Nike, Inc. (NKE) Rating Reiterated by Wedbush
Nike, Inc. (NYSE:NKE)‘s stock had its “neutral” rating reaffirmed by analysts at Wedbush in a research note issued to investors on Thursday. They presently have a $53.40 target price on the footwear maker’s stock, up from their prior target price of $52.00. Wedbush’s price objective points to a potential downside of 0.87% from the company’s previous close. Wedbush also issued estimates for Nike’s Q2 2018 earnings at $0.48 EPS.
Other equities research analysts have also recently issued reports about the stock. Morgan Stanley restated an “equal weight” rating and set a $56.00 price target on shares of Nike in a report on Wednesday, June 21st. Credit Suisse Group set a $63.00 price target on shares of Nike and gave the company a “buy” rating in a report on Saturday, June 24th. UBS AG restated a “buy” rating and set a $62.00 price target (down from $63.00) on shares of Nike in a report on Tuesday, June 27th. Nomura restated a “buy” rating and set a $60.00 price target on shares of Nike in a report on Friday, June 30th. Finally, Deutsche Bank AG set a $69.00 price target on shares of Nike and gave the company a “buy” rating in a report on Saturday, July 1st. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-four have assigned a buy rating to the company’s stock. Nike has an average rating of “Buy” and a consensus price target of $60.48.
Nike (NYSE NKE) opened at 53.87 on Thursday. Nike has a 1-year low of $49.01 and a 1-year high of $60.53. The firm has a market cap of $88.52 billion, a PE ratio of 21.46 and a beta of 0.61. The company has a 50 day moving average price of $55.88 and a 200 day moving average price of $55.47.
Nike (NYSE:NKE) last released its quarterly earnings results on Thursday, June 29th. The footwear maker reported $0.60 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.10. Nike had a net margin of 12.34% and a return on equity of 34.18%. The company had revenue of $8.68 billion during the quarter, compared to analysts’ expectations of $8.63 billion. During the same period in the prior year, the company earned $0.49 earnings per share. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. On average, equities research analysts forecast that Nike will post $2.41 earnings per share for the current year.
In other news, CFO Andrew Campion sold 96,243 shares of Nike stock in a transaction on Friday, June 30th. The shares were sold at an average price of $56.68, for a total transaction of $5,455,053.24. Following the transaction, the chief financial officer now directly owns 50,246 shares of the company’s stock, valued at $2,847,943.28. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Trevor A. Edwards sold 200,000 shares of Nike stock in a transaction on Wednesday, July 5th. The stock was sold at an average price of $57.63, for a total transaction of $11,526,000.00. Following the transaction, the insider now directly owns 729,610 shares in the company, valued at $42,047,424.30. The disclosure for this sale can be found here. Over the last three months, insiders have sold 492,360 shares of company stock worth $28,485,174. Insiders own 3.90% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Asset Planning Services Ltd. boosted its position in shares of Nike by 0.3% during the second quarter. Asset Planning Services Ltd. now owns 2,132 shares of the footwear maker’s stock worth $126,000 after purchasing an additional 7 shares in the last quarter. Stearns Financial Services Group lifted its position in Nike by 0.4% in the 2nd quarter. Stearns Financial Services Group now owns 4,160 shares of the footwear maker’s stock valued at $245,000 after acquiring an additional 17 shares in the last quarter. Accredited Investors Inc. lifted its position in Nike by 0.5% in the 1st quarter. Accredited Investors Inc. now owns 4,167 shares of the footwear maker’s stock valued at $232,000 after acquiring an additional 19 shares in the last quarter. Montecito Bank & Trust lifted its position in Nike by 0.3% in the 1st quarter. Montecito Bank & Trust now owns 7,200 shares of the footwear maker’s stock valued at $402,000 after acquiring an additional 24 shares in the last quarter. Finally, Smith Shellnut Wilson LLC ADV lifted its position in Nike by 0.3% in the 2nd quarter. Smith Shellnut Wilson LLC ADV now owns 14,894 shares of the footwear maker’s stock valued at $822,000 after acquiring an additional 41 shares in the last quarter. 62.72% of the stock is currently owned by institutional investors.
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.
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