Robert W. Baird Reaffirms “Buy” Rating for Nike, Inc. (NKE)
Nike, Inc. (NYSE:NKE)‘s stock had its “buy” rating reiterated by investment analysts at Robert W. Baird in a research report issued to clients and investors on Sunday. They presently have a $65.00 price objective on the footwear maker’s stock. Robert W. Baird’s price target indicates a potential upside of 24.52% from the company’s current price.
A number of other equities research analysts have also recently issued reports on NKE. Jefferies Group LLC reiterated a “buy” rating and issued a $75.00 price objective on shares of Nike in a report on Monday, May 15th. Nomura reiterated a “buy” rating on shares of Nike in a report on Monday, May 15th. Instinet reiterated a “buy” rating on shares of Nike in a report on Monday, May 15th. Berenberg Bank initiated coverage on shares of Nike in a report on Tuesday, May 16th. They issued a “buy” rating and a $70.00 price objective for the company. Finally, Canaccord Genuity set a $51.00 price objective on shares of Nike and gave the stock a “hold” rating in a report on Friday, May 26th. 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 given a strong buy rating to the stock. Nike presently has a consensus rating of “Buy” and a consensus price target of $60.43.
Shares of Nike (NYSE:NKE) traded down 0.36% on Friday, hitting $52.20. The company’s stock had a trading volume of 8,563,283 shares. Nike has a 52 week low of $49.01 and a 52 week high of $60.53. The stock’s 50 day moving average price is $56.66 and its 200 day moving average price is $55.62. The stock has a market capitalization of $85.77 billion, a P/E ratio of 20.80 and a beta of 0.61.
Nike (NYSE:NKE) last issued its quarterly earnings data on Thursday, June 29th. The footwear maker reported $0.60 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.10. The firm had revenue of $8.68 billion during the quarter, compared to analysts’ expectations of $8.63 billion. Nike had a net margin of 12.34% and a return on equity of 34.18%. Nike’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.49 earnings per share. On average, analysts forecast that Nike will post $2.41 earnings per share for the current fiscal year.
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In other Nike news, insider Eric D. Sprunk sold 112,323 shares of the firm’s stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $58.61, for a total value of $6,583,251.03. Following the transaction, the insider now directly owns 139,551 shares of the company’s stock, valued at $8,179,084.11. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Hilary K. Krane sold 28,072 shares of the firm’s stock in a transaction that occurred on Friday, July 14th. The shares were sold at an average price of $58.10, for a total transaction of $1,630,983.20. Following the completion of the transaction, the chief accounting officer now directly owns 177,723 shares in the company, valued at $10,325,706.30. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 492,360 shares of company stock worth $28,485,174. Insiders own 3.90% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the business. Griffin Asset Management Inc. bought a new position in Nike in the second quarter valued at approximately $465,000. Sentry Investment Management LLC boosted its stake in Nike by 1.0% in the second quarter. Sentry Investment Management LLC now owns 104,569 shares of the footwear maker’s stock valued at $6,170,000 after acquiring an additional 993 shares during the last quarter. Atlantic Trust LLC bought a new position in Nike in the second quarter valued at approximately $136,000. Toronto Dominion Bank boosted its stake in Nike by 25.1% in the second quarter. Toronto Dominion Bank now owns 461,341 shares of the footwear maker’s stock valued at $27,216,000 after acquiring an additional 92,698 shares during the last quarter. Finally, Advisory Services Network LLC boosted its stake in Nike by 4.5% in the second quarter. Advisory Services Network LLC now owns 13,151 shares of the footwear maker’s stock valued at $776,000 after acquiring an additional 561 shares during the last quarter. 62.72% of the stock is currently owned by hedge funds and other 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.
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