Morgan Stanley Increases Nike (NKE) Price Target to $103.00
Other equities analysts have also issued reports about the company. Wedbush boosted their price target on Nike from $85.00 to $90.00 and gave the company an outperform rating in a research note on Monday, September 10th. Wells Fargo & Co set a $82.00 price target on Nike and gave the company a neutral rating in a research note on Tuesday, September 4th. Piper Jaffray Companies raised Nike from a neutral rating to an overweight rating and boosted their price target for the company from $72.00 to $93.00 in a research note on Monday, August 20th. UBS Group raised Nike from a neutral rating to a positive rating in a research note on Monday, August 20th. Finally, Susquehanna Bancshares raised Nike from a neutral rating to a positive rating and boosted their price target for the company from $78.00 to $93.00 in a research note on Monday, August 20th. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-five have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and an average price target of $83.96.
Shares of Nike stock traded up $0.66 during midday trading on Wednesday, reaching $84.36. The company had a trading volume of 117,537 shares, compared to its average volume of 7,689,782. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.51 and a quick ratio of 1.63. The firm has a market cap of $135.71 billion, a P/E ratio of 34.78, a P/E/G ratio of 2.82 and a beta of 0.70. Nike has a fifty-two week low of $50.35 and a fifty-two week high of $86.04.
Nike declared that its Board of Directors has authorized a share repurchase program on Thursday, June 28th that permits the company to buyback $15.00 billion in outstanding shares. This buyback authorization permits the footwear maker to purchase up to 12.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Stockholders of record on Tuesday, September 4th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date of this dividend is Friday, August 31st. Nike’s payout ratio is 33.06%.
In related news, insider Eric D. Sprunk sold 150,000 shares of the company’s stock in a transaction on Friday, June 29th. The stock was sold at an average price of $79.07, for a total transaction of $11,860,500.00. Following the completion of the sale, the insider now owns 241,959 shares in the company, valued at $19,131,698.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Monique S. Matheson sold 10,000 shares of the company’s stock in a transaction on Monday, July 30th. The stock was sold at an average price of $76.07, for a total value of $760,700.00. Following the sale, the executive vice president now owns 86,774 shares of the company’s stock, valued at approximately $6,600,898.18. The disclosure for this sale can be found here. Insiders have sold 365,778 shares of company stock worth $29,131,176 over the last ninety days. 3.90% of the stock is owned by insiders.
A number of institutional investors have recently made changes to their positions in NKE. Fuller & Thaler Asset Management Inc. bought a new stake in Nike during the second quarter worth $104,000. BDO Wealth Advisors LLC grew its holdings in Nike by 1,044.3% during the second quarter. BDO Wealth Advisors LLC now owns 1,396 shares of the footwear maker’s stock worth $111,000 after buying an additional 1,274 shares in the last quarter. CSat Investment Advisory L.P. bought a new stake in Nike during the second quarter worth $119,000. Archford Capital Strategies LLC bought a new stake in Nike during the first quarter worth $137,000. Finally, Tyvor Capital LLC bought a new stake in Nike during the second quarter worth $160,000. Institutional investors and hedge funds own 63.94% of the company’s stock.
Nike Company Profile
NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide. The company offers NIKE brand products in six categories: running, NIKE basketball, the Jordan brand, football, training, and sportswear. It also markets products designed for kids, as well as for other athletic and recreational uses, such as American football, baseball, cricket, lacrosse, skateboarding, tennis, volleyball, wrestling, walking, and outdoor activities; and apparel with licensed college and professional team and league logos, as well as sells sports apparel.
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