Nike Inc (NKE) Expected to Post Quarterly Sales of $8.61 Billion
Wall Street analysts expect that Nike Inc (NYSE:NKE) will post $8.61 billion in sales for the current quarter, Zacks Investment Research reports. Twelve analysts have provided estimates for Nike’s earnings. The lowest sales estimate is $8.54 billion and the highest is $8.8 billion. Nike posted sales of $8.24 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 4.5%. The company is scheduled to report its next quarterly earnings report on Tuesday, June 27th.
On average, analysts expect that Nike will report full-year sales of $8.61 billion for the current year, with estimates ranging from $34.22 billion to $34.47 billion. For the next year, analysts forecast that the firm will report sales of $36.45 billion per share, with estimates ranging from $35.61 billion to $37.89 billion. Zacks’ sales averages are an average based on a survey of research firms that cover Nike.
Nike (NYSE:NKE) last released its earnings results on Tuesday, March 21st. The footwear maker reported $0.68 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.15. The firm had revenue of $8.43 billion for the quarter, compared to analysts’ expectations of $8.47 billion. Nike had a net margin of 11.60% and a return on equity of 31.70%. Nike’s quarterly revenue was up 5.0% on a year-over-year basis. During the same quarter last year, the company earned $0.55 EPS.
Several equities research analysts have recently commented on the stock. Goldman Sachs Group Inc boosted their target price on shares of Nike from $61.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, March 22nd. Barclays PLC reaffirmed an “overweight” rating and issued a $65.00 price target on shares of Nike in a report on Wednesday, March 22nd. Citigroup Inc reaffirmed a “buy” rating and issued a $60.00 price target on shares of Nike in a report on Wednesday, March 22nd. Stifel Nicolaus reaffirmed a “buy” rating and issued a $66.00 price target (down from $68.00) on shares of Nike in a report on Tuesday, March 21st. Finally, Canaccord Genuity reaffirmed a “hold” rating and issued a $51.00 price target on shares of Nike in a report on Wednesday, March 22nd. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twenty-three have issued a buy rating to the company. Nike presently has an average rating of “Buy” and a consensus target price of $60.93.
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In related news, insider Eric D. Sprunk sold 50,000 shares of the firm’s stock in a transaction dated Friday, March 24th. The stock was sold at an average price of $55.67, for a total value of $2,783,500.00. Following the sale, the insider now directly owns 300,108 shares of the company’s stock, valued at $16,707,012.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John R. Thompson, Jr. sold 14,000 shares of the firm’s stock in a transaction dated Thursday, April 20th. The shares were sold at an average price of $56.45, for a total value of $790,300.00. Following the completion of the sale, the director now directly owns 55,660 shares in the company, valued at $3,142,007. The disclosure for this sale can be found here. Over the last three months, insiders have sold 379,000 shares of company stock worth $21,213,800. 3.90% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Baltimore Washington Financial Advisors Inc. acquired a new stake in Nike during the fourth quarter valued at $10,508,000. Clarius Group LLC acquired a new stake in Nike during the fourth quarter valued at $111,000. Webster Bank N. A. raised its stake in Nike by 75.5% in the first quarter. Webster Bank N. A. now owns 2,092 shares of the footwear maker’s stock valued at $117,000 after buying an additional 900 shares during the period. Crestwood Advisors Group LLC acquired a new stake in Nike during the first quarter valued at $117,000. Finally, Gierl Augustine Investment Management Inc raised its stake in Nike by 5.3% in the first quarter. Gierl Augustine Investment Management Inc now owns 2,121 shares of the footwear maker’s stock valued at $118,000 after buying an additional 107 shares during the period. 62.23% of the stock is currently owned by institutional investors and hedge funds.
Nike (NYSE:NKE) traded up 0.46% during trading on Friday, reaching $52.59. 5,918,332 shares of the company’s stock traded hands. Nike has a 12 month low of $49.01 and a 12 month high of $60.33. The company has a market capitalization of $86.81 billion, a price-to-earnings ratio of 21.94 and a beta of 0.44. The firm’s 50 day moving average is $54.39 and its 200-day moving average is $53.91.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 5th. Stockholders of record on Monday, June 5th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.37%. The ex-dividend date is Thursday, June 1st. Nike’s dividend payout ratio (DPR) is currently 31.72%.
Nike Company Profile
NIKE, Inc is engaged in the design, development, marketing and selling of athletic footwear, apparel, equipment, accessories and services. The Company’s operating segments include North America, Western Europe, Central & Eastern Europe, Greater China, Japan and Emerging Markets. Its portfolio brands include the NIKE Brand, Jordan Brand, Hurley and Converse.
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