Nike Inc (NYSE:NKE) Forecasted to Post Q1 2021 Earnings of $0.50 Per Share
Nike Inc (NYSE:NKE) – Wedbush lowered their Q1 2021 earnings per share (EPS) estimates for Nike in a research note issued on Friday, June 26th. Wedbush analyst C. Svezia now anticipates that the footwear maker will earn $0.50 per share for the quarter, down from their prior forecast of $0.58. Wedbush has a “Outperform” rating and a $107.00 price objective on the stock. Wedbush also issued estimates for Nike’s Q3 2021 earnings at $0.83 EPS, Q4 2021 earnings at $0.67 EPS and FY2021 earnings at $2.68 EPS.
Several other brokerages also recently issued reports on NKE. Telsey Advisory Group upped their price target on shares of Nike from $95.00 to $110.00 and gave the stock an “outperform” rating in a research report on Friday, June 19th. Zacks Investment Research upgraded shares of Nike from a “sell” rating to a “hold” rating and set a $108.00 price target on the stock in a research report on Wednesday, June 24th. Cowen upped their price target on shares of Nike from $85.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, June 1st. Oppenheimer assumed coverage on shares of Nike in a research report on Friday, June 26th. They set a “buy” rating and a $115.00 price target on the stock. Finally, JPMorgan Chase & Co. reiterated a “buy” rating and set a $118.00 price target on shares of Nike in a research report on Friday, June 26th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-seven have issued a buy rating to the company’s stock. Nike presently has a consensus rating of “Buy” and an average target price of $108.96.
Nike (NYSE:NKE) last issued its earnings results on Thursday, June 25th. The footwear maker reported ($0.51) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by ($0.53). Nike had a net margin of 6.79% and a return on equity of 31.93%. The firm had revenue of $6.31 billion during the quarter, compared to analyst estimates of $7.26 billion. During the same quarter in the prior year, the firm posted $0.62 EPS. The firm’s revenue for the quarter was down 38.0% on a year-over-year basis.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Nike in the fourth quarter worth $1,314,457,000. Fisher Asset Management LLC lifted its stake in Nike by 19,144.2% in the first quarter. Fisher Asset Management LLC now owns 5,892,758 shares of the footwear maker’s stock valued at $487,567,000 after buying an additional 5,862,137 shares during the period. Morgan Stanley lifted its stake in Nike by 34.4% in the first quarter. Morgan Stanley now owns 20,528,550 shares of the footwear maker’s stock valued at $1,698,534,000 after buying an additional 5,256,195 shares during the period. Alliancebernstein L.P. lifted its stake in Nike by 36.5% in the fourth quarter. Alliancebernstein L.P. now owns 15,559,748 shares of the footwear maker’s stock valued at $1,576,358,000 after buying an additional 4,159,675 shares during the period. Finally, Fundsmith LLP acquired a new position in Nike in the first quarter valued at approximately $191,903,000. 64.54% of the stock is owned by institutional investors.
In related news, Director John W. Rogers, Jr. acquired 1,000 shares of the business’s stock in a transaction dated Friday, April 3rd. The stock was bought at an average price of $84.63 per share, with a total value of $84,630.00. Following the acquisition, the director now owns 12,851 shares in the company, valued at approximately $1,087,580.13. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Hilary K. Krane sold 11,000 shares of the stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $90.00, for a total value of $990,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 236,000 shares of company stock valued at $23,228,100 over the last ninety days. Company insiders own 3.80% of the company’s stock.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st will be paid a dividend of $0.245 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a $0.98 annualized dividend and a dividend yield of 1.00%. Nike’s dividend payout ratio is currently 52.97%.
Nike Company Profile
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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