Nike, Inc. (NKE) Upgraded to “Strong-Buy” at Vetr Inc.
Nike, Inc. (NYSE:NKE) was upgraded by equities researchers at Vetr from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Wednesday. The brokerage presently has a $59.09 price objective on the footwear maker’s stock. Vetr‘s target price points to a potential upside of 13.20% from the company’s previous close.
Several other research firms have also issued reports on NKE. Jefferies Group LLC lowered Nike to a “buy” rating in a research report on Tuesday, August 29th. Berenberg Bank began coverage on Nike in a research report on Tuesday, May 16th. They set a “buy” rating and a $70.00 price target for the company. Stifel Nicolaus reaffirmed a “buy” rating and set a $66.00 price target on shares of Nike in a research report on Friday, June 30th. Morgan Stanley raised Nike from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $56.00 to $68.00 in a research report on Wednesday, July 19th. Finally, Deutsche Bank AG set a $63.00 price objective on Nike and gave the stock a “buy” rating in a research note on Tuesday, June 20th. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the company. Nike presently has a consensus rating of “Buy” and a consensus target price of $60.43.
Shares of Nike (NKE) traded down 0.36% during trading on Wednesday, reaching $52.20. 8,563,283 shares of the company traded hands. Nike has a 12 month low of $49.01 and a 12 month high of $60.53. The firm has a 50-day moving average price of $56.66 and a 200-day moving average price of $55.62. The firm has a market capitalization of $68.49 billion, a PE ratio of 20.80 and a beta of 0.61.
Nike (NYSE:NKE) last issued its earnings results on Thursday, June 29th. The footwear maker reported $0.60 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.10. Nike had a net margin of 12.34% and a return on equity of 34.18%. The company had revenue of $8.68 billion for the quarter, compared to the consensus estimate of $8.63 billion. During the same quarter in the previous year, the company earned $0.49 EPS. The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. Equities research analysts anticipate that Nike will post $2.41 EPS for the current year.
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In related news, insider Trevor A. Edwards sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 5th. The stock was sold at an average price of $57.63, for a total transaction of $11,526,000.00. Following the completion of the transaction, the insider now owns 729,610 shares of the company’s stock, valued at approximately $42,047,424.30. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Eric D. Sprunk sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, June 30th. The shares were sold at an average price of $59.00, for a total value of $2,950,000.00. Following the transaction, the insider now directly owns 300,108 shares of the company’s stock, valued at approximately $17,706,372. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 492,360 shares of company stock valued at $28,485,174. 3.90% of the stock is owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the stock. State of Alaska Department of Revenue purchased a new stake in Nike during the 1st quarter valued at $169,000. Windward Capital Management Co. CA boosted its stake in Nike by 0.4% during the 1st quarter. Windward Capital Management Co. CA now owns 402,011 shares of the footwear maker’s stock valued at $22,404,000 after purchasing an additional 1,494 shares during the last quarter. Cape Cod Five Cents Savings Bank boosted its stake in Nike by 0.7% during the 1st quarter. Cape Cod Five Cents Savings Bank now owns 106,452 shares of the footwear maker’s stock valued at $5,933,000 after purchasing an additional 696 shares during the last quarter. Monarch Capital Management Inc. boosted its stake in Nike by 1.4% during the 1st quarter. Monarch Capital Management Inc. now owns 5,495 shares of the footwear maker’s stock valued at $306,000 after purchasing an additional 75 shares during the last quarter. Finally, Raub Brock Capital Management LP boosted its stake in Nike by 5.5% during the 1st quarter. Raub Brock Capital Management LP now owns 245,981 shares of the footwear maker’s stock valued at $13,709,000 after purchasing an additional 12,730 shares during the last quarter. 62.72% of the stock is owned by institutional investors.
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.
To view Vetr’s full report, visit Vetr’s official website.
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