Nike (NKE) Given New $87.00 Price Target at Telsey Advisory Group

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Nike (NYSE:NKE) had its price objective lifted by Telsey Advisory Group from $82.00 to $87.00 in a research report report published on Wednesday morning. Telsey Advisory Group currently has an outperform rating on the footwear maker’s stock.

NKE has been the topic of several other reports. TheStreet lowered Nike from a b+ rating to a c+ rating in a research report on Thursday, March 22nd. Bank of America set a $42.00 target price on Nike and gave the stock a sell rating in a research report on Monday, March 19th. B. Riley increased their target price on Nike from $63.00 to $68.00 and gave the stock a neutral rating in a research report on Friday, March 23rd. ValuEngine raised Nike from a hold rating to a buy rating in a research report on Tuesday, April 3rd. Finally, HSBC raised Nike from a hold rating to a buy rating and set a $77.00 target price on the stock in a research report on Friday, April 27th. Three equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and twenty-three have given a buy rating to the company’s stock. Nike currently has a consensus rating of Hold and a consensus target price of $76.55.

Shares of Nike opened at $76.48 on Wednesday, according to MarketBeat.com. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.63 and a current ratio of 2.51. The firm has a market capitalization of $124.54 billion, a P/E ratio of 31.60, a PEG ratio of 2.57 and a beta of 0.67. Nike has a twelve month low of $50.35 and a twelve month high of $81.00.

Nike (NYSE:NKE) last issued its earnings results on Thursday, June 28th. The footwear maker reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.05. The business had revenue of $9.79 billion for the quarter, compared to analyst estimates of $9.40 billion. Nike had a return on equity of 36.57% and a net margin of 5.31%. The business’s quarterly revenue was up 12.8% on a year-over-year basis. During the same period last year, the company posted $0.60 EPS. equities research analysts expect that Nike will post 2.61 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, July 5th. Investors of record on Monday, June 4th were paid a $0.20 dividend. The ex-dividend date of this dividend was Friday, June 1st. This represents a $0.80 dividend on an annualized basis and a yield of 1.05%. Nike’s dividend payout ratio (DPR) is 33.06%.

Nike declared that its board has approved a share buyback program on Thursday, June 28th that permits the company to repurchase $15.00 billion in shares. This repurchase authorization permits the footwear maker to repurchase up to 12.9% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

In related news, CFO Andrew Campion sold 103,000 shares of Nike stock in a transaction dated Friday, June 29th. The stock was sold at an average price of $80.01, for a total value of $8,241,030.00. Following the completion of the transaction, the chief financial officer now directly owns 235,457 shares in the company, valued at $18,838,914.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Hilary K. Krane sold 40,000 shares of Nike stock in a transaction dated Thursday, July 5th. The stock was sold at an average price of $76.51, for a total value of $3,060,400.00. The disclosure for this sale can be found here. Insiders sold 585,000 shares of company stock valued at $44,366,430 over the last quarter. Insiders own 3.90% of the company’s stock.

A number of hedge funds have recently modified their holdings of NKE. Wagner Wealth Management LLC acquired a new position in Nike in the fourth quarter valued at approximately $103,000. G&S Capital LLC acquired a new position in Nike in the fourth quarter valued at approximately $112,000. Pinnacle Wealth Planning Services Inc. acquired a new position in Nike in the fourth quarter valued at approximately $116,000. Bruderman Asset Management LLC acquired a new position in Nike in the first quarter valued at approximately $129,000. Finally, Princeton Capital Management LLC acquired a new position in Nike in the first quarter valued at approximately $130,000. Institutional investors own 64.09% of the company’s stock.

Nike Company Profile

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide. It offers NIKE brand products in nine categories: running, NIKE basketball, the Jordan brand, football, men's training, women's training, action sports, sportswear, and golf.

Analyst Recommendations for Nike (NYSE:NKE)

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