Zacks Research upgraded shares of NIKE (NYSE:NKE – Free Report) from a strong sell rating to a hold rating in a research note published on Wednesday morning,Zacks.com reports.
A number of other equities analysts also recently issued reports on NKE. Evercore set a $46.00 price target on shares of NIKE and gave the company an “in-line” rating in a report on Tuesday, June 23rd. BNP Paribas Exane reiterated an “underperform” rating on shares of NIKE in a research report on Wednesday, July 22nd. Bank of America reduced their target price on NIKE from $55.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 1st. Guggenheim reissued a “buy” rating and set a $60.00 price target (down from $74.00) on shares of NIKE in a research report on Wednesday, July 1st. Finally, Weiss Ratings raised NIKE from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, nineteen have issued a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $53.53.
Check Out Our Latest Report on NIKE
NIKE Stock Down 1.9%
NIKE (NYSE:NKE – Get Free Report) last released its quarterly earnings results on Tuesday, June 30th. The footwear maker reported $0.20 EPS for the quarter, topping the consensus estimate of $0.11 by $0.09. NIKE had a return on equity of 16.54% and a net margin of 6.70%.The company had revenue of $10.97 billion for the quarter, compared to analyst estimates of $10.85 billion. During the same quarter in the previous year, the company posted $0.14 earnings per share. The firm’s revenue was down 1.1% compared to the same quarter last year. Research analysts expect that NIKE will post 1.74 earnings per share for the current fiscal year.
NIKE Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 1st will be issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date is Tuesday, September 1st. NIKE’s dividend payout ratio (DPR) is 78.47%.
Insider Transactions at NIKE
In other NIKE news, COO Venkatesh Alagirisamy sold 890 shares of the company’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $41.60, for a total transaction of $37,024.00. Following the completion of the sale, the chief operating officer directly owned 74,820 shares in the company, valued at $3,112,512. This represents a 1.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Amy Montagne sold 4,867 shares of NIKE stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $42.05, for a total value of $204,657.35. Following the completion of the transaction, the insider directly owned 57,436 shares in the company, valued at $2,415,183.80. This represents a 7.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 26,142 shares of company stock valued at $1,169,380. Corporate insiders own 1.10% of the company’s stock.
Institutional Investors Weigh In On NIKE
Institutional investors have recently bought and sold shares of the business. J. Stern & Co. LLP lifted its stake in shares of NIKE by 49,010.4% during the fourth quarter. J. Stern & Co. LLP now owns 48,054,542 shares of the footwear maker’s stock worth $3,061,555,000 after purchasing an additional 47,956,692 shares in the last quarter. Norges Bank purchased a new position in NIKE in the 4th quarter worth approximately $829,956,000. Flossbach Von Storch SE purchased a new stake in shares of NIKE during the second quarter valued at approximately $488,714,000. Harris Associates L P acquired a new position in shares of NIKE during the second quarter worth $621,525,000. Finally, Capital World Investors lifted its position in shares of NIKE by 16.2% during the fourth quarter. Capital World Investors now owns 49,069,951 shares of the footwear maker’s stock worth $3,126,246,000 after purchasing an additional 6,830,938 shares in the last quarter. 64.25% of the stock is currently owned by hedge funds and other institutional investors.
NIKE Company Profile
Nike, Inc (NYSE: NKE) is a global designer, marketer and distributor of athletic footwear, apparel, equipment and accessories. Founded in 1964 as Blue Ribbon Sports by Phil Knight and Bill Bowerman and renamed Nike in 1971, the company is headquartered near Beaverton, Oregon. Nike develops and commercializes products across performance and lifestyle categories for sports including running, basketball, soccer and training, and is known for signature technologies and design-driven product lines.
The company markets products under several primary brands, including Nike, Jordan and Converse, and sells through a combination of wholesale relationships, branded retail stores and direct-to-consumer channels such as company-operated stores and digital platforms (e.g., Nike.com and mobile apps).
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