Nike Inc (NYSE:NKE) – Analysts at Piper Jaffray Companies boosted their Q3 2019 earnings per share estimates for shares of Nike in a research note issued to investors on Tuesday, September 25th. Piper Jaffray Companies analyst E. Murphy now forecasts that the footwear maker will post earnings per share of $0.74 for the quarter, up from their prior estimate of $0.73. Piper Jaffray Companies has a “Buy” rating and a $93.00 price target on the stock. Piper Jaffray Companies also issued estimates for Nike’s Q4 2019 earnings at $0.82 EPS, Q1 2020 earnings at $0.82 EPS, Q3 2020 earnings at $0.88 EPS and Q4 2020 earnings at $0.97 EPS.
Several other research firms also recently commented on NKE. Goldman Sachs Group set a $83.00 price target on shares of Nike and gave the stock a “neutral” rating in a research note on Wednesday. Credit Suisse Group reaffirmed a “buy” rating and issued a $78.00 price target on shares of Nike in a research note on Thursday, June 14th. Guggenheim raised their price target on shares of Nike to $100.00 and gave the stock a “buy” rating in a research note on Thursday, September 20th. HSBC set a $92.00 price target on shares of Nike and gave the stock a “buy” rating in a research note on Thursday, September 6th. Finally, Susquehanna Bancshares raised shares of Nike from a “neutral” rating to a “positive” rating and raised their price target for the stock from $78.00 to $93.00 in a research note on Monday, August 20th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twenty-six have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $84.22.
NKE stock opened at $83.70 on Thursday. The stock has a market capitalization of $135.71 billion, a P/E ratio of 34.59, a P/E/G ratio of 2.82 and a beta of 0.70. Nike has a 12 month low of $50.35 and a 12 month high of $86.04. The company has a current ratio of 2.51, a quick ratio of 1.63 and a debt-to-equity ratio of 0.35.
Nike (NYSE:NKE) last posted its quarterly earnings results on Tuesday, September 25th. The footwear maker reported $0.67 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.04. The company had revenue of $9.95 billion for the quarter, compared to the consensus estimate of $9.92 billion. Nike had a net margin of 5.57% and a return on equity of 39.27%. The firm’s revenue was up 9.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.57 EPS.
Hedge funds have recently added to or reduced their stakes in the stock. Federated Investors Inc. PA increased its holdings in Nike by 5.8% during the 1st quarter. Federated Investors Inc. PA now owns 21,510 shares of the footwear maker’s stock valued at $1,429,000 after purchasing an additional 1,180 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Nike by 3.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,327,835 shares of the footwear maker’s stock valued at $221,101,000 after purchasing an additional 125,213 shares in the last quarter. Van ECK Associates Corp increased its holdings in Nike by 13.1% during the 1st quarter. Van ECK Associates Corp now owns 314,173 shares of the footwear maker’s stock valued at $20,874,000 after purchasing an additional 36,413 shares in the last quarter. Sei Investments Co. increased its holdings in Nike by 17.0% during the 1st quarter. Sei Investments Co. now owns 611,834 shares of the footwear maker’s stock valued at $40,650,000 after purchasing an additional 88,894 shares in the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in Nike during the 1st quarter valued at $1,580,000. Institutional investors own 63.94% of the company’s stock.
In related news, insider Eric D. Sprunk sold 150,000 shares of Nike stock in a transaction that occurred on Friday, June 29th. The shares were sold at an average price of $79.07, for a total value of $11,860,500.00. Following the completion of the sale, the insider now directly owns 241,959 shares in the company, valued at approximately $19,131,698.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Monique S. Matheson sold 10,000 shares of Nike stock in a transaction that occurred on Monday, July 30th. The stock was sold at an average price of $76.07, for a total transaction of $760,700.00. Following the completion of the sale, the executive vice president now owns 86,774 shares of the company’s stock, valued at $6,600,898.18. The disclosure for this sale can be found here. Insiders sold a total of 365,778 shares of company stock worth $29,131,176 over the last 90 days. Company insiders own 3.90% of the company’s stock.
Nike announced that its board has authorized a share buyback plan on Thursday, June 28th that allows the company to buyback $15.00 billion in shares. This buyback authorization allows the footwear maker to repurchase up to 12.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Stockholders of record on Tuesday, September 4th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date is Friday, August 31st. Nike’s dividend payout ratio is currently 33.06%.
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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