DA Davidson Reaffirms Buy Rating for Nike, Inc. (NKE)
Nike, Inc. (NYSE:NKE)‘s stock had its “buy” rating reaffirmed by analysts at DA Davidson in a note issued to investors on Thursday. They presently have a $69.00 price objective on the footwear maker’s stock. DA Davidson’s price objective points to a potential upside of 28.92% from the company’s current price.
A number of other research firms have also commented on NKE. Morgan Stanley reiterated a “buy” rating and issued a $64.00 price objective (down from $68.00) on shares of Nike in a research note on Tuesday, August 29th. Telsey Advisory Group dropped their price objective on Nike from $63.00 to $61.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 30th. Vetr upgraded Nike from a “buy” rating to a “strong-buy” rating and set a $59.09 price objective on the stock in a research note on Wednesday, September 6th. Cowen and Company set a $54.00 price objective on Nike and gave the stock a “hold” rating in a research note on Friday, August 4th. Finally, Canaccord Genuity set a $51.00 price objective on Nike and gave the stock a “hold” rating in a research note on Friday, May 26th. Three analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-four have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $60.48.
Nike (NKE) traded up 0.34% during midday trading on Thursday, hitting $53.70. The stock had a trading volume of 3,647,917 shares. Nike has a 12-month low of $49.01 and a 12-month high of $60.53. The company’s 50-day moving average price is $56.31 and its 200 day moving average price is $55.53. The stock has a market cap of $88.24 billion, a P/E ratio of 21.39 and a beta of 0.61.
Nike (NYSE:NKE) last announced its quarterly earnings results on Thursday, June 29th. The footwear maker reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.10. Nike had a return on equity of 34.18% and a net margin of 12.34%. The company had revenue of $8.68 billion during the quarter, compared to analysts’ expectations of $8.63 billion. During the same quarter in the previous year, the firm earned $0.49 earnings per share. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. On average, equities research analysts predict that Nike will post $2.42 earnings per share for the current fiscal year.
In other Nike news, 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 transaction of $2,950,000.00. Following the completion of the sale, the insider now directly owns 300,108 shares in the company, valued at $17,706,372. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Andrew Campion sold 96,243 shares of the firm’s stock in a transaction that occurred on Friday, June 30th. The stock was sold at an average price of $56.68, for a total transaction of $5,455,053.24. Following the sale, the chief financial officer now owns 50,246 shares of the company’s stock, valued at $2,847,943.28. The disclosure for this sale can be found here. Insiders sold a total of 492,360 shares of company stock valued at $28,485,174 over the last quarter. 3.90% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in Nike by 2.5% during the second quarter. Vanguard Group Inc. now owns 99,605,408 shares of the footwear maker’s stock worth $5,876,718,000 after acquiring an additional 2,452,993 shares during the last quarter. State Street Corp lifted its position in Nike by 1.4% during the first quarter. State Street Corp now owns 59,554,253 shares of the footwear maker’s stock worth $3,319,086,000 after acquiring an additional 835,003 shares during the last quarter. Wellington Management Group LLP lifted its position in Nike by 5.0% during the first quarter. Wellington Management Group LLP now owns 49,907,256 shares of the footwear maker’s stock worth $2,781,332,000 after acquiring an additional 2,375,447 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Nike by 0.5% during the first quarter. Bank of New York Mellon Corp now owns 29,087,830 shares of the footwear maker’s stock worth $1,621,066,000 after acquiring an additional 144,846 shares during the last quarter. Finally, Jennison Associates LLC lifted its position in Nike by 124.7% during the first quarter. Jennison Associates LLC now owns 25,143,559 shares of the footwear maker’s stock worth $1,401,251,000 after acquiring an additional 13,953,567 shares during the last quarter. Hedge funds and other institutional investors own 62.72% of the company’s stock.
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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