Nike, Inc. (NKE) Earns “Hold” Rating from Cowen and Company
Nike, Inc. (NYSE:NKE)‘s stock had its “hold” rating reissued by stock analysts at Cowen and Company in a research note issued to investors on Sunday. They currently have a $54.00 price target on the footwear maker’s stock. Cowen and Company’s price target points to a potential upside of 0.24% from the stock’s previous close.
Several other research analysts have also recently issued reports on NKE. UBS AG restated a “buy” rating and issued a $62.00 price objective (down from $63.00) on shares of Nike in a research note on Tuesday, June 27th. Canaccord Genuity set a $51.00 price objective on Nike and gave the stock a “hold” rating in a research note on Saturday, July 1st. FBR & Co set a $53.00 price objective on Nike and gave the stock a “hold” rating in a research note on Saturday, July 1st. Wells Fargo & Company set a $56.00 price objective on Nike and gave the stock a “hold” rating in a research note on Saturday, July 1st. Finally, Piper Jaffray Companies set a $50.00 price objective on Nike and gave the stock a “hold” rating in a research note on Saturday, July 1st. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-four have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $60.48.
Shares of Nike (NKE) opened at 53.87 on Friday. Nike has a 52-week low of $49.01 and a 52-week high of $60.53. The stock has a market cap of $88.52 billion, a price-to-earnings ratio of 21.46 and a beta of 0.61. The stock’s 50 day moving average is $55.88 and its 200 day moving average is $55.47.
Nike (NYSE:NKE) last announced its quarterly earnings data on Thursday, June 29th. The footwear maker reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.10. Nike had a return on equity of 34.18% and a net margin of 12.34%. The firm had revenue of $8.68 billion during the quarter, compared to analysts’ expectations of $8.63 billion. During the same period last year, the business posted $0.49 earnings per share. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. On average, equities analysts predict that Nike will post $2.41 EPS for the current fiscal year.
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In related news, insider Trevor A. Edwards sold 200,000 shares of the business’s stock in a transaction on 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 sale, the insider now owns 729,610 shares in the company, valued at approximately $42,047,424.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Andrew Campion sold 96,243 shares of the business’s stock in a transaction on Friday, June 30th. The shares were sold at an average price of $56.68, for a total value of $5,455,053.24. Following the completion of the sale, the chief financial officer now owns 50,246 shares in the company, valued at approximately $2,847,943.28. The disclosure for this sale can be found here. Insiders sold a total of 492,360 shares of company stock worth $28,485,174 in the last quarter. Company insiders own 3.90% of the company’s stock.
Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in shares of Nike by 2.5% in the 2nd quarter. Vanguard Group Inc. now owns 99,605,408 shares of the footwear maker’s stock valued at $5,876,718,000 after buying an additional 2,452,993 shares during the period. State Street Corp raised its holdings in shares of Nike by 1.4% in the 1st quarter. State Street Corp now owns 59,554,253 shares of the footwear maker’s stock valued at $3,319,086,000 after buying an additional 835,003 shares during the period. Wellington Management Group LLP raised its holdings in shares of Nike by 5.0% in the 1st quarter. Wellington Management Group LLP now owns 49,907,256 shares of the footwear maker’s stock valued at $2,781,332,000 after buying an additional 2,375,447 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Nike by 0.5% in the 1st quarter. Bank of New York Mellon Corp now owns 29,087,830 shares of the footwear maker’s stock valued at $1,621,066,000 after buying an additional 144,846 shares during the period. Finally, Jennison Associates LLC raised its holdings in shares of Nike by 124.7% in the 1st quarter. Jennison Associates LLC now owns 25,143,559 shares of the footwear maker’s stock valued at $1,401,251,000 after buying an additional 13,953,567 shares during the period. 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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