Nike (NKE) PT Set at $93.00 by Piper Jaffray Companies
NKE has been the topic of several other reports. HSBC set a $92.00 price target on shares of Nike and gave the stock a buy rating in a report on Thursday, September 6th. Morgan Stanley initiated coverage on shares of Nike in a report on Wednesday, August 1st. They issued an overweight rating and a $88.00 price target on the stock. Jefferies Financial Group reaffirmed a neutral rating and issued a $68.00 price target on shares of Nike in a report on Wednesday, June 13th. Credit Suisse Group reaffirmed a buy rating and issued a $78.00 price target on shares of Nike in a report on Thursday, June 14th. Finally, B. Riley lifted their price target on shares of Nike from $68.00 to $76.00 and gave the stock a neutral rating in a report on Friday, June 29th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twenty-seven have assigned a buy rating to the company. The company presently has an average rating of Buy and an average target price of $80.21.
Shares of NYSE:NKE opened at $83.26 on Monday. The company has a market capitalization of $132.85 billion, a P/E ratio of 34.40, a price-to-earnings-growth ratio of 2.77 and a beta of 0.70. Nike has a 52 week low of $50.35 and a 52 week high of $83.93. The company has a quick ratio of 1.63, a current ratio of 2.51 and a debt-to-equity ratio of 0.35.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Stockholders of record on Tuesday, September 4th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date of this dividend is Friday, August 31st. Nike’s dividend payout ratio (DPR) is presently 33.06%.
Nike announced that its Board of Directors has authorized a share repurchase plan on Thursday, June 28th that authorizes the company to buyback $15.00 billion in outstanding shares. This buyback authorization authorizes the footwear maker to purchase up to 12.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
In other news, insider Eric D. Sprunk sold 150,000 shares of the business’s stock in a transaction on Friday, June 29th. The shares were sold at an average price of $79.07, for a total transaction of $11,860,500.00. Following the sale, the insider now directly owns 241,959 shares of the company’s stock, valued at $19,131,698.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Andrew Campion sold 2,907 shares of the business’s stock in a transaction on Tuesday, July 24th. The shares were sold at an average price of $76.85, for a total transaction of $223,402.95. The disclosure for this sale can be found here. Insiders have sold 332,778 shares of company stock worth $26,325,376 over the last three months. Corporate insiders own 3.90% of the company’s stock.
Large investors have recently bought and sold shares of the business. Chevy Chase Trust Holdings Inc. boosted its holdings in Nike by 0.4% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 1,609,608 shares of the footwear maker’s stock valued at $128,253,000 after purchasing an additional 6,256 shares during the last quarter. Riverhead Capital Management LLC raised its position in shares of Nike by 7.6% in the second quarter. Riverhead Capital Management LLC now owns 21,710 shares of the footwear maker’s stock worth $1,730,000 after acquiring an additional 1,525 shares during the period. Envestnet Asset Management Inc. raised its position in shares of Nike by 362.6% in the second quarter. Envestnet Asset Management Inc. now owns 684,436 shares of the footwear maker’s stock worth $54,536,000 after acquiring an additional 536,468 shares during the period. Oregon Public Employees Retirement Fund raised its position in shares of Nike by 49.3% in the second quarter. Oregon Public Employees Retirement Fund now owns 531,637 shares of the footwear maker’s stock worth $42,361,000 after acquiring an additional 175,587 shares during the period. Finally, Donaldson Capital Management LLC raised its position in shares of Nike by 4.0% in the second quarter. Donaldson Capital Management LLC now owns 68,618 shares of the footwear maker’s stock worth $5,468,000 after acquiring an additional 2,667 shares during the period. 63.99% of the stock is currently owned by institutional investors.
NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide. The company offers NIKE brand products in six categories: running, NIKE basketball, the Jordan brand, football, training, and sportswear. It also markets products designed for kids, as well as for other athletic and recreational uses, such as American football, baseball, cricket, lacrosse, skateboarding, tennis, volleyball, wrestling, walking, and outdoor activities; and apparel with licensed college and professional team and league logos, as well as sells sports apparel.
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