Nike, Inc. (NKE) Downgraded to Neutral at UBS AG
UBS AG downgraded shares of Nike, Inc. (NYSE:NKE) from a positive rating to a neutral rating in a research report released on Tuesday morning, The Fly reports.
A number of other research analysts also recently weighed in on NKE. Canaccord Genuity set a $51.00 target price on shares of Nike and gave the company a hold rating in a research report on Friday, May 26th. Piper Jaffray Companies set a $50.00 price objective on shares of Nike and gave the stock a hold rating in a report on Thursday, June 1st. Zacks Investment Research downgraded shares of Nike from a hold rating to a sell rating in a report on Friday, June 2nd. Vetr downgraded shares of Nike from a buy rating to a hold rating and set a $54.16 price objective for the company. in a report on Monday, June 5th. Finally, Morgan Stanley reaffirmed a neutral rating and issued a $56.00 price objective on shares of Nike in a report on Wednesday, June 7th. Four equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and twenty have given a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $60.04.
Shares of Nike (NYSE:NKE) opened at 53.24 on Tuesday. Nike has a one year low of $49.01 and a one year high of $60.53. The stock’s 50 day moving average price is $55.57 and its 200-day moving average price is $55.39. The company has a market cap of $87.48 billion, a PE ratio of 21.21 and a beta of 0.61.
Nike (NYSE:NKE) last released its earnings results on Thursday, June 29th. The footwear maker reported $0.60 earnings per share 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 firm had revenue of $8.68 billion during the quarter, compared to the consensus estimate of $8.63 billion. During the same period in the prior year, the firm earned $0.49 EPS. The company’s revenue was up 5.3% compared to the same quarter last year. On average, analysts expect that Nike will post $2.41 EPS for the current year.
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The firm also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Tuesday, September 5th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date is Thursday, August 31st. Nike’s payout ratio is 28.69%.
In other news, Director Johnathan A. Rodgers sold 16,000 shares of the stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $53.45, for a total value of $855,200.00. Following the sale, the director now owns 25,660 shares of the company’s stock, valued at $1,371,527. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Trevor A. Edwards sold 200,000 shares of the stock in a transaction on Wednesday, July 5th. The shares were sold at an average price of $57.63, for a total transaction of $11,526,000.00. Following the completion of the sale, the insider now directly owns 729,610 shares in the company, valued at approximately $42,047,424.30. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 508,360 shares of company stock worth $29,340,374. 3.90% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently made changes to their positions in NKE. Janus Henderson Group PLC raised its stake in shares of Nike by 4,252.6% in the second quarter. Janus Henderson Group PLC now owns 16,619,387 shares of the footwear maker’s stock valued at $980,539,000 after acquiring an additional 16,237,557 shares during the period. Jennison Associates LLC raised its stake in shares of Nike by 124.7% in the first quarter. Jennison Associates LLC now owns 25,143,559 shares of the footwear maker’s stock valued at $1,401,251,000 after acquiring an additional 13,953,567 shares during the period. Capital World Investors raised its stake in shares of Nike by 58.7% in the second quarter. Capital World Investors now owns 21,779,409 shares of the footwear maker’s stock valued at $1,284,985,000 after acquiring an additional 8,058,601 shares during the period. OppenheimerFunds Inc. raised its stake in shares of Nike by 7,020.1% in the first quarter. OppenheimerFunds Inc. now owns 5,349,793 shares of the footwear maker’s stock valued at $298,145,000 after acquiring an additional 5,274,656 shares during the period. Finally, Orbis Allan Gray Ltd purchased a new stake in shares of Nike in the second quarter valued at $226,588,000. 62.63% of the stock is currently owned by institutional investors and hedge funds.
Nike Company Profile
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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