Barclays PLC Lowers Nike Inc. (NKE) Price Target to $65.00
Nike Inc. (NYSE:NKE) had its target price lowered by equities researchers at Barclays PLC from $70.00 to $65.00 in a report released on Wednesday. The brokerage currently has an “overweight” rating on the footwear maker’s stock. Barclays PLC’s price objective indicates a potential upside of 17.46% from the stock’s previous close.
A number of other equities research analysts have also recently weighed in on the company. Credit Suisse Group AG restated a “buy” rating and issued a $60.00 price target (down previously from $63.00) on shares of Nike in a research note on Wednesday. Nomura restated a “buy” rating and issued a $64.00 price target on shares of Nike in a research note on Tuesday. JPMorgan Chase & Co. restated an “overweight” rating and issued a $62.00 price target on shares of Nike in a research note on Tuesday. Vetr upgraded Nike from a “hold” rating to a “buy” rating and set a $58.12 price target on the stock in a research note on Monday. Finally, B. Riley dropped their price target on Nike from $62.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and twenty-two have issued a buy rating to the company’s stock. Nike has an average rating of “Buy” and an average price target of $64.73.
Nike (NYSE:NKE) opened at 55.34 on Wednesday. Nike has a one year low of $51.48 and a one year high of $68.19. The firm has a market cap of $92.84 billion, a P/E ratio of 25.62 and a beta of 0.52. The firm’s 50-day moving average price is $56.79 and its 200 day moving average price is $57.33.
Nike (NYSE:NKE) last announced its quarterly earnings data on Tuesday, September 27th. The footwear maker reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.17. Nike had a return on equity of 29.57% and a net margin of 11.61%. The company had revenue of $9.06 billion for the quarter, compared to analysts’ expectations of $8.88 billion. During the same quarter in the prior year, the business posted $1.34 EPS. The business’s revenue was up 7.7% compared to the same quarter last year. On average, equities research analysts forecast that Nike will post $2.40 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Tuesday, September 6th will be paid a $0.16 dividend. The ex-dividend date is Thursday, September 1st. This represents a $0.64 dividend on an annualized basis and a yield of 1.16%. Nike’s dividend payout ratio (DPR) is presently 29.63%.
In other news, Director John C. Lechleiter acquired 1,000 shares of Nike stock in a transaction on Friday, July 1st. The stock was purchased at an average price of $55.09 per share, with a total value of $55,090.00. Following the completion of the purchase, the director now owns 23,682 shares of the company’s stock, valued at approximately $1,304,641.38. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP John F. Slusher sold 72,696 shares of the firm’s stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $57.75, for a total value of $4,198,194.00. Following the completion of the sale, the executive vice president now directly owns 231,861 shares of the company’s stock, valued at approximately $13,389,972.75. The disclosure for this sale can be found here. 3.90% of the stock is owned by company insiders.
A number of large investors have recently made changes to their positions in the stock. Capstone Asset Management Co. boosted its position in shares of Nike by 8.3% in the second quarter. Capstone Asset Management Co. now owns 384,426 shares of the footwear maker’s stock valued at $21,220,000 after buying an additional 29,538 shares during the last quarter. National Pension Service boosted its position in shares of Nike by 4.1% in the first quarter. National Pension Service now owns 709,270 shares of the footwear maker’s stock valued at $43,599,000 after buying an additional 27,918 shares during the last quarter. Gofen & Glossberg LLC IL boosted its position in shares of Nike by 1.0% in the second quarter. Gofen & Glossberg LLC IL now owns 304,456 shares of the footwear maker’s stock valued at $16,806,000 after buying an additional 2,890 shares during the last quarter. AMP Capital Investors Ltd bought a new position in shares of Nike during the first quarter valued at about $37,460,000. Finally, Bath Savings Trust Co boosted its position in shares of Nike by 2.8% in the second quarter. Bath Savings Trust Co now owns 202,524 shares of the footwear maker’s stock valued at $11,179,000 after buying an additional 5,515 shares during the last quarter. 62.04% of the stock is owned by hedge funds and other institutional investors.
NIKE, Inc is engaged in the design, development, marketing and selling of athletic footwear, apparel, equipment, accessories and services. The Company sells its products to retail accounts, through NIKE-owned retail stores and Internet Websites (which the Company refers to as its Direct to Consumer or DTC operations), and through a mix of independent distributors and licensees throughout the world.
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