Nike Inc (NYSE:NKE) rose 1.8% during mid-day trading on Monday after TheStreet upgraded the stock from a c+ rating to a b+ rating. The stock traded as high as $81.00 and last traded at $77.21. Approximately 546,804 shares traded hands during trading, a decline of 93% from the average daily volume of 7,635,619 shares. The stock had previously closed at $78.60.
Several other equities research analysts also recently issued reports on the stock. B. Riley reaffirmed a “neutral” rating and set a $68.00 price target (up previously from $63.00) on shares of Nike in a research note on Monday, March 19th. Guggenheim reissued a “buy” rating and issued a $78.00 target price on shares of Nike in a research report on Friday, March 23rd. Deutsche Bank boosted their target price on shares of Nike from $75.00 to $76.00 and gave the stock a “buy” rating in a research report on Friday, March 23rd. JPMorgan Chase & Co. set a $58.00 target price on shares of Nike and gave the stock a “neutral” rating in a research report on Monday, March 5th. Finally, Credit Suisse Group started coverage on shares of Nike in a research report on Monday, March 12th. They issued an “outperform” rating and a $78.00 target price for the company. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and twenty-three have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $76.41.
In other Nike news, insider Eric D. Sprunk sold 150,000 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $19,131,698.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Andrew Campion sold 103,000 shares of the business’s stock in a transaction dated Friday, June 29th. The stock was sold at an average price of $80.01, for a total transaction of $8,241,030.00. Following the sale, the chief financial officer now owns 235,457 shares in the company, valued at $18,838,914.57. The disclosure for this sale can be found here. Insiders have sold a total of 545,000 shares of company stock valued at $41,306,030 over the last three months. 3.90% of the stock is currently owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in the business. Lido Advisors LLC raised its position in shares of Nike by 14.4% during the 1st quarter. Lido Advisors LLC now owns 5,860 shares of the footwear maker’s stock worth $389,000 after buying an additional 737 shares in the last quarter. Sather Financial Group Inc raised its position in shares of Nike by 0.4% during the 1st quarter. Sather Financial Group Inc now owns 174,859 shares of the footwear maker’s stock worth $11,618,000 after buying an additional 747 shares in the last quarter. Coldstream Capital Management Inc. raised its position in shares of Nike by 1.0% during the 1st quarter. Coldstream Capital Management Inc. now owns 77,308 shares of the footwear maker’s stock worth $5,136,000 after buying an additional 802 shares in the last quarter. HBK Sorce Advisory LLC raised its position in shares of Nike by 5.4% during the 4th quarter. HBK Sorce Advisory LLC now owns 16,372 shares of the footwear maker’s stock worth $1,024,000 after buying an additional 841 shares in the last quarter. Finally, Sandy Spring Bank raised its position in shares of Nike by 0.6% during the 1st quarter. Sandy Spring Bank now owns 136,186 shares of the footwear maker’s stock worth $9,048,000 after buying an additional 866 shares in the last quarter. Institutional investors own 64.09% of the company’s stock.
The stock has a market capitalization of $129.63 billion, a P/E ratio of 31.40, a PEG 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 (NYSE:NKE) last released its quarterly earnings results on Thursday, June 28th. The footwear maker reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.05. Nike had a net margin of 5.31% and a return on equity of 36.57%. The company had revenue of $9.79 billion for the quarter, compared to the consensus estimate of $9.40 billion. During the same period in the previous year, the firm earned $0.60 EPS. Nike’s revenue was up 12.8% on a year-over-year basis. sell-side analysts forecast that Nike Inc will post 2.63 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, July 5th. Shareholders of record on Monday, June 4th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, June 1st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.05%. Nike’s dividend payout ratio (DPR) is 33.06%.
Nike announced that its board has approved a share repurchase program on Thursday, June 28th that authorizes the company to buyback $15.00 billion in outstanding shares. This buyback authorization authorizes the footwear maker to repurchase up to 12.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.
Nike Company Profile
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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