Nike Inc. (NKE) Given New $51.00 Price Target at Canaccord Genuity
Nike Inc. (NYSE:NKE) had its target price reduced by analysts at Canaccord Genuity from $52.00 to $51.00 in a note issued to investors on Thursday. The firm presently has a “hold” rating on the footwear maker’s stock. Canaccord Genuity’s price target points to a potential downside of 2.75% from the stock’s previous close.
Other equities analysts also recently issued research reports about the company. Deutsche Bank AG restated a “buy” rating and set a $75.00 target price on shares of Nike in a report on Sunday, September 25th. Zacks Investment Research upgraded Nike from a “sell” rating to a “hold” rating in a report on Friday, September 16th. Morgan Stanley restated a “hold” rating and set a $60.00 target price on shares of Nike in a report on Wednesday, September 21st. Cowen and Company set a $63.00 target price on Nike and gave the company a “buy” rating in a report on Tuesday, September 13th. Finally, Jefferies Group restated a “buy” rating on shares of Nike in a report on Monday, September 12th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and twenty-two have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $63.63.
Nike (NYSE:NKE) opened at 52.44 on Thursday. Nike has a 12-month low of $51.48 and a 12-month high of $68.19. The firm’s 50-day moving average is $55.24 and its 200-day moving average is $56.59. The stock has a market capitalization of $87.68 billion, a P/E ratio of 23.66 and a beta of 0.56.
Nike (NYSE:NKE) last announced its quarterly earnings data on Tuesday, September 27th. The footwear maker reported $0.73 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.56 by $0.17. Nike had a return on equity of 30.56% and a net margin of 11.60%. The firm earned $9.06 billion during the quarter. During the same quarter in the previous year, the firm posted $1.34 EPS. The business’s revenue for the quarter was up 7.7% compared to the same quarter last year. Analysts predict that Nike will post $2.38 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Tuesday, September 6th were issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date of this dividend was Thursday, September 1st. Nike’s payout ratio is currently 28.83%.
In other Nike news, Director John C. Lechleiter acquired 1,000 shares of the company’s stock in a transaction that occurred on Friday, September 30th. The stock was bought at an average price of $52.72 per share, for a total transaction of $52,720.00. Following the acquisition, the director now directly owns 27,560 shares in the company, valued at $1,452,963.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 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 of the company’s stock, valued at approximately $13,389,972.75. The disclosure for this sale can be found here. Corporate insiders own 3.90% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Orrstown Financial Services Inc. boosted its position in Nike by 6.7% in the third quarter. Orrstown Financial Services Inc. now owns 15,212 shares of the footwear maker’s stock worth $801,000 after buying an additional 957 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in Nike by 0.4% in the third quarter. Nisa Investment Advisors LLC now owns 495,085 shares of the footwear maker’s stock worth $26,067,000 after buying an additional 1,890 shares during the last quarter. Capstone Asset Management Co. boosted its position in Nike by 0.6% in the third quarter. Capstone Asset Management Co. now owns 386,673 shares of the footwear maker’s stock worth $20,358,000 after buying an additional 2,247 shares during the last quarter. Fox Run Management L.L.C. boosted its position in Nike by 98.0% in the third quarter. Fox Run Management L.L.C. now owns 9,900 shares of the footwear maker’s stock worth $521,000 after buying an additional 4,900 shares during the last quarter. Finally, Atria Investments LLC boosted its position in Nike by 33.6% in the third quarter. Atria Investments LLC now owns 21,555 shares of the footwear maker’s stock worth $1,135,000 after buying an additional 5,427 shares during the last quarter. Institutional investors own 62.04% of the company’s stock.
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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