Wedbush Reaffirms “Outperform” Rating for Nike (NYSE:NKE)
Wedbush reaffirmed their outperform rating on shares of Nike (NYSE:NKE) in a research note published on Tuesday morning, RTT News reports. They currently have a $96.00 price objective on the footwear maker’s stock. Wedbush also issued estimates for Nike’s Q2 2020 earnings at $0.58 EPS, Q3 2020 earnings at $0.76 EPS, Q4 2020 earnings at $0.79 EPS, FY2020 earnings at $2.86 EPS and FY2021 earnings at $3.30 EPS.
NKE has been the subject of a number of other reports. Pivotal Research set a $101.00 price target on shares of Nike and gave the company a buy rating in a research report on Friday, June 28th. Credit Suisse Group reissued a buy rating and issued a $97.00 price target on shares of Nike in a research report on Friday, June 28th. Stifel Nicolaus set a $96.00 price target on shares of Nike and gave the company a buy rating in a research report on Wednesday, August 7th. Piper Jaffray Companies set a $97.00 price target on shares of Nike and gave the company a buy rating in a research report on Friday, June 28th. Finally, Goldman Sachs Group set a $83.00 price objective on shares of Nike and gave the company a neutral rating in a research note on Monday, July 1st. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and twenty-two have issued a buy rating to the stock. The stock has an average rating of Buy and a consensus price target of $90.39.
Shares of Nike stock traded up $0.97 during trading on Tuesday, hitting $88.64. 139,925 shares of the stock were exchanged, compared to its average volume of 5,378,353. The stock has a market cap of $136.05 billion, a price-to-earnings ratio of 35.61, a price-to-earnings-growth ratio of 2.30 and a beta of 0.79. The firm’s 50-day moving average price is $83.77 and its 200 day moving average price is $84.72. Nike has a 12-month low of $66.53 and a 12-month high of $90.00. The company has a debt-to-equity ratio of 0.38, a current ratio of 2.10 and a quick ratio of 1.39.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd will be paid a dividend of $0.22 per share. The ex-dividend date is Friday, August 30th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.99%. Nike’s dividend payout ratio (DPR) is 35.34%.
In other Nike news, Director Elizabeth J. Comstock sold 24,000 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $84.84, for a total transaction of $2,036,160.00. Following the transaction, the director now directly owns 38,813 shares in the company, valued at $3,292,894.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP John F. Slusher sold 110,000 shares of the company’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $85.26, for a total transaction of $9,378,600.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 194,637 shares of company stock worth $16,767,237. Company insiders own 3.80% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of NKE. Smithfield Trust Co. grew its position in Nike by 4.8% during the first quarter. Smithfield Trust Co. now owns 14,151 shares of the footwear maker’s stock worth $1,192,000 after buying an additional 654 shares during the period. Steward Partners Investment Advisory LLC lifted its holdings in shares of Nike by 6.2% in the first quarter. Steward Partners Investment Advisory LLC now owns 30,356 shares of the footwear maker’s stock valued at $2,556,000 after purchasing an additional 1,778 shares in the last quarter. First Republic Investment Management Inc. lifted its holdings in shares of Nike by 3.8% in the first quarter. First Republic Investment Management Inc. now owns 879,164 shares of the footwear maker’s stock valued at $74,034,000 after purchasing an additional 31,977 shares in the last quarter. Cullinan Associates Inc. lifted its holdings in shares of Nike by 20.3% in the first quarter. Cullinan Associates Inc. now owns 87,975 shares of the footwear maker’s stock valued at $7,408,000 after purchasing an additional 14,845 shares in the last quarter. Finally, Ashfield Capital Partners LLC lifted its holdings in shares of Nike by 66.0% in the first quarter. Ashfield Capital Partners LLC now owns 93,331 shares of the footwear maker’s stock valued at $7,859,000 after purchasing an additional 37,122 shares in the last quarter. Institutional investors own 65.09% of the company’s stock.
NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide. The company offers NIKE brand products in six categories: running, NIKE basketball, the Jordan brand, football, training, and sportswear. It also markets products designed for kids, as well as for other athletic and recreational uses, such as American football, baseball, cricket, lacrosse, skateboarding, tennis, volleyball, wrestling, walking, and outdoor activities; and apparel with licensed college and professional team and league logos, as well as sells sports apparel.
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