$8.40 Billion in Sales Expected for Nike, Inc. (NKE) This Quarter
Wall Street analysts expect Nike, Inc. (NYSE:NKE) to announce $8.40 billion in sales for the current fiscal quarter, Zacks reports. Eleven analysts have made estimates for Nike’s earnings, with the highest sales estimate coming in at $8.54 billion and the lowest estimate coming in at $8.31 billion. Nike posted sales of $8.18 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 2.7%. The company is scheduled to report its next earnings results on Tuesday, December 19th.
According to Zacks, analysts expect that Nike will report full-year sales of $8.40 billion for the current financial year, with estimates ranging from $35.20 billion to $36.16 billion. For the next fiscal year, analysts forecast that the business will report sales of $38.11 billion per share, with estimates ranging from $36.71 billion to $39.02 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover Nike.
Nike (NYSE:NKE) last announced its earnings results on Tuesday, September 26th. The footwear maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.09. Nike had a net margin of 11.47% and a return on equity of 31.88%. The business had revenue of $9.07 billion during the quarter, compared to analyst estimates of $9.08 billion. During the same period in the previous year, the business posted $0.73 earnings per share. Nike’s revenue for the quarter was up .1% on a year-over-year basis.
A number of research firms have recently commented on NKE. Goldman Sachs Group, Inc. (The) reiterated a “buy” rating and set a $63.00 target price (up from $62.00) on shares of Nike in a research report on Friday, June 30th. Berenberg Bank restated a “buy” rating and set a $70.00 price target on shares of Nike in a report on Friday, June 30th. Nomura reiterated a “buy” rating and issued a $60.00 target price on shares of Nike in a research note on Friday, June 30th. Credit Suisse Group set a $63.00 target price on Nike and gave the stock a “buy” rating in a research note on Saturday, June 24th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $75.00 target price on shares of Nike in a research note on Wednesday, June 28th. Four equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $59.04.
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In other Nike news, insider Eric D. Sprunk sold 112,323 shares of the business’s stock in a transaction on Friday, July 28th. The stock was sold at an average price of $58.61, for a total transaction 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, Director Johnathan A. Rodgers sold 16,000 shares of the business’s stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $53.45, for a total value of $855,200.00. Following the transaction, the director now directly owns 25,660 shares in the company, valued at approximately $1,371,527. The disclosure for this sale can be found here. Insiders have sold 134,045 shares of company stock worth $7,778,338 in the last three months. 3.90% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NKE. Janus Henderson Group PLC boosted its stake in Nike by 4,252.6% during the second quarter. Janus Henderson Group PLC now owns 16,619,387 shares of the footwear maker’s stock worth $980,539,000 after buying an additional 16,237,557 shares during the last quarter. Capital World Investors boosted its stake in Nike by 58.7% during the second quarter. Capital World Investors now owns 21,779,409 shares of the footwear maker’s stock worth $1,284,985,000 after buying an additional 8,058,601 shares during the last quarter. OppenheimerFunds Inc. boosted its stake in Nike by 7,020.1% during the first quarter. OppenheimerFunds Inc. now owns 5,349,793 shares of the footwear maker’s stock worth $298,145,000 after buying an additional 5,274,656 shares during the last quarter. Orbis Allan Gray Ltd acquired a new position in Nike during the second quarter worth $226,588,000. Finally, Alliancebernstein L.P. boosted its stake in Nike by 25.5% during the second quarter. Alliancebernstein L.P. now owns 14,927,619 shares of the footwear maker’s stock worth $880,730,000 after buying an additional 3,033,280 shares during the last quarter. 62.55% of the stock is currently owned by institutional investors.
Shares of Nike (NYSE:NKE) opened at 52.69 on Friday. Nike has a 12 month low of $49.01 and a 12 month high of $60.53. The firm’s 50-day moving average is $52.55 and its 200 day moving average is $54.71. The company has a market capitalization of $85.96 billion, a price-to-earnings ratio of 22.43 and a beta of 0.61.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Tuesday, September 5th were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.37%. The ex-dividend date was Thursday, August 31st. Nike’s dividend payout ratio (DPR) is currently 30.64%.
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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