Nike Inc. (NKE) Given New $51.00 Price Target at Canaccord Genuity
Nike Inc. (NYSE:NKE) had its target price cut by stock analysts at Canaccord Genuity from $52.00 to $51.00 in a note issued to investors on Thursday. The brokerage presently has a “hold” rating on the footwear maker’s stock. Canaccord Genuity’s price target points to a potential downside of 2.75% from the stock’s current price.
A number of other research analysts have also recently issued reports on the stock. Zacks Investment Research upgraded shares of Nike from a “sell” rating to a “hold” rating in a report on Wednesday, August 24th. B. Riley cut shares of Nike from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $58.66 to $62.00 in a report on Friday, August 26th. Stifel Nicolaus restated a “buy” rating and set a $68.00 price objective on shares of Nike in a report on Friday, August 26th. Brean Capital restated a “buy” rating and set a $62.00 price objective on shares of Nike in a report on Sunday, August 21st. Finally, Vetr upgraded shares of Nike from a “sell” rating to a “hold” rating and set a $56.94 price objective for the company in a report on Monday, August 29th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and twenty-two have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $63.63.
Nike (NYSE:NKE) opened at 52.44 on Thursday. Nike has a one year low of $51.48 and a one year high of $68.19. The firm has a 50-day moving average price of $55.24 and a 200 day moving average price of $56.59. The firm has a market capitalization of $87.68 billion, a P/E ratio of 23.66 and a beta of 0.56.
Nike (NYSE:NKE) last posted its quarterly earnings results on Tuesday, September 27th. The footwear maker reported $0.73 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.17. The business earned $9.06 billion during the quarter. Nike had a net margin of 11.60% and a return on equity of 30.56%. The company’s quarterly revenue was up 7.7% on a year-over-year basis. During the same period last year, the firm earned $1.34 earnings per share. Equities research analysts anticipate that Nike will post $2.38 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Tuesday, September 6th were paid a $0.16 dividend. The ex-dividend date was Thursday, September 1st. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.22%. Nike’s payout ratio is currently 28.83%.
In other news, EVP John F. Slusher sold 72,696 shares of the firm’s stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $57.75, for a total value of $4,198,194.00. Following the sale, the executive vice president now directly owns 231,861 shares in the company, valued at approximately $13,389,972.75. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Hilary K. Krane sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, July 25th. The shares were sold at an average price of $56.99, for a total transaction of $5,699,000.00. Following the completion of the sale, the executive vice president now owns 310,795 shares in the company, valued at $17,712,207.05. The disclosure for this sale can be found here. 3.90% of the stock is currently owned by insiders.
Several large investors have recently bought and sold shares of the stock. SevenBridge Financial Group LLC acquired a new position in shares of Nike during the second quarter worth about $100,000. CapWealth Advisors LLC raised its position in shares of Nike by 183.3% in the first quarter. CapWealth Advisors LLC now owns 1,700 shares of the footwear maker’s stock worth $104,000 after buying an additional 1,100 shares during the period. Cribstone Capital Management LLC acquired a new position in shares of Nike during the second quarter worth about $106,000. Gierl Augustine Investment Management Inc raised 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 worth $111,000 after buying an additional 6 shares during the period. Finally, CWM LLC raised 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 worth $123,000 after buying an additional 7 shares during the period. Institutional investors own 62.04% 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 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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