Nike’s (NKE) Outperform Rating Reiterated at Wedbush

Wedbush reiterated their outperform rating on shares of Nike (NYSE:NKE) in a research note released on Friday morning, RTT News reports. Wedbush currently has a $107.00 price objective on the footwear maker’s stock. Wedbush also issued estimates for Nike’s Q1 2021 earnings at $0.50 EPS, Q3 2021 earnings at $0.83 EPS, Q4 2021 earnings at $0.67 EPS and FY2021 earnings at $2.68 EPS.

A number of other equities research analysts have also recently weighed in on NKE. Wells Fargo & Co lifted their price target on shares of Nike from $99.00 to $110.00 and gave the company an overweight rating in a research report on Friday. Pivotal Research reissued a buy rating and issued a $115.00 price objective on shares of Nike in a research note on Tuesday, June 23rd. JPMorgan Chase & Co. raised their price objective on shares of Nike from $91.00 to $104.00 and gave the company an overweight rating in a research note on Monday, June 22nd. Oppenheimer assumed coverage on shares of Nike in a research note on Friday, May 15th. They issued a buy rating and a $115.00 price objective for the company. Finally, Susquehanna Bancshares raised their price objective on shares of Nike from $100.00 to $130.00 and gave the company a positive rating in a research note on Monday, June 22nd. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-seven have assigned a buy rating to the company’s stock. Nike has an average rating of Buy and a consensus target price of $108.96.

Shares of NKE opened at $95.87 on Friday. Nike has a 1-year low of $60.00 and a 1-year high of $105.62. The stock has a market cap of $148.25 billion, a PE ratio of 60.68, a P/E/G ratio of 3.05 and a beta of 0.78. The firm has a 50-day simple moving average of $96.23 and a two-hundred day simple moving average of $93.53. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.90 and a quick ratio of 1.20.

Nike (NYSE:NKE) last announced its quarterly earnings results on Thursday, June 25th. The footwear maker reported ($0.51) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.53). Nike had a net margin of 6.79% and a return on equity of 31.93%. The company had revenue of $6.31 billion for the quarter, compared to analyst estimates of $7.26 billion. During the same quarter in the prior year, the business earned $0.62 earnings per share. Nike’s revenue was down 38.0% on a year-over-year basis. As a group, sell-side analysts expect that Nike will post 2.51 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st will be given a dividend of $0.245 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a $0.98 annualized dividend and a dividend yield of 1.02%. Nike’s dividend payout ratio is presently 52.97%.

In other Nike news, Director John W. Rogers, Jr. bought 1,000 shares of the business’s stock in a transaction dated Friday, April 3rd. The shares were acquired at an average cost of $84.63 per share, with a total value of $84,630.00. Following the acquisition, the director now directly owns 12,851 shares of the company’s stock, valued at approximately $1,087,580.13. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Hilary K. Krane sold 11,000 shares of Nike stock in a transaction on Friday, April 17th. The shares were sold at an average price of $90.00, for a total transaction of $990,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 236,000 shares of company stock valued at $23,228,100 in the last 90 days. Insiders own 3.80% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. increased its holdings in shares of Nike by 1.7% in the 1st quarter. BlackRock Inc. now owns 90,976,698 shares of the footwear maker’s stock valued at $7,527,412,000 after acquiring an additional 1,489,033 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Nike by 2.3% in the 1st quarter. Bank of New York Mellon Corp now owns 26,547,619 shares of the footwear maker’s stock valued at $2,196,549,000 after acquiring an additional 584,343 shares during the period. Wellington Management Group LLP increased its holdings in shares of Nike by 0.3% in the 1st quarter. Wellington Management Group LLP now owns 22,175,695 shares of the footwear maker’s stock valued at $1,834,816,000 after acquiring an additional 73,831 shares during the period. Geode Capital Management LLC increased its stake in Nike by 1.1% in the 1st quarter. Geode Capital Management LLC now owns 21,107,272 shares of the footwear maker’s stock valued at $1,743,723,000 after buying an additional 222,608 shares during the period. Finally, Capital World Investors increased its stake in Nike by 2.5% in the 1st quarter. Capital World Investors now owns 20,704,258 shares of the footwear maker’s stock valued at $1,713,079,000 after buying an additional 508,120 shares during the period. 64.54% of the stock is currently owned by institutional investors and hedge funds.

About Nike

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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