Canaccord Genuity Reaffirms “Hold” Rating for Nike, Inc. (NKE)
Canaccord Genuity reaffirmed their hold rating on shares of Nike, Inc. (NYSE:NKE) in a research report released on Wednesday morning. They currently have a $50.00 target price on the footwear maker’s stock, down from their prior target price of $51.00.
Other equities research analysts have also issued research reports about the company. Nomura reissued a buy rating and issued a $60.00 price objective on shares of Nike in a report on Friday, June 30th. J P Morgan Chase & Co lowered Nike from an overweight rating to a neutral rating and decreased their price objective for the stock from $61.00 to $58.00 in a report on Friday, June 16th. Telsey Advisory Group decreased their price objective on Nike from $66.00 to $62.00 and set an outperform rating for the company in a report on Thursday, June 22nd. Cowen and Company lifted their price objective on Nike from $53.00 to $54.00 and gave the stock a market perform rating in a report on Friday, June 30th. Finally, Jefferies Group LLC lowered Nike from a buy rating to a hold rating and decreased their price objective for the stock from $75.00 to $60.00 in a report on Monday, August 21st. Five research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and twenty-one have given a buy rating to the stock. Nike presently has an average rating of Hold and a consensus target price of $59.25.
Nike (NYSE:NKE) traded down 1.48% during trading on Wednesday, reaching $51.85. 12,189,882 shares of the company’s stock were exchanged. The firm has a market cap of $84.99 billion, a price-to-earnings ratio of 22.07 and a beta of 0.61. Nike has a 12 month low of $49.01 and a 12 month high of $60.53. The firm’s 50-day moving average price is $55.57 and its 200-day moving average price is $55.39.
Nike (NYSE:NKE) last announced its earnings results on Tuesday, September 26th. The footwear maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.09. Nike had a return on equity of 31.88% and a net margin of 11.47%. The firm had revenue of $9.07 billion during the quarter, compared to analyst estimates of $9.08 billion. During the same period last year, the firm posted $0.73 EPS. The business’s revenue was up .1% compared to the same quarter last year. On average, equities research analysts anticipate that Nike will post $2.35 EPS for the current year.
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The company 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 1.39%. The ex-dividend date is Thursday, August 31st. Nike’s payout ratio is presently 30.64%.
In related news, insider Trevor A. Edwards sold 200,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 729,610 shares of the company’s stock, valued at $42,047,424.30. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Andrew Campion sold 5,722 shares of the stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $59.40, for a total value of $339,886.80. Following 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 have sold 362,117 shares of company stock valued at $20,935,321. 3.90% of the stock is owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the stock. Waldron LP lifted its stake in shares of Nike by 90.8% in the 1st quarter. Waldron LP now owns 8,922 shares of the footwear maker’s stock valued at $496,000 after purchasing an additional 4,246 shares during the last quarter. Whittier Trust Co. lifted its stake in shares of Nike by 17.5% in the 1st quarter. Whittier Trust Co. now owns 311,178 shares of the footwear maker’s stock valued at $17,339,000 after purchasing an additional 46,279 shares during the last quarter. Whittier Trust Co. of Nevada Inc. lifted its stake in shares of Nike by 7.2% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 96,633 shares of the footwear maker’s stock valued at $5,384,000 after purchasing an additional 6,492 shares during the last quarter. Wesbanco Bank Inc. lifted its stake in shares of Nike by 40.8% in the 1st quarter. Wesbanco Bank Inc. now owns 226,454 shares of the footwear maker’s stock valued at $12,621,000 after purchasing an additional 65,653 shares during the last quarter. Finally, Callahan Advisors LLC lifted its stake in shares of Nike by 3.1% in the 1st quarter. Callahan Advisors LLC now owns 155,059 shares of the footwear maker’s stock valued at $8,641,000 after purchasing an additional 4,652 shares during the last quarter. 62.63% of the stock is 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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