Atlantic Securities reaffirmed their buy rating on shares of Nike (NYSE:NKE) in a report released on Friday morning. They currently have a $85.00 price objective on the footwear maker’s stock.
Several other analysts have also commented on NKE. Piper Jaffray Companies lifted their price objective on shares of Nike to $72.00 and gave the stock a neutral rating in a research report on Friday. Zacks Investment Research lowered shares of Nike from a buy rating to a hold rating in a research report on Thursday, June 21st. Stifel Nicolaus boosted their price target on shares of Nike from $87.00 to $90.00 and gave the company a buy rating in a research report on Friday. Nomura boosted their price target on shares of Nike from $74.00 to $85.00 and gave the company a buy rating in a research report on Friday. Finally, B. Riley boosted their price target on shares of Nike from $68.00 to $76.00 and gave the company a neutral rating in a research report on Friday. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and twenty-three have assigned a buy rating to the company. Nike presently has a consensus rating of Hold and a consensus target price of $76.27.
Shares of NKE stock opened at $79.68 on Friday. The stock has a market capitalization of $129.63 billion, a price-to-earnings ratio of 33.20, a P/E/G ratio of 2.89 and a beta of 0.66. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.63 and a current ratio of 2.51. Nike has a 52 week low of $50.35 and a 52 week high of $81.00.
Nike (NYSE:NKE) last announced its quarterly earnings data on Thursday, June 28th. The footwear maker reported $0.69 EPS for the quarter, topping the consensus estimate of $0.64 by $0.05. The business had revenue of $9.79 billion for the quarter, compared to analyst estimates of $9.40 billion. Nike had a net margin of 5.31% and a return on equity of 36.57%. The company’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.60 earnings per share. research analysts predict that Nike will post 2.63 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 5th. Stockholders of record on Monday, June 4th will be issued a $0.20 dividend. The ex-dividend date is Friday, June 1st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.00%. Nike’s payout ratio is 33.06%.
Nike announced that its Board of Directors has authorized a share buyback program on Thursday, June 28th that allows the company to repurchase $15.00 billion in shares. This repurchase authorization allows the footwear maker to purchase up to 12.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
In other news, EVP Monique S. Matheson sold 17,000 shares of the business’s stock in a transaction that occurred on Thursday, June 7th. The shares were sold at an average price of $75.00, for a total value of $1,275,000.00. Following the completion of the sale, the executive vice president now directly owns 95,845 shares in the company, valued at approximately $7,188,375. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Mark G. Parker sold 135,000 shares of the business’s stock in a transaction that occurred on Monday, June 4th. The stock was sold at an average price of $73.03, for a total transaction of $9,859,050.00. Following the completion of the sale, the chairman now owns 1,637,736 shares of the company’s stock, valued at $119,603,860.08. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 292,000 shares of company stock valued at $21,204,500. Company insiders own 3.90% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. raised its holdings in Nike by 3.3% during the 1st quarter. BlackRock Inc. now owns 81,870,764 shares of the footwear maker’s stock valued at $5,439,495,000 after buying an additional 2,649,041 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Nike by 1.4% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 17,523,005 shares of the footwear maker’s stock valued at $1,164,228,000 after buying an additional 248,381 shares during the last quarter. Edgewood Management LLC raised its holdings in Nike by 3.8% during the 1st quarter. Edgewood Management LLC now owns 15,111,596 shares of the footwear maker’s stock valued at $1,004,014,000 after buying an additional 546,687 shares during the last quarter. Geode Capital Management LLC raised its holdings in Nike by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 14,472,375 shares of the footwear maker’s stock valued at $903,432,000 after buying an additional 336,633 shares during the last quarter. Finally, Polen Capital Management LLC raised its holdings in Nike by 2.2% during the 1st quarter. Polen Capital Management LLC now owns 13,024,429 shares of the footwear maker’s stock valued at $865,343,000 after buying an additional 282,440 shares during the last quarter. Hedge funds and other institutional investors own 64.09% of the company’s stock.
NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide. It offers NIKE brand products in nine categories: running, NIKE basketball, the Jordan brand, football, men's training, women's training, action sports, sportswear, and golf.
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