Nike, Inc. (NKE) Given Neutral Rating at Wedbush
Nike, Inc. (NYSE:NKE)‘s stock had its “neutral” rating restated by equities research analysts at Wedbush in a research note issued to investors on Thursday. They presently have a $53.40 price objective on the footwear maker’s stock, up from their prior price objective of $52.00. Wedbush’s price target would indicate a potential downside of 0.22% from the company’s previous close.
Other analysts also recently issued research reports about the company. Morgan Stanley reiterated an “equal weight” rating and set a $56.00 price target on shares of Nike in a research report on Wednesday, June 21st. Credit Suisse Group set a $63.00 price target on Nike and gave the company a “buy” rating in a research report on Saturday, June 24th. UBS AG reiterated a “buy” rating and set a $62.00 price target (down previously from $63.00) on shares of Nike in a research report on Tuesday, June 27th. Nomura reiterated a “buy” rating and set a $60.00 price target on shares of Nike in a research report on Friday, June 30th. Finally, Canaccord Genuity set a $51.00 price target on Nike and gave the company a “hold” rating in a research report on Saturday, July 1st. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-four have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $60.48.
Nike (NYSE NKE) opened at 53.52 on Thursday. Nike has a 1-year low of $49.01 and a 1-year high of $60.53. The firm has a market cap of $87.94 billion, a P/E ratio of 21.32 and a beta of 0.61. The stock has a 50 day moving average price of $56.31 and a 200 day moving average price of $55.53.
Nike (NYSE:NKE) last issued its quarterly earnings results on Thursday, June 29th. The footwear maker reported $0.60 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.10. The firm had revenue of $8.68 billion during the quarter, compared to the consensus estimate of $8.63 billion. Nike had a return on equity of 34.18% and a net margin of 12.34%. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter last year, the company posted $0.49 EPS. On average, analysts anticipate that Nike will post $2.42 EPS for the current year.
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In related news, insider Eric D. Sprunk sold 112,323 shares of the stock in a transaction on Friday, July 28th. The stock was sold at an average price of $58.61, for a total value of $6,583,251.03. Following the transaction, the insider now owns 139,551 shares of the company’s stock, valued at $8,179,084.11. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Trevor A. Edwards sold 200,000 shares of the stock in a transaction on Wednesday, July 5th. The shares were sold at an average price of $57.63, for a total value of $11,526,000.00. Following the completion of the transaction, the insider now directly owns 729,610 shares in the company, valued at approximately $42,047,424.30. The disclosure for this sale can be found here. Insiders have sold 492,360 shares of company stock worth $28,485,174 in the last ninety days. Corporate insiders own 3.90% of the company’s stock.
A number of large investors have recently bought and sold shares of NKE. V Wealth Management LLC purchased a new position in Nike in the second quarter valued at $100,000. Webster Bank N. A. increased its holdings in Nike by 75.5% in the first quarter. Webster Bank N. A. now owns 2,092 shares of the footwear maker’s stock valued at $117,000 after buying an additional 900 shares during the last quarter. Asset Planning Services Ltd. increased its holdings in Nike by 0.3% in the second quarter. Asset Planning Services Ltd. now owns 2,132 shares of the footwear maker’s stock valued at $126,000 after buying an additional 7 shares during the last quarter. Atlantic Trust LLC purchased a new position in Nike in the second quarter valued at $136,000. Finally, Rational Advisors LLC increased its holdings in Nike by 14.3% in the first quarter. Rational Advisors LLC now owns 2,572 shares of the footwear maker’s stock valued at $143,000 after buying an additional 321 shares during the last quarter. 62.72% of the stock is currently owned by hedge funds and other institutional investors.
Nike Company Profile
NIKE, Inc is engaged in the design, development, marketing and selling of athletic footwear, apparel, equipment, accessories and services. The Company’s operating segments include North America, Western Europe, Central & Eastern Europe, Greater China, Japan and Emerging Markets. Its portfolio brands include the NIKE Brand, Jordan Brand, Hurley and Converse.
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