Nike, Inc. (NKE) Stock Rating Reaffirmed by Wells Fargo & Company
Wells Fargo & Company reissued their market perform rating on shares of Nike, Inc. (NYSE:NKE) in a research report released on Tuesday, Marketbeat reports. Wells Fargo & Company currently has a $55.00 target price on the footwear maker’s stock, down from their prior target price of $56.00.
NKE has been the subject of several other research reports. Morgan Stanley reaffirmed a buy rating and set a $64.00 target price (down previously from $68.00) on shares of Nike in a research note on Tuesday, August 29th. Telsey Advisory Group reduced their target price on Nike from $63.00 to $61.00 and set an outperform rating for the company in a report on Wednesday, August 30th. Vetr raised Nike from a buy rating to a strong-buy rating and set a $59.09 target price for the company in a report on Wednesday, September 6th. Cowen and Company set a $54.00 target price on Nike and gave the company a hold rating in a report on Friday, August 4th. Finally, Canaccord Genuity set a $51.00 target price on Nike and gave the company a hold rating in a report on Friday, May 26th. Five investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and twenty have given a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus price target of $60.04.
Shares of Nike (NKE) opened at 53.24 on Tuesday. The firm has a 50-day moving average price of $55.57 and a 200-day moving average price of $55.39. Nike has a 12-month low of $49.01 and a 12-month high of $60.53. The firm has a market cap of $87.48 billion, a P/E ratio of 21.21 and a beta of 0.61.
Nike (NYSE:NKE) last announced its earnings results on Thursday, June 29th. The footwear maker reported $0.60 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.10. Nike had a return on equity of 34.18% and a net margin of 12.34%. The business had revenue of $8.68 billion during the quarter, compared to analysts’ expectations of $8.63 billion. During the same quarter last year, the business posted $0.49 earnings per share. The company’s quarterly revenue was up 5.3% on a year-over-year basis. On average, equities research analysts expect that Nike will post $2.41 earnings per share for the current fiscal year.
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The business also recently disclosed 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. The ex-dividend date is Thursday, August 31st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.35%. Nike’s dividend payout ratio (DPR) is presently 28.69%.
In other Nike news, Director Johnathan A. Rodgers sold 16,000 shares of the business’s stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $53.45, for a total value of $855,200.00. Following the completion of the transaction, the director now directly owns 25,660 shares of the company’s stock, valued at $1,371,527. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Andrew Campion sold 5,722 shares of the business’s stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $59.40, for a total value of $339,886.80. Following the completion of the transaction, the chief financial officer now directly owns 34,976 shares of the company’s stock, valued at $2,077,574.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 508,360 shares of company stock valued at $29,340,374. Insiders own 3.90% of the company’s stock.
Several institutional investors have recently modified their holdings of NKE. V Wealth Management LLC bought a new stake in shares of Nike in the second quarter valued at about $100,000. Webster Bank N. A. lifted its holdings in shares of Nike by 75.5% in the first quarter. Webster Bank N. A. now owns 2,092 shares of the footwear maker’s stock valued at $117,000 after purchasing an additional 900 shares in the last quarter. Asset Planning Services Ltd. lifted its holdings in shares of Nike by 0.3% in the second quarter. Asset Planning Services Ltd. now owns 2,132 shares of the footwear maker’s stock valued at $126,000 after purchasing an additional 7 shares in the last quarter. Atlantic Trust LLC bought a new stake in shares of Nike in the second quarter valued at about $136,000. Finally, Rational Advisors LLC lifted its holdings in shares of Nike by 14.3% in the first quarter. Rational Advisors LLC now owns 2,572 shares of the footwear maker’s stock valued at $143,000 after purchasing an additional 321 shares in the last quarter. Institutional investors own 62.63% 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.
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