Nike’s (NKE) Buy Rating Reaffirmed at Credit Suisse Group
Nike (NYSE:NKE)‘s stock had its “buy” rating restated by stock analysts at Credit Suisse Group in a research report issued on Friday. They presently have a $78.00 target price on the footwear maker’s stock. Credit Suisse Group’s price objective would indicate a potential upside of 20.69% from the stock’s previous close.
Several other research analysts have also recently issued reports on NKE. Nomura set a $74.00 price target on shares of Nike and gave the stock a “buy” rating in a report on Friday. Stifel Nicolaus reissued a “buy” rating and set a $74.00 price target on shares of Nike in a report on Friday, December 22nd. Wedbush reissued an “outperform” rating and set a $74.00 price target (down from $75.00) on shares of Nike in a report on Friday. Bank of America set a $42.00 price target on shares of Nike and gave the stock a “sell” rating in a report on Monday, March 19th. Finally, Barclays set a $75.00 price target on shares of Nike and gave the stock a “buy” rating in a report on Friday. Three investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and twenty-three have assigned a buy rating to the stock. Nike presently has an average rating of “Hold” and a consensus price target of $68.07.
Shares of Nike (NKE) traded up $0.21 on Friday, hitting $64.63. 17,342,645 shares of the stock traded hands, compared to its average volume of 7,119,039. Nike has a twelve month low of $50.35 and a twelve month high of $70.25. The firm has a market capitalization of $104,807.41, a P/E ratio of 60.97, a price-to-earnings-growth ratio of 2.92 and a beta of 0.68. The company has a quick ratio of 1.67, a current ratio of 2.46 and a debt-to-equity ratio of 0.30.
In related news, Chairman Mark G. Parker sold 135,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $70.00, for a total transaction of $9,450,000.00. Following the sale, the chairman now owns 1,637,736 shares in the company, valued at $114,641,520. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Eric D. Sprunk sold 226,040 shares of the firm’s stock in a transaction that occurred on Wednesday, December 27th. The stock was sold at an average price of $63.10, for a total transaction of $14,263,124.00. Following the sale, the chief operating officer now owns 165,591 shares in the company, valued at approximately $10,448,792.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 912,802 shares of company stock valued at $58,993,107. Corporate insiders own 3.90% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Wagner Wealth Management LLC acquired a new stake in Nike during the fourth quarter worth approximately $103,000. D.B. Root & Company LLC acquired a new position in shares of Nike in the 4th quarter valued at $572,000. Rehmann Capital Advisory Group boosted its holdings in shares of Nike by 16.4% in the 4th quarter. Rehmann Capital Advisory Group now owns 8,409 shares of the footwear maker’s stock valued at $526,000 after purchasing an additional 1,185 shares during the last quarter. KCM Investment Advisors LLC boosted its holdings in shares of Nike by 0.9% in the 4th quarter. KCM Investment Advisors LLC now owns 178,275 shares of the footwear maker’s stock valued at $11,151,000 after purchasing an additional 1,506 shares during the last quarter. Finally, Colonial Trust Advisors boosted its holdings in shares of Nike by 22.5% in the 4th quarter. Colonial Trust Advisors now owns 170,288 shares of the footwear maker’s stock valued at $10,652,000 after purchasing an additional 31,310 shares during the last quarter. Hedge funds and other institutional investors own 65.65% of the company’s stock.
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NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide. It offers NIKE brand products in nine categories: running, NIKE basketball, the Jordan brand, football, men's training, women's training, action sports, sportswear, and golf.
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