Nike Inc. (NKE) Stock Price Down 3.5% on Analyst Downgrade
Shares of Nike Inc. (NYSE:NKE) fell 3.5% on Wednesday after Telsey Advisory Group lowered their price target on the stock from $69.00 to $67.00. Telsey Advisory Group currently has an outperform rating on the stock. Nike traded as low as $53.36 and last traded at $53.41, with a volume of 19,798,201 shares changing hands. The stock had previously closed at $55.34.
Other analysts also recently issued reports about the company. B. Riley reaffirmed a “buy” rating and set a $66.00 price objective on shares of Nike in a research note on Wednesday, June 22nd. Deutsche Bank AG reiterated a “buy” rating on shares of Nike in a research report on Sunday, July 17th. Credit Suisse Group AG dropped their target price on Nike from $63.00 to $60.00 and set an “outperform” rating on the stock in a research report on Wednesday. Barclays PLC dropped their target price on Nike from $70.00 to $65.00 and set an “overweight” rating on the stock in a research report on Wednesday. Finally, Brean Capital cut Nike from a “buy” rating to a “hold” rating and dropped their target price for the stock from $63.00 to $60.00 in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twenty-two have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $64.47.
In related news, EVP John F. Slusher sold 72,696 shares of the business’s stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of $57.75, for a total transaction of $4,198,194.00. Following the sale, the executive vice president now owns 231,861 shares of the company’s stock, valued at $13,389,972.75. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Hilary K. Krane sold 100,000 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president now directly owns 310,795 shares in the company, valued at approximately $17,712,207.05. The disclosure for this sale can be found here. Insiders own 3.90% of the company’s stock.
Large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Nike by 0.4% in the second quarter. Vanguard Group Inc. now owns 89,158,174 shares of the footwear maker’s stock valued at $4,921,530,000 after buying an additional 366,833 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its position in Nike by 0.6% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 36,848,805 shares of the footwear maker’s stock valued at $2,265,096,000 after buying an additional 204,944 shares during the period. Wellington Management Group LLP raised its position 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 valued at $1,679,937,000 after buying an additional 13,136,502 shares during the period. Janus Capital Management LLC raised its position 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 valued at $1,405,003,000 after buying an additional 3,203,177 shares during the period. Finally, Lone Pine Capital LLC raised its position 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 valued at $1,010,475,000 after buying an additional 6,309,324 shares during the period. 62.04% of the stock is currently owned by hedge funds and other institutional investors.
The firm has a market cap of $89.17 billion, a PE ratio of 24.609 and a beta of 0.52. The stock has a 50-day moving average of $56.79 and a 200-day moving average of $57.33.
Nike (NYSE:NKE) last posted its 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. The business had revenue of $9.06 billion for the quarter. Nike had a net margin of 11.61% and a return on equity of 29.57%. The business’s revenue was up 7.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.34 EPS. Equities research analysts forecast that Nike Inc. will post $2.40 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Tuesday, September 6th will be paid a $0.16 dividend. The ex-dividend date of this dividend is Thursday, September 1st. This represents a $0.64 dividend on an annualized basis and a yield of 1.16%. Nike’s payout ratio is currently 29.63%.
Nike Company Profile
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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