Wedbush reissued their neutral rating on shares of Nike, Inc. (NYSE:NKE) in a research note issued to investors on Thursday. The firm currently has a $53.40 price objective on the footwear maker’s stock, up from their prior price objective of $52.00. Wedbush also issued estimates for Nike’s Q2 2018 earnings at $0.48 EPS.
Other equities analysts have also issued reports about the company. Stifel Nicolaus set a $66.00 price target on Nike and gave the stock a buy rating in a research report on Saturday, July 22nd. Piper Jaffray Companies set a $53.00 price target on Nike and gave the stock a hold rating in a research report on Saturday, July 22nd. Guggenheim restated a buy rating and set a $70.00 price target on shares of Nike in a research report on Monday, July 24th. Cowen and Company set a $54.00 price target on Nike and gave the stock a hold rating in a research report on Friday, August 4th. Finally, Barclays PLC restated an overweight rating and set a $65.00 price target on shares of Nike in a research report on Friday, June 30th. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-four have given a buy rating to the stock. The company has an average rating of Buy and a consensus target price of $60.48.
Shares of Nike (NKE) opened at 53.87 on Thursday. The company has a market capitalization of $88.52 billion, a PE ratio of 21.46 and a beta of 0.61. The company has a 50-day moving average price of $55.88 and a 200 day moving average price of $55.47. Nike has a one year low of $49.01 and a one year high of $60.53.
Nike (NYSE:NKE) last announced its quarterly earnings data on Thursday, June 29th. The footwear maker reported $0.60 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.10. The company had revenue of $8.68 billion for the quarter, compared to analysts’ expectations of $8.63 billion. Nike had a return on equity of 34.18% and a net margin of 12.34%. Nike’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period last year, the firm posted $0.49 EPS. Equities analysts anticipate that Nike will post $2.41 EPS for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Tuesday, September 5th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.34%. The ex-dividend date is Thursday, August 31st. Nike’s payout ratio is currently 28.69%.
In other Nike news, insider Trevor A. Edwards sold 200,000 shares of the business’s stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $57.63, for a total transaction of $11,526,000.00. Following the completion of the sale, the insider now owns 729,610 shares of the company’s stock, valued at $42,047,424.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Andrew Campion sold 96,243 shares of the business’s stock in a transaction dated Friday, June 30th. The shares were sold at an average price of $56.68, for a total value of $5,455,053.24. Following the sale, the chief financial officer now directly owns 50,246 shares of the company’s stock, valued at approximately $2,847,943.28. The disclosure for this sale can be found here. Insiders have sold 492,360 shares of company stock valued at $28,485,174 in the last three months. 3.90% of the stock is currently owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Nike by 2.5% during the second quarter. Vanguard Group Inc. now owns 99,605,408 shares of the footwear maker’s stock valued at $5,876,718,000 after purchasing an additional 2,452,993 shares during the period. State Street Corp grew its holdings in Nike by 1.4% during the first quarter. State Street Corp now owns 59,554,253 shares of the footwear maker’s stock valued at $3,319,086,000 after purchasing an additional 835,003 shares during the period. Wellington Management Group LLP grew its holdings in Nike by 5.0% during the first quarter. Wellington Management Group LLP now owns 49,907,256 shares of the footwear maker’s stock valued at $2,781,332,000 after purchasing an additional 2,375,447 shares during the period. Bank of New York Mellon Corp grew its holdings in Nike by 0.5% during the first quarter. Bank of New York Mellon Corp now owns 29,087,830 shares of the footwear maker’s stock valued at $1,621,066,000 after purchasing an additional 144,846 shares during the period. Finally, Jennison Associates LLC grew its holdings in Nike by 124.7% during the first quarter. Jennison Associates LLC now owns 25,143,559 shares of the footwear maker’s stock valued at $1,401,251,000 after purchasing an additional 13,953,567 shares during the period. 62.72% of the stock is owned by institutional investors and hedge funds.
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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