Nike Inc. (NKE) PT Lowered to $51.00
Nike Inc. (NYSE:NKE) had its price objective lowered by Canaccord Genuity from $52.00 to $51.00 in a research note issued on Thursday. The firm currently has a “hold” rating on the footwear maker’s stock. Canaccord Genuity’s price objective suggests a potential downside of 2.75% from the company’s current price.
Other equities analysts have also recently issued research reports about the stock. B. Riley reiterated a “buy” rating and set a $66.00 price target on shares of Nike in a research report on Wednesday, June 22nd. Deutsche Bank AG reiterated a “buy” rating on shares of Nike in a research report on Sunday, July 17th. Piper Jaffray Cos. reiterated a “neutral” rating and set a $53.00 price target on shares of Nike in a research report on Wednesday. BB&T Corp. reiterated a “buy” rating and set a $70.00 price target (down previously from $74.00) on shares of Nike in a research report on Tuesday, June 21st. Finally, Citigroup Inc. reiterated a “buy” rating and set a $61.00 price target (down previously from $75.00) on shares of Nike in a research report on Wednesday, June 29th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and twenty-two have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $63.63.
Nike (NYSE:NKE) opened at 52.44 on Thursday. Nike has a 52-week low of $51.48 and a 52-week high of $68.19. The company has a market cap of $87.68 billion, a PE ratio of 23.66 and a beta of 0.56. The firm’s 50 day moving average is $55.24 and its 200 day moving average is $56.59.
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Nike (NYSE:NKE) last released its quarterly earnings data on Tuesday, September 27th. The footwear maker reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.17. Nike had a net margin of 11.60% and a return on equity of 30.56%. The firm had revenue of $9.06 billion for the quarter. During the same quarter in the previous year, the firm posted $1.34 EPS. Nike’s revenue was up 7.7% compared to the same quarter last year. Analysts forecast that Nike will post $2.38 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Tuesday, September 6th were issued a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, September 1st. This represents a $0.64 dividend on an annualized basis and a yield of 1.22%. Nike’s payout ratio is 28.83%.
In related news, EVP John F. Slusher sold 72,696 shares of Nike stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $57.75, for a total transaction of $4,198,194.00. Following the completion of the sale, the executive vice president now owns 231,861 shares in the company, valued at approximately $13,389,972.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John C. Lechleiter bought 1,000 shares of the business’s stock in a transaction on Friday, September 30th. The shares were acquired at an average cost of $52.72 per share, for a total transaction of $52,720.00. Following the transaction, the director now directly owns 27,560 shares in the company, valued at approximately $1,452,963.20. The disclosure for this purchase can be found here. Corporate insiders own 3.90% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Gierl Augustine Investment Management Inc increased its position in Nike by 0.3% in the second quarter. Gierl Augustine Investment Management Inc now owns 2,003 shares of the footwear maker’s stock worth $111,000 after buying an additional 6 shares during the period. CWM LLC increased its position in Nike by 0.3% in the second quarter. CWM LLC now owns 2,227 shares of the footwear maker’s stock worth $123,000 after buying an additional 7 shares during the period. CHICAGO TRUST Co NA increased its position in Nike by 0.3% in the second quarter. CHICAGO TRUST Co NA now owns 14,656 shares of the footwear maker’s stock worth $809,000 after buying an additional 38 shares during the period. Mission Wealth Management LLC increased its position in Nike by 1.1% in the second quarter. Mission Wealth Management LLC now owns 4,544 shares of the footwear maker’s stock worth $251,000 after buying an additional 50 shares during the period. Finally, TRUE Private Wealth Advisors increased its position in Nike by 0.3% in the second quarter. TRUE Private Wealth Advisors now owns 15,891 shares of the footwear maker’s stock worth $877,000 after buying an additional 53 shares during the period. 62.04% of the stock is currently owned by institutional investors and hedge funds.
Nike Company Profile
NIKE, Inc is engaged in the design, development, marketing and selling of athletic footwear, apparel, equipment, accessories and services. The Company sells its products to retail accounts, through NIKE-owned retail stores and Internet Websites (which the Company refers to as its Direct to Consumer or DTC operations), and through a mix of independent distributors and licensees throughout the world.
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