Nike Inc (NYSE:NKE) – DA Davidson raised their FY2017 earnings estimates for shares of Nike in a research report issued to clients and investors on Wednesday, Zacks Investment Research reports. DA Davidson analyst A. Burns now expects that the footwear maker will post earnings of $2.38 per share for the year, up from their previous forecast of $2.28. DA Davidson has a “Buy” rating and a $64.00 price objective on the stock. DA Davidson also issued estimates for Nike’s Q4 2017 earnings at $0.48 EPS, Q1 2018 earnings at $0.68 EPS, Q2 2018 earnings at $0.57 EPS, Q3 2018 earnings at $0.66 EPS, Q4 2018 earnings at $0.55 EPS, FY2018 earnings at $2.46 EPS and FY2019 earnings at $2.80 EPS.
Several other analysts have also recently commented on the stock. Jefferies Group LLC set a $75.00 price objective on shares of Nike and gave the company a “buy” rating in a research note on Tuesday, December 27th. Forward View began coverage on shares of Nike in a research note on Friday, January 27th. They issued a “hold” rating and a $55.00 price objective for the company. Goldman Sachs Group Inc lifted their target price on shares of Nike from $61.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, March 22nd. Vetr upgraded shares of Nike from a “buy” rating to a “strong-buy” rating and set a $63.24 target price for the company in a research report on Wednesday, March 22nd. Finally, Stifel Nicolaus restated a “buy” rating and set a $68.00 target price on shares of Nike in a research report on Saturday, March 11th. Three research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twenty-two have issued a buy rating to the company. Nike has a consensus rating of “Buy” and an average price target of $60.66.
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Nike (NYSE:NKE) traded down 0.98% during midday trading on Thursday, hitting $55.85. 6,055,617 shares of the stock traded hands. The company has a 50-day moving average price of $56.25 and a 200 day moving average price of $53.47. Nike has a one year low of $49.01 and a one year high of $60.33. The stock has a market cap of $92.20 billion, a price-to-earnings ratio of 23.30 and a beta of 0.44.
Nike (NYSE:NKE) last posted its quarterly earnings data on Tuesday, March 21st. The footwear maker reported $0.68 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.15. Nike had a net margin of 11.60% and a return on equity of 31.70%. The business earned $8.43 billion during the quarter, compared to the consensus estimate of $8.47 billion. During the same period in the previous year, the firm posted $0.55 earnings per share. The business’s revenue for the quarter was up 5.0% compared to the same quarter last year.
A number of hedge funds have recently added to or reduced their stakes in the stock. State Street Corp raised its stake in Nike by 4.6% in the fourth quarter. State Street Corp now owns 58,719,250 shares of the footwear maker’s stock valued at $2,984,719,000 after buying an additional 2,563,166 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in Nike by 1.8% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 36,587,010 shares of the footwear maker’s stock valued at $1,926,306,000 after buying an additional 662,231 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Nike by 0.5% in the third quarter. Bank of New York Mellon Corp now owns 29,211,934 shares of the footwear maker’s stock valued at $1,538,008,000 after buying an additional 143,272 shares during the last quarter. Morgan Stanley raised its stake in Nike by 10.1% in the third quarter. Morgan Stanley now owns 22,764,806 shares of the footwear maker’s stock valued at $1,198,567,000 after buying an additional 2,090,700 shares during the last quarter. Finally, Northern Trust Corp raised its stake in Nike by 3.6% in the third quarter. Northern Trust Corp now owns 21,830,050 shares of the footwear maker’s stock valued at $1,149,353,000 after buying an additional 755,061 shares during the last quarter. Hedge funds and other institutional investors own 62.23% of the company’s stock.
In related news, Chairman Mark G. Parker sold 100,000 shares of the company’s stock in a transaction on Wednesday, February 1st. The shares were sold at an average price of $52.94, for a total value of $5,294,000.00. Following the sale, the chairman now directly owns 1,966,235 shares of the company’s stock, valued at $104,092,480.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP David J. Ayre sold 200,000 shares of the business’s stock in a transaction on Monday, January 30th. The shares were sold at an average price of $53.08, for a total transaction of $10,616,000.00. Following the sale, the executive vice president now owns 357,713 shares of the company’s stock, valued at approximately $18,987,406.04. The disclosure for this sale can be found here. Insiders sold 665,000 shares of company stock worth $36,333,500 over the last ninety days. 3.90% of the stock is currently owned by corporate insiders.
The business also recently declared a quarterly dividend, which was paid on Monday, April 3rd. Investors of record on Monday, March 6th were issued a $0.18 dividend. The ex-dividend date of this dividend was Thursday, March 2nd. This represents a $0.72 annualized dividend and a yield of 1.29%. Nike’s dividend payout ratio is presently 31.72%.
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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