Nike (NKE) PT Raised to $94.00 at Citigroup
Nike (NYSE:NKE) had its target price boosted by analysts at Citigroup from $87.00 to $94.00 in a research note issued to investors on Wednesday. The brokerage currently has a “buy” rating on the footwear maker’s stock. Citigroup’s target price indicates a potential upside of 11.19% from the company’s previous close.
Several other analysts also recently issued reports on NKE. Wells Fargo & Co reaffirmed a “market perform” rating and set a $74.00 price objective (up from $62.00) on shares of Nike in a report on Sunday, June 10th. Jefferies Financial Group reissued a “neutral” rating and issued a $68.00 price target on shares of Nike in a report on Wednesday, June 13th. Wedbush reissued an “outperform” rating and issued a $82.00 price target (up from $75.00) on shares of Nike in a report on Thursday, June 14th. Credit Suisse Group reissued a “buy” rating and issued a $78.00 price target on shares of Nike in a report on Thursday, June 14th. Finally, Macquarie set a $80.00 price target on shares of Nike and gave the company a “buy” rating in a report on Thursday, June 14th. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-four have issued a buy rating to the stock. Nike presently has a consensus rating of “Buy” and a consensus target price of $84.59.
NYSE NKE opened at $84.54 on Wednesday. The company has a quick ratio of 1.63, a current ratio of 2.51 and a debt-to-equity ratio of 0.35. The firm has a market cap of $135.71 billion, a P/E ratio of 34.93, a PEG ratio of 2.82 and a beta of 0.70. Nike has a 1 year low of $50.35 and a 1 year high of $86.04.
Nike declared that its Board of Directors has initiated a share repurchase plan on Thursday, June 28th that allows the company to repurchase $15.00 billion in shares. This repurchase authorization allows the footwear maker to reacquire up to 12.9% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
In other news, EVP Monique S. Matheson sold 10,000 shares of the stock in a transaction on Monday, July 30th. The shares were sold at an average price of $76.07, for a total value of $760,700.00. Following the completion of the transaction, the executive vice president now owns 86,774 shares in the company, valued at approximately $6,600,898.18. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Hilary K. Krane sold 40,000 shares of the stock in a transaction on Thursday, July 5th. The shares were sold at an average price of $76.51, for a total transaction of $3,060,400.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 112,778 shares of company stock valued at $9,029,646. Corporate insiders own 3.90% of the company’s stock.
Several hedge funds have recently made changes to their positions in NKE. Chevy Chase Trust Holdings Inc. increased its position in shares of Nike by 0.4% during the 2nd quarter. Chevy Chase Trust Holdings Inc. now owns 1,609,608 shares of the footwear maker’s stock worth $128,253,000 after purchasing an additional 6,256 shares in the last quarter. Riverhead Capital Management LLC increased its position in shares of Nike by 7.6% during the 2nd quarter. Riverhead Capital Management LLC now owns 21,710 shares of the footwear maker’s stock worth $1,730,000 after purchasing an additional 1,525 shares in the last quarter. Oregon Public Employees Retirement Fund increased its position in shares of Nike by 49.3% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 531,637 shares of the footwear maker’s stock worth $42,361,000 after purchasing an additional 175,587 shares in the last quarter. Envestnet Asset Management Inc. increased its position in shares of Nike by 362.6% during the 2nd quarter. Envestnet Asset Management Inc. now owns 684,436 shares of the footwear maker’s stock worth $54,536,000 after purchasing an additional 536,468 shares in the last quarter. Finally, Dragon Financial & Investment Group LLC acquired a new stake in shares of Nike during the 2nd quarter worth about $215,000. Institutional investors own 63.94% of the company’s stock.
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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