Nike’s (NKE) “Hold” Rating Reiterated at Jefferies Group LLC
Jefferies Group LLC reissued their hold rating on shares of Nike, Inc. (NYSE:NKE) in a research report released on Wednesday morning. The brokerage currently has a $48.00 price objective on the footwear maker’s stock, down from their previous price objective of $49.00. Jefferies Group also issued estimates for Nike’s Q2 2018 earnings at $0.43 EPS, Q3 2018 earnings at $0.64 EPS and Q4 2018 earnings at $0.62 EPS.
A number of other equities analysts have also recently issued reports on NKE. Piper Jaffray Companies set a $50.00 price objective on shares of Nike and gave the company a hold rating in a research note on Thursday, June 1st. Zacks Investment Research cut shares of Nike from a hold rating to a sell rating in a research report on Friday, June 2nd. Vetr cut shares of Nike from a buy rating to a hold rating and set a $54.16 target price for the company. in a research report on Monday, June 5th. Morgan Stanley reiterated a neutral rating and set a $56.00 target price on shares of Nike in a research report on Wednesday, June 7th. Finally, Berenberg Bank reiterated a buy rating and set a $70.00 target price on shares of Nike in a research report on Wednesday, June 14th. Five analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and twenty-one have given a buy rating to the company’s stock. Nike has an average rating of Hold and a consensus price target of $59.25.
Shares of Nike (NYSE NKE) traded down 1.48% during midday trading on Wednesday, hitting $51.85. 12,189,882 shares of the company were exchanged. The stock’s 50-day moving average is $55.57 and its 200-day moving average is $55.39. Nike has a one year low of $49.01 and a one year high of $60.53. The stock has a market cap of $84.99 billion, a PE ratio of 22.07 and a beta of 0.61.
Nike (NYSE:NKE) last announced its quarterly earnings data on Tuesday, September 26th. The footwear maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.09. Nike had a net margin of 11.47% and a return on equity of 31.88%. The company had revenue of $9.07 billion during the quarter, compared to analysts’ expectations of $9.08 billion. During the same quarter in the prior year, the company posted $0.73 EPS. The business’s revenue was up .1% on a year-over-year basis. Equities research analysts anticipate that Nike will post $2.35 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Tuesday, September 5th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.39%. The ex-dividend date is Thursday, August 31st. Nike’s dividend payout ratio is currently 30.64%.
In other news, insider Trevor A. Edwards sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 5th. The stock was sold at an average price of $57.63, for a total value of $11,526,000.00. Following the completion of the transaction, the insider now owns 729,610 shares of the company’s stock, valued at $42,047,424.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Andrew Campion sold 5,722 shares of the company’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $59.40, for a total value of $339,886.80. Following the completion of the transaction, the chief financial officer now directly owns 34,976 shares of the company’s stock, valued at approximately $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 in the last ninety days. 3.90% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in NKE. Janus Henderson Group PLC increased its position in Nike by 4,252.6% during the 2nd quarter. Janus Henderson Group PLC now owns 16,619,387 shares of the footwear maker’s stock valued at $980,539,000 after purchasing an additional 16,237,557 shares during the period. Jennison Associates LLC increased its position in Nike by 124.7% during the 1st 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. Capital World Investors increased its position in Nike by 58.7% during the 2nd quarter. Capital World Investors now owns 21,779,409 shares of the footwear maker’s stock valued at $1,284,985,000 after purchasing an additional 8,058,601 shares during the period. OppenheimerFunds Inc. increased its position in Nike by 7,020.1% during the 1st quarter. OppenheimerFunds Inc. now owns 5,349,793 shares of the footwear maker’s stock valued at $298,145,000 after purchasing an additional 5,274,656 shares during the period. Finally, Orbis Allan Gray Ltd acquired a new stake in Nike during the 2nd quarter valued at approximately $226,588,000. 62.63% 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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