Nike, Inc. (NKE) Downgraded by Goldman Sachs Group, Inc. (The)
Goldman Sachs Group, Inc. (The) downgraded shares of Nike, Inc. (NYSE:NKE) from a buy rating to a neutral rating in a research note released on Thursday, Marketbeat reports. They currently have $54.00 price target on the footwear maker’s stock, up from their previous price target of $52.30.
A number of other research analysts have also recently weighed in on the company. Buckingham Research set a $64.00 price target on Nike and gave the company a buy rating in a research report on Tuesday, October 17th. Citigroup Inc. restated a buy rating and issued a $65.00 price target on shares of Nike in a research report on Monday, October 16th. Robert W. Baird restated a buy rating on shares of Nike in a research report on Friday, October 13th. Zacks Investment Research upgraded Nike from a sell rating to a hold rating in a research report on Friday, October 13th. Finally, Pivotal Research began coverage on Nike in a research report on Thursday, October 5th. They issued a hold rating and a $56.00 price target for the company. Four equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $59.04.
Shares of Nike (NYSE:NKE) traded up 1.45% during midday trading on Thursday, reaching $53.83. 2,771,512 shares of the company traded hands. The stock has a market capitalization of $87.82 billion, a P/E ratio of 22.92 and a beta of 0.61. Nike has a 1-year low of $49.01 and a 1-year high of $60.53. The stock’s 50-day moving average is $52.56 and its 200-day moving average is $54.69.
Nike (NYSE:NKE) last announced its quarterly earnings results on Tuesday, September 26th. The footwear maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.09. Nike had a return on equity of 31.88% and a net margin of 11.47%. The business had revenue of $9.07 billion during the quarter, compared to analysts’ expectations of $9.08 billion. During the same quarter last year, the business posted $0.73 earnings per share. The business’s revenue for the quarter was up .1% on a year-over-year basis. Equities analysts predict that Nike will post $2.32 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Tuesday, September 5th were issued a $0.18 dividend. The ex-dividend date was Thursday, August 31st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.36%. Nike’s dividend payout ratio (DPR) is 30.64%.
In related news, Director Johnathan A. Rodgers sold 16,000 shares of the business’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $53.45, for a total transaction of $855,200.00. Following the completion of the transaction, the director now owns 25,660 shares in the company, valued at approximately $1,371,527. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Eric D. Sprunk sold 112,323 shares of the business’s stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $58.61, for a total value of $6,583,251.03. Following the transaction, the insider now owns 139,551 shares of the company’s stock, valued at approximately $8,179,084.11. The disclosure for this sale can be found here. 3.90% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Nike by 2.5% during the 2nd quarter. Vanguard Group Inc. now owns 99,605,408 shares of the footwear maker’s stock valued at $5,876,718,000 after purchasing an additional 2,452,993 shares during the period. State Street Corp boosted its position in Nike by 1.4% during the 1st quarter. State Street Corp now owns 59,554,253 shares of the footwear maker’s stock valued at $3,319,086,000 after purchasing an additional 835,003 shares during the period. Wellington Management Group LLP boosted its position in Nike by 5.0% during the 1st quarter. Wellington Management Group LLP now owns 49,907,256 shares of the footwear maker’s stock valued at $2,781,332,000 after purchasing an additional 2,375,447 shares during the period. Bank of New York Mellon Corp boosted its position in Nike by 0.5% during the 1st quarter. Bank of New York Mellon Corp now owns 29,087,830 shares of the footwear maker’s stock valued at $1,621,066,000 after purchasing an additional 144,846 shares during the period. Finally, Capital Research Global Investors boosted its position in Nike by 10.4% during the 2nd quarter. Capital Research Global Investors now owns 24,135,396 shares of the footwear maker’s stock valued at $1,423,988,000 after purchasing an additional 2,274,869 shares during the period. Institutional investors and hedge funds own 62.55% of the company’s stock.
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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