Nike’s (NKE) Outperform Rating Reiterated at Wedbush
Wedbush reaffirmed their outperform rating on shares of Nike (NYSE:NKE) in a report published on Friday morning, RTT News reports. Wedbush currently has a $107.00 price objective on the footwear maker’s stock. Wedbush also issued estimates for Nike’s Q1 2021 earnings at $0.50 EPS, Q3 2021 earnings at $0.83 EPS, Q4 2021 earnings at $0.67 EPS and FY2021 earnings at $2.68 EPS.
Other research analysts have also recently issued research reports about the stock. Credit Suisse Group lowered their target price on shares of Nike from $114.00 to $111.00 and set an outperform rating on the stock in a research note on Friday. Cowen lifted their target price on shares of Nike from $85.00 to $110.00 and gave the company an outperform rating in a research note on Monday, June 1st. Piper Sandler lifted their target price on shares of Nike from $96.00 to $112.00 and gave the company an overweight rating in a research note on Monday, June 22nd. UBS Group lifted their target price on shares of Nike from $114.00 to $122.00 and gave the company a buy rating in a research note on Monday, June 22nd. Finally, Morgan Stanley lifted their price target on shares of Nike from $92.00 to $119.00 and gave the company an overweight rating in a report on Wednesday, June 24th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-seven have given a buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $108.96.
Shares of Nike stock opened at $95.87 on Friday. The company’s fifty day simple moving average is $96.23 and its 200-day simple moving average is $93.53. The stock has a market capitalization of $148.25 billion, a PE ratio of 60.68, a P/E/G ratio of 3.05 and a beta of 0.78. Nike has a 1-year low of $60.00 and a 1-year high of $105.62. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.90 and a quick ratio of 1.20.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st will be given a $0.245 dividend. The ex-dividend date of this dividend is Friday, May 29th. This represents a $0.98 annualized dividend and a dividend yield of 1.02%. Nike’s payout ratio is presently 52.97%.
In other news, Director John W. Rogers, Jr. acquired 1,000 shares of Nike stock in a transaction that occurred on Friday, April 3rd. The stock was purchased at an average price of $84.63 per share, for a total transaction of $84,630.00. Following the purchase, the director now directly owns 12,851 shares in the company, valued at approximately $1,087,580.13. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Andrew Campion sold 60,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $98.00, for a total transaction of $5,880,000.00. The disclosure for this sale can be found here. Insiders sold a total of 236,000 shares of company stock valued at $23,228,100 in the last ninety days. Corporate insiders own 3.80% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Solstein Capital LLC bought a new position in shares of Nike during the 4th quarter worth approximately $236,000. 1832 Asset Management L.P. increased its stake in Nike by 81.7% during the 4th quarter. 1832 Asset Management L.P. now owns 4,485,657 shares of the footwear maker’s stock valued at $454,422,000 after purchasing an additional 2,016,633 shares in the last quarter. Fosun International Ltd increased its stake in Nike by 27.9% during the 4th quarter. Fosun International Ltd now owns 24,387 shares of the footwear maker’s stock valued at $2,477,000 after purchasing an additional 5,320 shares in the last quarter. Balentine LLC acquired a new position in Nike during the 1st quarter valued at approximately $128,000. Finally, Magellan Asset Management Ltd increased its stake in Nike by 88.9% during the 4th quarter. Magellan Asset Management Ltd now owns 663 shares of the footwear maker’s stock valued at $67,000 after purchasing an additional 312 shares in the last quarter. Hedge funds and other institutional investors own 64.54% of the company’s stock.
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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