NIKE (NYSE:NKE) Upgraded to “Strong-Buy” at Argus

Argus upgraded shares of NIKE (NYSE:NKE) to a strong-buy rating in a research report report published on Wednesday,Zacks.com reports.

Other analysts have also issued reports about the stock. Jefferies Financial Group lowered their price target on shares of NIKE from $90.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, July 1st. Deutsche Bank Aktiengesellschaft reduced their target price on NIKE from $51.00 to $43.00 and set a “hold” rating on the stock in a research note on Friday, June 26th. Evercore set a $46.00 target price on NIKE and gave the company an “in-line” rating in a report on Tuesday, June 23rd. Barclays dropped their price target on NIKE from $67.00 to $52.00 and set an “overweight” rating for the company in a research report on Wednesday, July 1st. Finally, Guggenheim reissued a “buy” rating and issued a $60.00 price target (down from $74.00) on shares of NIKE in a report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, nineteen have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $54.80.

NIKE Price Performance

NIKE stock opened at $44.49 on Wednesday. The firm has a market capitalization of $65.89 billion, a PE ratio of 21.29, a P/E/G ratio of 2.47 and a beta of 1.12. NIKE has a 52 week low of $40.00 and a 52 week high of $80.17. The firm’s 50-day simple moving average is $43.68 and its 200 day simple moving average is $51.91. The company has a quick ratio of 1.36, a current ratio of 1.96 and a debt-to-equity ratio of 0.40.

NIKE (NYSE:NKE) last posted its earnings results on Tuesday, June 30th. The footwear maker reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.09. The firm had revenue of $10.97 billion during the quarter, compared to the consensus estimate of $10.85 billion. NIKE had a net margin of 6.70% and a return on equity of 16.54%. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period last year, the firm posted $0.14 EPS. On average, equities research analysts predict that NIKE will post 1.76 EPS for the current fiscal year.

NIKE Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st were given a $0.41 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $1.64 dividend on an annualized basis and a dividend yield of 3.7%. NIKE’s payout ratio is currently 78.47%.

Insider Buying and Selling

In related news, EVP Philip Mccartney sold 17,398 shares of the company’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $46.18, for a total value of $803,439.64. Following the completion of the transaction, the executive vice president directly owned 53,133 shares in the company, valued at approximately $2,453,681.94. This represents a 24.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 0.80% of the company’s stock.

Institutional Trading of NIKE

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NKE. Cornerstone Financial Management LLC acquired a new position in shares of NIKE during the 4th quarter valued at about $26,000. Sankala Group LLC acquired a new stake in shares of NIKE in the fourth quarter worth approximately $26,000. J.Safra Asset Management Corp purchased a new stake in NIKE in the fourth quarter valued at approximately $29,000. Kemnay Advisory Services Inc. purchased a new stake in NIKE in the fourth quarter valued at approximately $30,000. Finally, Scarborough Advisors LLC purchased a new stake in NIKE in the first quarter valued at approximately $25,000. Hedge funds and other institutional investors own 64.25% of the company’s stock.

About NIKE

Nike, Inc (NYSE: NKE) is a global designer, marketer and distributor of athletic footwear, apparel, equipment and accessories. Founded in 1964 as Blue Ribbon Sports by Phil Knight and Bill Bowerman and renamed Nike in 1971, the company is headquartered near Beaverton, Oregon. Nike develops and commercializes products across performance and lifestyle categories for sports including running, basketball, soccer and training, and is known for signature technologies and design-driven product lines.

The company markets products under several primary brands, including Nike, Jordan and Converse, and sells through a combination of wholesale relationships, branded retail stores and direct-to-consumer channels such as company-operated stores and digital platforms (e.g., Nike.com and mobile apps).