Susquehanna Begins Coverage on Nike Inc. (NKE)
Susquehanna assumed coverage on shares of Nike Inc. (NYSE:NKE) in a research note issued to investors on Tuesday. The brokerage set a “positive” rating and a $63.00 price target on the footwear maker’s stock. Susquehanna’s target price suggests a potential upside of 21.08% from the stock’s previous close.
A number of other analysts have also recently commented on the stock. Brean Capital cut their price target on shares of Nike from $68.00 to $62.00 in a research report on Wednesday, June 29th. Vetr cut shares of Nike from a “strong-buy” rating to a “buy” rating and set a $61.63 price target on the stock. in a research report on Monday, June 13th. B. Riley reaffirmed a “buy” rating and set a $66.00 price target on shares of Nike in a research report on Wednesday, June 22nd. BB&T Corp. reaffirmed a “buy” rating and set a $70.00 price target (down previously from $74.00) on shares of Nike in a research report on Tuesday, June 21st. Finally, Buckingham Research reaffirmed a “buy” rating and set a $70.00 price target on shares of Nike in a research report on Tuesday, June 21st. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and twenty-two have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $63.63.
Shares of Nike (NYSE:NKE) opened at 52.03 on Tuesday. Nike has a 52-week low of $51.48 and a 52-week high of $68.19. The company has a 50 day moving average price of $55.01 and a 200-day moving average price of $56.55. The firm has a market cap of $86.99 billion, a P/E ratio of 23.48 and a beta of 0.56.
Nike (NYSE:NKE) last posted its quarterly earnings data 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 earned $9.06 billion during the quarter. Nike had a return on equity of 30.56% and a net margin of 11.60%. The business’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.34 earnings per share. On average, analysts expect that Nike will post $2.38 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Tuesday, September 6th were given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date of this dividend was Thursday, September 1st. Nike’s payout ratio is 28.83%.
In other Nike news, EVP John F. Slusher sold 72,696 shares of the business’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 owns 231,861 shares in the company, valued at $13,389,972.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John C. Lechleiter acquired 1,000 shares of the firm’s stock in a transaction on Friday, September 30th. The stock was purchased at an average price of $52.72 per share, for a total transaction of $52,720.00. Following the transaction, the director now directly owns 27,560 shares of the company’s stock, valued at approximately $1,452,963.20. The disclosure for this purchase can be found here. 3.90% of the stock is currently owned by company insiders.
Large investors have recently made changes to their positions in the stock. Capstone Asset Management Co. raised its stake 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 worth $21,220,000 after buying an additional 29,538 shares during the last quarter. Dividend Assets Capital LLC raised its stake in shares of Nike by 2.6% in the second quarter. Dividend Assets Capital LLC now owns 1,712,644 shares of the footwear maker’s stock worth $94,538,000 after buying an additional 43,935 shares during the last quarter. Carmignac Gestion bought a new stake in shares of Nike during the second quarter worth $116,633,000. National Pension Service raised its stake 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 worth $43,599,000 after buying an additional 27,918 shares during the last quarter. Finally, Gofen & Glossberg LLC IL raised its stake 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 worth $16,806,000 after buying an additional 2,890 shares during the last quarter. 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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