Pivotal Research Reiterates “$85.00” Price Target for Nike (NKE)
Pivotal Research set a $85.00 price target on Nike (NYSE:NKE) in a research note published on Friday, Marketbeat.com reports. The brokerage currently has a hold rating on the footwear maker’s stock.
Several other research firms have also issued reports on NKE. TheStreet raised shares of Nike from a c+ rating to a b+ rating in a report on Thursday, June 28th. Stifel Nicolaus lifted their price target on shares of Nike from $80.00 to $87.00 and gave the stock a buy rating in a report on Wednesday, June 20th. Barclays set a $80.00 price target on shares of Nike and gave the stock a buy rating in a report on Tuesday, June 19th. Zacks Investment Research raised shares of Nike from a hold rating to a buy rating and set a $85.00 price target on the stock in a report on Tuesday, June 19th. Finally, Macquarie set a $80.00 price target on shares of Nike and gave the stock a buy rating in a report on Thursday, June 14th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and twenty-seven have given a buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $82.82.
Shares of NKE stock opened at $84.27 on Friday. The company has a market cap of $136.93 billion, a P/E ratio of 34.82, a price-to-earnings-growth ratio of 2.85 and a beta of 0.70. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.63 and a current ratio of 2.51. Nike has a 52-week low of $50.35 and a 52-week high of $86.04.
Nike announced that its board has approved a stock buyback program on Thursday, June 28th that authorizes the company to buyback $15.00 billion in shares. This buyback authorization authorizes the footwear maker to purchase up to 12.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Stockholders of record on Tuesday, September 4th will be paid a dividend of $0.20 per share. The ex-dividend date is Friday, August 31st. This represents a $0.80 annualized dividend and a dividend yield of 0.95%. Nike’s payout ratio is currently 33.06%.
In related news, CFO Andrew Campion sold 103,000 shares of the business’s stock in a transaction on Friday, June 29th. The shares were sold at an average price of $80.01, for a total transaction of $8,241,030.00. Following the completion of the transaction, the chief financial officer now directly owns 235,457 shares in the company, valued at $18,838,914.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Eric D. Sprunk sold 150,000 shares of the business’s stock in a transaction on Friday, June 29th. The shares were sold at an average price of $79.07, for a total transaction of $11,860,500.00. Following the transaction, the insider now owns 241,959 shares of the company’s stock, valued at $19,131,698.13. The disclosure for this sale can be found here. Insiders have sold 365,778 shares of company stock valued at $29,131,176 over the last quarter. Insiders own 3.90% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of NKE. ST Germain D J Co. Inc. raised its position in shares of Nike by 9.3% in the second quarter. ST Germain D J Co. Inc. now owns 7,763 shares of the footwear maker’s stock worth $619,000 after acquiring an additional 660 shares during the period. Norway Savings Bank raised its position in shares of Nike by 17.5% in the second quarter. Norway Savings Bank now owns 4,610 shares of the footwear maker’s stock worth $367,000 after acquiring an additional 685 shares during the period. Peregrine Capital Management LLC raised its position in shares of Nike by 0.3% in the second quarter. Peregrine Capital Management LLC now owns 223,178 shares of the footwear maker’s stock worth $17,783,000 after acquiring an additional 689 shares during the period. Barrett Asset Management LLC raised its position in shares of Nike by 3.2% in the second quarter. Barrett Asset Management LLC now owns 22,449 shares of the footwear maker’s stock worth $1,789,000 after acquiring an additional 700 shares during the period. Finally, Oppenheimer Asset Management Inc. raised its position in shares of Nike by 1.4% in the second quarter. Oppenheimer Asset Management Inc. now owns 49,366 shares of the footwear maker’s stock worth $3,932,000 after acquiring an additional 703 shares during the period. 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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