Nike’s (NKE) Buy Rating Reiterated at Buckingham Research
Buckingham Research reiterated their buy rating on shares of Nike, Inc. (NYSE:NKE) in a research note published on Thursday morning. They currently have a $64.00 target price on the footwear maker’s stock.
“become too myopically focused on near-term noise,,” the firm’s analyst commented.
Several other equities analysts have also commented on NKE. Morgan Stanley reaffirmed an equal weight rating and set a $56.00 target price on shares of Nike in a report on Wednesday, June 21st. Credit Suisse Group set a $63.00 target price on Nike and gave the company a buy rating in a report on Saturday, June 24th. UBS AG reaffirmed a buy rating and set a $62.00 target price (down from $63.00) on shares of Nike in a report on Tuesday, June 27th. Nomura reaffirmed a buy rating and set a $60.00 target price on shares of Nike in a report on Friday, June 30th. Finally, Deutsche Bank AG set a $69.00 target price on Nike and gave the company a buy rating in a report on Saturday, July 1st. Five equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and twenty-one have issued a buy rating to the company’s stock. Nike has a consensus rating of Hold and a consensus target price of $59.25.
Shares of Nike (NYSE:NKE) opened at 51.85 on Thursday. The stock has a market cap of $84.99 billion, a P/E ratio of 22.07 and a beta of 0.61. The company has a 50 day moving average price of $55.57 and a 200 day moving average price of $55.39. Nike has a 12-month low of $49.01 and a 12-month high of $60.53.
Nike (NYSE:NKE) last announced its quarterly earnings data on Tuesday, September 26th. The footwear maker reported $0.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.09. The firm had revenue of $9.07 billion during the quarter, compared to analyst estimates of $9.08 billion. Nike had a return on equity of 31.88% and a net margin of 11.47%. Nike’s quarterly revenue was up .1% on a year-over-year basis. During the same period in the previous year, the company earned $0.73 earnings per share. Analysts anticipate that Nike will post $2.35 earnings per share for the current fiscal year.
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The firm 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 dividend on an annualized basis and a yield of 1.39%. The ex-dividend date of this dividend is Thursday, August 31st. Nike’s dividend payout ratio is presently 30.64%.
In related news, Director Johnathan A. Rodgers sold 16,000 shares of the company’s stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $53.45, for a total value of $855,200.00. Following the completion of the sale, the director now directly owns 25,660 shares in the company, valued at $1,371,527. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Andrew Campion sold 5,722 shares of the company’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $59.40, for a total transaction of $339,886.80. Following the completion of the sale, the chief financial officer now owns 34,976 shares of the company’s stock, valued at $2,077,574.40. The disclosure for this sale can be found here. Insiders sold 362,117 shares of company stock valued at $20,935,321 over the last quarter. 3.90% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in Nike by 2.5% in the second quarter. Vanguard Group Inc. now owns 99,605,408 shares of the footwear maker’s stock worth $5,876,718,000 after purchasing an additional 2,452,993 shares in the last quarter. State Street Corp boosted its holdings in Nike by 1.4% in the first quarter. State Street Corp now owns 59,554,253 shares of the footwear maker’s stock worth $3,319,086,000 after purchasing an additional 835,003 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Nike by 5.0% in the first quarter. Wellington Management Group LLP now owns 49,907,256 shares of the footwear maker’s stock worth $2,781,332,000 after purchasing an additional 2,375,447 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Nike by 0.5% in the first quarter. Bank of New York Mellon Corp now owns 29,087,830 shares of the footwear maker’s stock worth $1,621,066,000 after purchasing an additional 144,846 shares in the last quarter. Finally, Jennison Associates LLC boosted its holdings in Nike by 124.7% in the first quarter. Jennison Associates LLC now owns 25,143,559 shares of the footwear maker’s stock worth $1,401,251,000 after purchasing an additional 13,953,567 shares in the last quarter. Hedge funds and other institutional investors own 62.63% of the company’s stock.
Nike Company Profile
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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