Nike (NYSE:NKE) Upgraded to “Buy” at Goldman Sachs Group

Goldman Sachs Group upgraded shares of Nike (NYSE:NKE) from a neutral rating to a buy rating in a research report report published on Thursday morning, 24/7 WallStreet reports. Goldman Sachs Group currently has $112.00 target price on the footwear maker’s stock.

A number of other equities research analysts have also recently issued reports on NKE. Bank of America raised shares of Nike from an underperform rating to a neutral rating and set a $98.00 target price on the stock in a report on Monday, October 14th. UBS Group increased their target price on Nike from $87.00 to $95.00 and gave the stock a neutral rating in a research report on Wednesday, September 25th. Robert W. Baird set a $87.00 price target on Nike and gave the stock a hold rating in a report on Monday, September 23rd. Guggenheim reiterated a buy rating on shares of Nike in a research report on Wednesday, November 13th. Finally, Pivotal Research boosted their price objective on Nike from $101.00 to $104.00 and gave the company a buy rating in a research note on Wednesday, September 25th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-three have issued a buy rating to the company. Nike currently has an average rating of Buy and a consensus price target of $98.19.

Shares of NKE traded up $1.21 during trading hours on Thursday, hitting $97.00. The company’s stock had a trading volume of 6,368,518 shares, compared to its average volume of 6,411,293. The company has a market cap of $145.94 billion, a price-to-earnings ratio of 38.96, a PEG ratio of 2.41 and a beta of 0.83. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.01 and a quick ratio of 1.29. The business has a 50 day simple moving average of $92.38 and a two-hundred day simple moving average of $87.31. Nike has a 52-week low of $66.53 and a 52-week high of $97.31.

Nike (NYSE:NKE) last announced its quarterly earnings results on Tuesday, September 24th. The footwear maker reported $0.86 EPS for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.15. The company had revenue of $10.66 billion for the quarter, compared to analysts’ expectations of $10.43 billion. Nike had a net margin of 10.81% and a return on equity of 47.92%. Nike’s revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.67 EPS. Research analysts predict that Nike will post 2.97 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd will be given a dividend of $0.245 per share. This represents a $0.98 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date of this dividend is Friday, November 29th. This is an increase from Nike’s previous quarterly dividend of $0.22. Nike’s dividend payout ratio (DPR) is 39.36%.

In related news, CAO Hilary K. Krane sold 32,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $89.30, for a total value of $2,902,250.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Andrew Campion sold 6,301 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $86.96, for a total transaction of $547,934.96. The disclosure for this sale can be found here. Insiders have sold 601,445 shares of company stock valued at $55,696,403 in the last three months. 3.80% of the stock is owned by insiders.

Large investors have recently modified their holdings of the company. Resources Management Corp CT ADV bought a new position in Nike during the third quarter valued at approximately $144,000. Man Group plc raised its stake in shares of Nike by 110.1% during the third quarter. Man Group plc now owns 2,107,158 shares of the footwear maker’s stock worth $197,887,000 after acquiring an additional 1,104,295 shares in the last quarter. Michael & Susan Dell Foundation purchased a new position in shares of Nike during the third quarter worth approximately $551,000. Worldquant Millennium Advisors LLC lifted its holdings in shares of Nike by 685.1% in the 3rd quarter. Worldquant Millennium Advisors LLC now owns 394,690 shares of the footwear maker’s stock worth $37,069,000 after acquiring an additional 344,420 shares during the last quarter. Finally, IHT Wealth Management LLC lifted its holdings in shares of Nike by 8.6% in the 3rd quarter. IHT Wealth Management LLC now owns 8,064 shares of the footwear maker’s stock worth $757,000 after acquiring an additional 641 shares during the last quarter. 65.12% 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.

Further Reading: Cost of Equity For A Business, Investors

Analyst Recommendations for Nike (NYSE:NKE)

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