Nike, Inc. (NKE) PT Set at $56.00 by Pivotal Research
Nike, Inc. (NYSE:NKE) has been given a $56.00 target price by equities researchers at Pivotal Research in a report released on Monday. The brokerage presently has a “hold” rating on the footwear maker’s stock. Pivotal Research’s price target would suggest a potential upside of 4.36% from the stock’s current price.
A number of other brokerages have also recently weighed in on NKE. Nomura reaffirmed a “buy” rating and set a $60.00 price target on shares of Nike in a research report on Friday, June 30th. Vetr raised shares of Nike from a “buy” rating to a “strong-buy” rating and set a $57.97 price target on the stock in a research report on Wednesday, October 4th. Cowen and Company lifted their price target on shares of Nike from $53.00 to $54.00 and gave the company a “market perform” rating in a research report on Friday, June 30th. Jefferies Group LLC cut shares of Nike from a “buy” rating to a “hold” rating and reduced their price target for the company from $75.00 to $60.00 in a research report on Monday, August 21st. Finally, Canaccord Genuity reaffirmed a “hold” rating and set a $50.00 price target (down from $51.00) on shares of Nike in a research report on Wednesday, September 27th. Four equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Nike presently has a consensus rating of “Hold” and an average price target of $59.04.
Shares of Nike (NKE) traded down 0.61% during trading on Monday, hitting $53.33. 9,356,278 shares of the stock traded hands. The firm has a market cap of $87.01 billion, a PE ratio of 22.70 and a beta of 0.61. Nike has a 52-week low of $49.01 and a 52-week high of $60.53. The company’s 50 day moving average is $52.57 and its 200 day moving average is $54.67.
Nike (NYSE:NKE) last announced its quarterly earnings results on Tuesday, September 26th. The footwear maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.09. The firm had revenue of $9.07 billion for the quarter, compared to analysts’ expectations of $9.08 billion. Nike had a net margin of 11.47% and a return on equity of 31.88%. Nike’s revenue was up .1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.73 earnings per share. On average, equities research analysts predict that Nike will post $2.32 EPS for the current year.
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In other news, Director Johnathan A. Rodgers sold 16,000 shares of the company’s stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $53.45, for a total value of $855,200.00. Following the transaction, the director now owns 25,660 shares in the company, valued at approximately $1,371,527. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Eric D. Sprunk sold 112,323 shares of the company’s stock in a transaction dated 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 completion of the transaction, the insider now owns 139,551 shares in the company, valued at approximately $8,179,084.11. The disclosure for this sale can be found here. 3.90% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of NKE. Vanguard Group Inc. increased its holdings in Nike by 2.5% in the second quarter. Vanguard Group Inc. now owns 99,605,408 shares of the footwear maker’s stock worth $5,876,718,000 after buying an additional 2,452,993 shares during the last quarter. State Street Corp increased its holdings in Nike by 1.4% in the first quarter. State Street Corp now owns 59,554,253 shares of the footwear maker’s stock worth $3,319,086,000 after buying an additional 835,003 shares during the last quarter. Wellington Management Group LLP increased its holdings in Nike by 5.0% in 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 buying an additional 2,375,447 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Nike by 0.5% in 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 buying an additional 144,846 shares during the last quarter. Finally, Capital Research Global Investors increased its holdings in Nike by 10.4% in the second quarter. Capital Research Global Investors now owns 24,135,396 shares of the footwear maker’s stock worth $1,423,988,000 after buying an additional 2,274,869 shares during the last quarter. Institutional investors own 62.51% 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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