JPMorgan Chase & Co. Reiterates Overweight Rating for Nike Inc. (NKE)
Nike Inc. (NYSE:NKE)‘s stock had its “overweight” rating restated by investment analysts at JPMorgan Chase & Co. in a research report issued on Tuesday. They presently have a $62.00 price objective on the footwear maker’s stock. JPMorgan Chase & Co.’s price target indicates a potential upside of 16.43% from the stock’s previous close.
A number of other research analysts also recently weighed in on NKE. B. Riley reaffirmed a “buy” rating and set a $66.00 price target on shares of Nike in a research note on Monday, June 27th. Deutsche Bank AG reissued a “buy” rating on shares of Nike in a research note on Sunday, July 17th. Vetr raised Nike from a “sell” rating to a “hold” rating and set a $54.01 price objective for the company in a research note on Wednesday, August 3rd. Piper Jaffray Cos. set a $58.00 price objective on Nike and gave the stock a “hold” rating in a research note on Thursday, September 22nd. Finally, FBR & Co reissued a “hold” rating on shares of Nike in a research note on Thursday, June 30th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and twenty-one have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $64.35.
Nike (NYSE:NKE) opened at 53.25 on Tuesday. The company has a 50 day moving average price of $56.71 and a 200-day moving average price of $57.30. The firm has a market capitalization of $89.33 billion, a price-to-earnings ratio of 24.65 and a beta of 0.52. Nike has a 52 week low of $51.48 and a 52 week high of $68.19.
Nike (NYSE:NKE) last posted its quarterly earnings results on Tuesday, September 27th. The footwear maker reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.17. Nike had a return on equity of 30.27% and a net margin of 11.60%. The business had revenue of $9.06 billion for the quarter. During the same period last year, the company posted $1.34 earnings per share. The firm’s quarterly revenue was up 7.7% compared to the same quarter last year. Equities analysts predict that Nike will post $2.40 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Tuesday, September 6th will be paid a dividend of $0.16 per share. The ex-dividend date is Thursday, September 1st. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.20%. Nike’s dividend payout ratio (DPR) is currently 28.83%.
In related news, Director John C. Lechleiter acquired 1,000 shares of Nike stock in a transaction dated Friday, July 1st. The shares were purchased at an average cost 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 $1,304,641.38. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP John F. Slusher sold 72,696 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president now directly owns 231,861 shares in the company, valued at $13,389,972.75. The disclosure for this sale can be found here. Insiders own 3.90% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in NKE. Vanguard Group Inc. boosted its position 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 worth $4,921,530,000 after buying an additional 366,833 shares during the period. BlackRock Institutional Trust Company N.A. boosted its position in shares of 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 worth $2,265,096,000 after buying an additional 204,944 shares during the period. Wellington Management Group LLP boosted its position in shares of 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 period. Janus Capital Management LLC boosted its position in shares of 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 period. Finally, Lone Pine Capital LLC boosted its position in shares of 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 period. 62.04% of the stock is currently 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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