Nike (NKE) Upgraded to “Buy” at HSBC
HSBC upgraded shares of Nike (NYSE:NKE) from a hold rating to a buy rating in a research note released on Tuesday morning, Marketbeat Ratings reports. The brokerage currently has $95.00 target price on the footwear maker’s stock, up from their previous target price of $92.00.
NKE has been the subject of a number of other reports. JPMorgan Chase & Co. set a $85.00 price target on shares of Nike and gave the stock a buy rating in a research note on Wednesday, January 2nd. UBS Group set a $78.00 price target on shares of Nike and gave the stock a neutral rating in a research note on Wednesday, January 2nd. Barclays set a $100.00 price target on shares of Nike and gave the stock a buy rating in a research note on Wednesday, January 2nd. Credit Suisse Group set a $90.00 price target on shares of Nike and gave the stock a buy rating in a research note on Wednesday, January 2nd. Finally, Cowen set a $80.00 price target on shares of Nike and gave the stock a hold rating in a research note on Sunday, December 30th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and twenty-three have issued a buy rating to the company. Nike currently has a consensus rating of Buy and a consensus price target of $83.14.
Shares of Nike stock traded down $0.33 during trading on Tuesday, hitting $76.10. The stock had a trading volume of 7,876,720 shares, compared to its average volume of 8,586,630. The stock has a market cap of $121.63 billion, a P/E ratio of 31.44, a PEG ratio of 2.37 and a beta of 0.69. Nike has a 12 month low of $62.09 and a 12 month high of $86.04. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.40 and a current ratio of 2.14.
The company also recently declared a quarterly dividend, which was paid on Wednesday, January 2nd. Investors of record on Monday, December 3rd were given a dividend of $0.22 per share. The ex-dividend date was Friday, November 30th. This represents a $0.88 annualized dividend and a dividend yield of 1.16%. This is an increase from Nike’s previous quarterly dividend of $0.20. Nike’s dividend payout ratio (DPR) is 36.36%.
In related news, Chairman Mark G. Parker sold 150,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 2nd. The shares were sold at an average price of $73.68, for a total value of $11,052,000.00. Following the sale, the chairman now owns 1,687,863 shares in the company, valued at $124,361,745.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John F. Slusher sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 2nd. The stock was sold at an average price of $74.05, for a total transaction of $14,810,000.00. Following the completion of the sale, the executive vice president now owns 284,805 shares in the company, valued at approximately $21,089,810.25. The disclosure for this sale can be found here. 3.90% of the stock is owned by company insiders.
Several institutional investors have recently modified their holdings of NKE. BDO Wealth Advisors LLC lifted its stake in shares of Nike by 1,044.3% during the 2nd quarter. BDO Wealth Advisors LLC now owns 1,396 shares of the footwear maker’s stock valued at $111,000 after buying an additional 1,274 shares in the last quarter. Resources Management Corp CT ADV bought a new stake in Nike in the 3rd quarter valued at $113,000. Stelac Advisory Services LLC bought a new stake in Nike in the 3rd quarter valued at $115,000. Highwater Wealth Management LLC bought a new stake in Nike in the 4th quarter valued at $116,000. Finally, Polaris Greystone Financial Group LLC bought a new stake in Nike in the 3rd quarter valued at $119,000. Institutional investors and hedge funds own 63.99% of the company’s stock.
Nike Company Profile
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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