Bank of America Corp. Reiterates “$55.00” Price Target for Nike Inc. (NKE)
Nike Inc. (NYSE:NKE) received a $55.00 price objective from investment analysts at Bank of America Corp. in a report released on Tuesday. The brokerage currently has a a “hold” rating on the footwear maker’s stock. Bank of America Corp.’s price objective points to a potential downside of 0.61% from the company’s current price.
A number of other research firms have also recently commented on NKE. Zacks Investment Research raised shares of Nike from a “sell” rating to a “hold” rating in a research report on Wednesday, August 24th. B. Riley lowered shares of Nike from a “buy” rating to a “neutral” rating and set a $62.00 price target for the company. in a research note on Friday, August 26th. Stifel Nicolaus restated a “buy” rating and issued a $68.00 price target on shares of Nike in a research note on Friday, August 26th. Brean Capital restated a “buy” rating and issued a $62.00 price target on shares of Nike in a research note on Sunday, August 21st. Finally, Vetr upgraded shares of Nike from a “sell” rating to a “hold” rating and set a $56.94 price target for the company in a research note on Monday, August 29th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $65.63.
Nike (NYSE:NKE) traded up 0.13% during mid-day trading on Tuesday, hitting $55.41. 7,854,286 shares of the stock traded hands. Nike has a 1-year low of $51.48 and a 1-year high of $68.19. The firm has a market cap of $92.96 billion, a price-to-earnings ratio of 25.65 and a beta of 0.52. The stock has a 50-day moving average of $56.82 and a 200 day moving average of $57.46.
Nike (NYSE:NKE) last posted its earnings results on Tuesday, June 28th. The footwear maker reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.01. Nike had a net margin of 11.61% and a return on equity of 29.57%. The business had revenue of $8.24 billion for the quarter, compared to analysts’ expectations of $8.28 billion. During the same period in the previous year, the company posted $0.49 earnings per share. The business’s revenue for the quarter was up 6.0% compared to the same quarter last year. On average, equities analysts expect that Nike will post $2.40 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Tuesday, September 6th will be given a $0.16 dividend. The ex-dividend date of this dividend is Thursday, September 1st. This represents a $0.64 annualized dividend and a dividend yield of 1.16%. Nike’s dividend payout ratio is 29.63%.
In related news, EVP Hilary K. Krane sold 100,000 shares of the firm’s stock in a transaction on Monday, July 25th. The stock was sold at an average price of $56.99, for a total value of $5,699,000.00. Following the completion of the transaction, the executive vice president now directly owns 310,795 shares of the company’s stock, valued at $17,712,207.05. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John C. Lechleiter bought 1,000 shares of Nike stock in a transaction that occurred on Friday, July 1st. The stock was purchased at an average cost of $55.09 per share, with a total value of $55,090.00. Following the completion of the transaction, the director now owns 23,682 shares of the company’s stock, valued at $1,304,641.38. The disclosure for this purchase can be found here. 3.90% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Gierl Augustine Investment Management Inc boosted its position in shares of Nike by 0.3% in the second quarter. Gierl Augustine Investment Management Inc now owns 2,003 shares of the footwear maker’s stock valued at $111,000 after buying an additional 6 shares during the period. CWM LLC boosted its position in shares of Nike by 0.3% in the second quarter. CWM LLC now owns 2,227 shares of the footwear maker’s stock valued at $123,000 after buying an additional 7 shares during the period. CHICAGO TRUST Co NA boosted its position in shares of Nike by 0.3% in the second quarter. CHICAGO TRUST Co NA now owns 14,656 shares of the footwear maker’s stock valued at $809,000 after buying an additional 38 shares during the period. Mission Wealth Management LLC boosted its position in shares of Nike by 1.1% in the second quarter. Mission Wealth Management LLC now owns 4,544 shares of the footwear maker’s stock valued at $251,000 after buying an additional 50 shares during the period. Finally, TRUE Private Wealth Advisors boosted its position in shares of Nike by 0.3% in the second quarter. TRUE Private Wealth Advisors now owns 15,891 shares of the footwear maker’s stock valued at $877,000 after buying an additional 53 shares during the period. 62.04% of the stock is owned by hedge funds and other institutional investors.
NIKE, Inc is engaged in the design, development, marketing and selling of athletic footwear, apparel, equipment, accessories and services. The Company sells its products to retail accounts, through NIKE-owned retail stores and Internet Websites (which the Company refers to as its Direct to Consumer or DTC operations), and through a mix of independent distributors and licensees throughout the world.
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