Nike Inc. (NKE) Cut to “Buy” at Vetr Inc.
Vetr downgraded shares of Nike Inc. (NYSE:NKE) from a strong-buy rating to a buy rating in a report issued on Wednesday morning. The firm currently has $55.62 target price on the footwear maker’s stock.
NKE has been the topic of a number of other research reports. Deutsche Bank AG reiterated a buy rating and issued a $75.00 price target on shares of Nike in a research report on Sunday, September 25th. Zacks Investment Research raised Nike from a sell rating to a hold rating in a research note on Friday, September 16th. Morgan Stanley reissued a hold rating and issued a $60.00 price objective on shares of Nike in a research note on Wednesday, September 21st. Canaccord Genuity dropped their price objective on Nike from $52.00 to $51.00 and set a hold rating on the stock in a research note on Thursday, October 13th. Finally, Cowen and Company set a $63.00 price objective on Nike and gave the company a buy rating in a research note on Tuesday, September 13th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and twenty-two have issued a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $63.43.
Shares of Nike (NYSE:NKE) opened at 51.10 on Wednesday. Nike has a 12 month low of $49.01 and a 12 month high of $68.19. The firm has a 50-day moving average price of $51.30 and a 200-day moving average price of $54.92. The company has a market capitalization of $85.10 billion, a PE ratio of 23.06 and a beta of 0.48.
Nike (NYSE:NKE) last released its quarterly earnings results on Tuesday, September 27th. The footwear maker reported $0.73 EPS for the quarter, beating 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 firm had revenue of $9.06 billion for the quarter. During the same quarter last year, the firm posted $1.34 EPS. The company’s quarterly revenue was up 7.7% on a year-over-year basis. On average, equities research analysts predict that Nike will post $2.37 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 3rd. Shareholders of record on Monday, December 5th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.41%. This is a boost from Nike’s previous quarterly dividend of $0.16. The ex-dividend date is Thursday, December 1st. Nike’s payout ratio is presently 28.83%.
In other Nike news, Chairman Mark G. Parker sold 150,000 shares of Nike stock in a transaction that occurred on Tuesday, November 1st. The stock was sold at an average price of $49.78, for a total transaction of $7,467,000.00. Following the sale, the chairman now directly owns 1,985,225 shares of the company’s stock, valued at approximately $98,824,500.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John C. Lechleiter acquired 1,000 shares of the business’s stock in a transaction on Friday, September 30th. The shares were purchased at an average cost of $52.72 per share, for a total transaction of $52,720.00. Following the completion of the transaction, the director now owns 27,560 shares in the company, valued at approximately $1,452,963.20. The disclosure for this purchase can be found here. Company insiders own 3.90% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in 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 1.8% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 36,587,010 shares of the footwear maker’s stock valued at $1,926,306,000 after buying an additional 662,231 shares during the last quarter. Bank of New York Mellon Corp raised its position in Nike by 0.5% in the third quarter. Bank of New York Mellon Corp now owns 29,211,934 shares of the footwear maker’s stock valued at $1,538,008,000 after buying an additional 143,272 shares during the last quarter. 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 last quarter. Finally, Morgan Stanley raised its position in Nike by 10.1% in the third quarter. Morgan Stanley now owns 22,764,806 shares of the footwear maker’s stock valued at $1,198,567,000 after buying an additional 2,090,700 shares during the last quarter. Hedge funds and other institutional investors own 62.90% 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’s operating segments include North America, Western Europe, Central & Eastern Europe, Greater China, Japan and Emerging Markets. Its portfolio brands include the NIKE Brand, Jordan Brand, Hurley and Converse.
To view Vetr’s full report, visit Vetr’s official website.
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