Wedbush Analysts Cut Earnings Estimates for Nike, Inc. (NKE)
Nike, Inc. (NYSE:NKE) – Research analysts at Wedbush decreased their Q2 2018 earnings per share (EPS) estimates for shares of Nike in a note issued to investors on Thursday. Wedbush analyst C. Svezia now anticipates that the footwear maker will earn $0.48 per share for the quarter, down from their previous forecast of $0.53. Wedbush has a “Neutral” rating and a $53.40 price objective on the stock.
Other analysts also recently issued reports about the company. Morgan Stanley restated an “equal weight” rating and issued a $56.00 price target on shares of Nike in a research note on Wednesday, June 21st. Credit Suisse Group set a $63.00 price target on Nike and gave the company a “buy” rating in a research note on Saturday, June 24th. UBS AG restated a “buy” rating and issued a $62.00 price target (down from $63.00) on shares of Nike in a research note on Tuesday, June 27th. Nomura restated a “buy” rating and issued a $60.00 price target on shares of Nike in a research note on Friday, June 30th. Finally, Canaccord Genuity set a $51.00 price target on Nike and gave the company a “hold” rating in a research note on Saturday, July 1st. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-four have assigned a buy rating to the stock. Nike currently has an average rating of “Buy” and a consensus price target of $60.48.
Shares of Nike (NKE) traded up 0.11% on Friday, hitting $53.79. The stock had a trading volume of 3,660,611 shares. The firm’s 50-day moving average is $56.01 and its 200-day moving average is $55.50. The company has a market cap of $88.39 billion, a price-to-earnings ratio of 21.43 and a beta of 0.61. Nike has a one year low of $49.01 and a one year high of $60.53.
Nike (NYSE:NKE) last announced its earnings results on Thursday, June 29th. The footwear maker reported $0.60 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.10. The business had revenue of $8.68 billion during the quarter, compared to the consensus estimate of $8.63 billion. Nike had a return on equity of 34.18% and a net margin of 12.34%. The business’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.49 EPS.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Tuesday, September 5th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date of this dividend is Thursday, August 31st. Nike’s dividend payout ratio (DPR) is presently 28.69%.
In other news, insider Eric D. Sprunk sold 112,323 shares of the company’s stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $58.61, for a total value of $6,583,251.03. Following the completion of the sale, the insider now owns 139,551 shares of the company’s stock, valued at $8,179,084.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Trevor A. Edwards sold 200,000 shares of the company’s stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $57.63, for a total value of $11,526,000.00. Following the completion of the sale, the insider now directly owns 729,610 shares of the company’s stock, valued at approximately $42,047,424.30. The disclosure for this sale can be found here. In the last three months, insiders have sold 492,360 shares of company stock valued at $28,485,174. 3.90% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of NKE. Janus Henderson Group PLC boosted its position in shares of Nike by 4,252.6% in the second quarter. Janus Henderson Group PLC now owns 16,619,387 shares of the footwear maker’s stock worth $980,539,000 after buying an additional 16,237,557 shares during the period. Jennison Associates LLC boosted its position in shares of Nike by 124.7% in the first quarter. Jennison Associates LLC now owns 25,143,559 shares of the footwear maker’s stock worth $1,401,251,000 after buying an additional 13,953,567 shares during the period. Capital World Investors boosted its position in shares of Nike by 58.7% in the second quarter. Capital World Investors now owns 21,779,409 shares of the footwear maker’s stock worth $1,284,985,000 after buying an additional 8,058,601 shares during the period. OppenheimerFunds Inc. boosted its position in shares of Nike by 7,020.1% in the first quarter. OppenheimerFunds Inc. now owns 5,349,793 shares of the footwear maker’s stock worth $298,145,000 after buying an additional 5,274,656 shares during the period. Finally, Orbis Allan Gray Ltd purchased a new stake in shares of Nike in the second quarter worth about $226,588,000. 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.
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