Wells Fargo & Co. Reiterates “Hold” Rating for Nike Inc. (NKE)
Nike Inc. (NYSE:NKE)‘s stock had its “hold” rating reissued by analysts at Wells Fargo & Co. in a report issued on Wednesday.
A number of other research analysts have also commented on NKE. Deutsche Bank AG reiterated a “buy” rating on shares of Nike in a report on Tuesday, May 31st. Morgan Stanley lowered Nike from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $69.00 to $60.00 in a report on Wednesday, June 1st. Bank of America Corp. lowered Nike from a “buy” rating to a “neutral” rating and cut their price target for the stock from $72.00 to $60.00 in a report on Wednesday, June 1st. Vetr lowered Nike from a “strong-buy” rating to a “buy” rating and set a $61.63 price target for the company. in a report on Monday, June 13th. Finally, Zacks Investment Research lowered Nike from a “hold” rating to a “sell” rating in a report on Tuesday, June 14th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and twenty-one have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $64.35.
Shares of Nike (NYSE:NKE) opened at 52.16 on Wednesday. The firm has a 50-day moving average price of $56.63 and a 200-day moving average price of $57.26. The company has a market capitalization of $87.50 billion, a PE ratio of 24.15 and a beta of 0.52. Nike has a 1-year low of $51.48 and a 1-year high of $68.19.
Nike (NYSE:NKE) last issued its quarterly earnings results on Tuesday, September 27th. The footwear maker reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.17. Nike had a return on equity of 30.56% and a net margin of 11.60%. The company earned $9.06 billion during the quarter. During the same quarter last year, the firm earned $1.34 earnings per share. The firm’s quarterly revenue was up 7.7% compared to the same quarter last year. Equities analysts anticipate that Nike will post $2.38 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Tuesday, September 6th will be issued a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, September 1st. This represents a $0.64 annualized dividend and a yield of 1.23%. Nike’s payout ratio is currently 28.83%.
In related news, EVP Hilary K. Krane sold 100,000 shares of Nike stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $56.99, for a total transaction of $5,699,000.00. Following the completion of the sale, the executive vice president now directly owns 310,795 shares of the company’s stock, valued at approximately $17,712,207.05. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP John F. Slusher sold 72,696 shares of Nike stock in a transaction that occurred 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 sale, the executive vice president now directly owns 231,861 shares of the company’s stock, valued at $13,389,972.75. The disclosure for this sale can be found here. Corporate insiders own 3.90% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the stock. 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 valued at $1,679,937,000 after buying an additional 13,136,502 shares in the last quarter. 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 valued at $1,010,475,000 after buying an additional 6,309,324 shares in the last quarter. Emerald Acquisition Ltd. bought a new position in shares of Nike during the second quarter valued at $197,303,000. 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 valued at $1,405,003,000 after buying an additional 3,203,177 shares in the last quarter. Finally, Vontobel Asset Management Inc. bought a new position in shares of Nike during the second quarter valued at $175,750,000. 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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