion sold 96,243 shares of the business’s stock in a transaction that occurred on Friday, June 30th. The shares were sold at an average price of $56.68, for a total value of $5,455,053.24. Following the transaction, the chief financial officer now owns 50,246 shares in the company, valued at approximately $2,847,943.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Trevor A. Edwards sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 5th. The stock was sold at an average price of $57.63, for a total transaction of $11,526,000.00. Following the completion of 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 sold a total of 492,360 shares of company stock worth $28,485,174 in the last 90 days. Corporate insiders own 3.90% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in NKE. Sentry Investment Management LLC increased its position in Nike by 1.0% in the second quarter. Sentry Investment Management LLC now owns 104,569 shares of the footwear maker’s stock worth $6,170,000 after buying an additional 993 shares during the last quarter. Atlantic Trust LLC bought a new position in Nike during the second quarter worth about $136,000. Toronto Dominion Bank increased its position in Nike by 25.1% in the second quarter. Toronto Dominion Bank now owns 461,341 shares of the footwear maker’s stock worth $27,216,000 after buying an additional 92,698 shares during the last quarter. Advisory Services Network LLC increased its position in Nike by 4.5% in the second quarter. Advisory Services Network LLC now owns 13,151 shares of the footwear maker’s stock worth $776,000 after buying an additional 561 shares during the last quarter. Finally, Afam Capital Inc. increased its position in Nike by 2.7% in the second quarter. Afam Capital Inc. now owns 93,109 shares of the footwear maker’s stock worth $5,493,000 after buying an additional 2,435 shares during the last quarter. Institutional investors own 63.47% of the company’s stock.
Nike Company Profile
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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