Nike (NYSE:NKE) has been assigned a $83.00 target price by research analysts at Goldman Sachs Group in a research note issued to investors on Wednesday. The brokerage currently has a “neutral” rating on the footwear maker’s stock. Goldman Sachs Group’s price objective points to a potential downside of 2.05% from the stock’s previous close.
A number of other equities research analysts also recently weighed in on the company. Wedbush raised their target price on Nike from $85.00 to $90.00 and gave the company an “outperform” rating in a report on Monday, September 10th. Wells Fargo & Co set a $82.00 target price on Nike and gave the company a “neutral” rating in a report on Tuesday, September 4th. Piper Jaffray Companies raised Nike from a “neutral” rating to an “overweight” rating and raised their target price for the company from $72.00 to $93.00 in a report on Monday, August 20th. UBS Group raised Nike from a “neutral” rating to a “positive” rating in a report on Monday, August 20th. Finally, Susquehanna Bancshares raised Nike from a “neutral” rating to a “positive” rating and raised their target price for the company from $78.00 to $93.00 in a report on Monday, August 20th. Three analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-five have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $83.96.
Shares of NKE stock traded up $1.04 during trading hours on Wednesday, reaching $84.74. The company’s stock had a trading volume of 244,368 shares, compared to its average volume of 7,689,782. The company has a market cap of $135.71 billion, a PE 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. 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 (NYSE:NKE) last issued its earnings results on Tuesday, September 25th. The footwear maker reported $0.67 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.04. The firm had revenue of $9.95 billion for the quarter, compared to the consensus estimate of $9.92 billion. Nike had a return on equity of 39.27% and a net margin of 5.57%. The company’s revenue was up 9.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.57 EPS. equities analysts predict that Nike will post 2.62 EPS for the current fiscal year.
Nike declared that its Board of Directors has approved a stock buyback program on Thursday, June 28th that authorizes the company to buyback $15.00 billion in outstanding shares. This buyback authorization authorizes the footwear maker to repurchase up to 12.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
In other Nike news, EVP Monique S. Matheson sold 10,000 shares of Nike stock in a transaction dated Monday, July 30th. The stock was sold at an average price of $76.07, for a total transaction of $760,700.00. Following the transaction, the executive vice president now directly owns 86,774 shares of the company’s stock, valued at approximately $6,600,898.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Hilary K. Krane sold 40,000 shares of Nike stock in a transaction dated Thursday, July 5th. The stock was sold at an average price of $76.51, for a total value of $3,060,400.00. The disclosure for this sale can be found here. Insiders have sold a total of 365,778 shares of company stock worth $29,131,176 over the last ninety days. Company insiders own 3.90% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Royal London Asset Management Ltd. acquired a new position in Nike during the 2nd quarter worth about $42,873,000. Northern Trust Corp lifted its holdings in Nike by 0.3% during the 2nd quarter. Northern Trust Corp now owns 20,669,184 shares of the footwear maker’s stock worth $1,646,920,000 after buying an additional 64,030 shares during the period. Steigerwald Gordon & Koch Inc. acquired a new position in Nike during the 2nd quarter worth about $278,000. HRT Financial LLC bought a new position in shares of Nike in the 2nd quarter worth about $882,000. Finally, LFA Lugano Financial Advisors SA bought a new position in shares of Nike in the 2nd quarter worth about $1,039,000. 63.94% of the stock is currently owned by hedge funds and other institutional investors.
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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