Nike Inc. (NKE) Rating Reiterated by Morgan Stanley
Nike Inc. (NYSE:NKE)‘s stock had its “equal weight” rating reissued by equities research analysts at Morgan Stanley in a research note issued on Wednesday. They currently have a $60.00 price objective on the footwear maker’s stock. Morgan Stanley’s target price indicates a potential upside of 8.42% from the company’s previous close.
A number of other research firms have also weighed in on NKE. B. Riley reiterated a “buy” rating and issued a $66.00 price target on shares of Nike in a research report on Monday, June 27th. Zacks Investment Research upgraded Nike from a “sell” rating to a “hold” rating in a research report on Thursday, September 22nd. Susquehanna reiterated a “positive” rating and issued a $74.00 price target on shares of Nike in a research report on Wednesday, June 22nd. Cowen and Company reiterated a “buy” rating on shares of Nike in a research report on Wednesday, June 22nd. Finally, FBR & Co decreased their price target on Nike from $63.00 to $55.00 and set a “mkt perform” rating for the company in a research report on Wednesday. One investment 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. The stock has a consensus rating of “Buy” and an average target price of $64.54.
Shares of Nike (NYSE:NKE) opened at 55.34 on Wednesday. Nike has a 52-week low of $51.48 and a 52-week 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 company’s 50-day moving average is $56.79 and its 200-day moving average is $57.33.
Nike (NYSE:NKE) last released its quarterly earnings results on Tuesday, September 27th. The footwear maker reported $0.73 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.56 by $0.17. Nike had a return on equity of 29.57% and a net margin of 11.61%. The business earned $9.06 billion during the quarter. During the same quarter last year, the business earned $1.34 EPS. The company’s revenue for the quarter was up 7.7% compared to the same quarter last year. Equities research analysts forecast that Nike will post $2.40 earnings per share for the current fiscal year.
The firm 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. This represents a $0.64 dividend on an annualized basis and a yield of 1.16%. The ex-dividend date is Thursday, September 1st. Nike’s dividend payout ratio is currently 29.63%.
In other Nike news, EVP Hilary K. Krane sold 100,000 shares of the business’s stock in a transaction on Monday, July 25th. The stock was sold at an average price of $56.99, for a total value of $5,699,000.00. Following the transaction, the executive vice president now owns 310,795 shares of the company’s stock, valued at $17,712,207.05. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP John F. Slusher sold 72,696 shares of the business’s stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $57.75, for a total value of $4,198,194.00. Following the completion of the transaction, the executive vice president now directly owns 231,861 shares in the company, 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 institutional investors have recently bought and sold shares of NKE. Wellington Management Group LLP increased its stake in Nike by 92.6% in the first quarter. Wellington Management Group LLP now owns 27,329,360 shares of the footwear maker’s stock worth $1,679,937,000 after buying an additional 13,136,502 shares during the last quarter. Lone Pine Capital LLC increased its stake in Nike by 52.6% in the second quarter. Lone Pine Capital LLC now owns 18,305,703 shares of the footwear maker’s stock worth $1,010,475,000 after buying an additional 6,309,324 shares during the last quarter. Emerald Acquisition Ltd. purchased a new stake in Nike during the second quarter worth $197,303,000. Janus Capital Management LLC increased its stake in Nike by 14.4% in the second quarter. Janus Capital Management LLC now owns 25,453,224 shares of the footwear maker’s stock worth $1,405,003,000 after buying an additional 3,203,177 shares during the last quarter. Finally, Vontobel Asset Management Inc. purchased a new stake in Nike during the second quarter worth $175,750,000. 62.04% of the stock is currently owned by 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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