Brokerages Anticipate Nike Inc (NYSE:NKE) Will Announce Quarterly Sales of $10.45 Billion

Share on StockTwits

Analysts expect Nike Inc (NYSE:NKE) to post sales of $10.45 billion for the current quarter, Zacks Investment Research reports. Nine analysts have made estimates for Nike’s earnings, with estimates ranging from $10.37 billion to $10.62 billion. Nike posted sales of $9.95 billion in the same quarter last year, which suggests a positive year over year growth rate of 5%. The business is expected to issue its next earnings results on Tuesday, September 24th.

On average, analysts expect that Nike will report full-year sales of $42.21 billion for the current year, with estimates ranging from $42.03 billion to $42.35 billion. For the next fiscal year, analysts forecast that the company will report sales of $45.74 billion, with estimates ranging from $45.42 billion to $46.35 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that that provide coverage for Nike.

Nike (NYSE:NKE) last posted its quarterly earnings data on Thursday, June 27th. The footwear maker reported $0.62 EPS for the quarter, missing the consensus estimate of $0.66 by ($0.04). The firm had revenue of $10.18 billion for the quarter, compared to the consensus estimate of $10.15 billion. Nike had a return on equity of 45.12% and a net margin of 10.30%. The company’s revenue was up 4.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.69 EPS.

NKE has been the subject of several recent analyst reports. Bank of America upgraded shares of Nike to an “underperform” rating and boosted their price objective for the stock from $60.00 to $70.00 in a research note on Monday, June 24th. Canaccord Genuity restated a “buy” rating and set a $96.00 price target on shares of Nike in a research note on Wednesday, June 19th. Macquarie set a $89.00 price target on shares of Nike and gave the company a “buy” rating in a research note on Friday, June 28th. Goldman Sachs Group set a $83.00 price target on shares of Nike and gave the company a “neutral” rating in a research note on Monday, July 1st. Finally, Morgan Stanley upped their price target on shares of Nike from $103.00 to $108.00 and gave the company an “overweight” rating in a research note on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twenty-two have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $90.02.

In other news, Director Elizabeth J. Comstock sold 24,000 shares of the company’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $84.84, for a total value of $2,036,160.00. Following the sale, the director now directly owns 38,813 shares of the company’s stock, valued at approximately $3,292,894.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP John F. Slusher sold 110,000 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $85.26, for a total transaction of $9,378,600.00. The disclosure for this sale can be found here. Insiders sold a total of 194,637 shares of company stock worth $16,767,237 over the last ninety days. Insiders own 3.80% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. Nuveen Asset Management LLC boosted its holdings in Nike by 6,608.4% during the second quarter. Nuveen Asset Management LLC now owns 14,363,870 shares of the footwear maker’s stock worth $1,205,847,000 after buying an additional 14,149,753 shares in the last quarter. FMR LLC boosted its holdings in Nike by 27.0% during the first quarter. FMR LLC now owns 23,077,703 shares of the footwear maker’s stock worth $1,943,374,000 after buying an additional 4,908,916 shares in the last quarter. Jennison Associates LLC boosted its holdings in Nike by 13.6% during the second quarter. Jennison Associates LLC now owns 23,510,331 shares of the footwear maker’s stock worth $1,973,692,000 after buying an additional 2,809,878 shares in the last quarter. BlackRock Inc. boosted its holdings in Nike by 2.2% during the second quarter. BlackRock Inc. now owns 87,672,220 shares of the footwear maker’s stock worth $7,360,079,000 after buying an additional 1,883,150 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Nike by 1.4% during the second quarter. Vanguard Group Inc. now owns 105,374,269 shares of the footwear maker’s stock worth $8,846,169,000 after buying an additional 1,469,583 shares in the last quarter. 66.15% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE NKE traded up $0.77 during trading hours on Thursday, hitting $80.28. 5,522,800 shares of the stock were exchanged, compared to its average volume of 6,195,173. The company has a quick ratio of 1.39, a current ratio of 2.10 and a debt-to-equity ratio of 0.38. The company has a market cap of $124.58 billion, a PE ratio of 32.24, a PEG ratio of 2.11 and a beta of 0.78. The firm has a fifty day moving average price of $85.23 and a 200-day moving average price of $84.66. Nike has a 12 month low of $66.53 and a 12 month high of $90.00.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.10%. The ex-dividend date of this dividend is Friday, August 30th. Nike’s dividend payout ratio (DPR) is currently 35.34%.

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.

Read More: What is a Candlestick Chart?

Get a free copy of the Zacks research report on Nike (NKE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Nike (NYSE:NKE)

Receive News & Ratings for Nike Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Nike and related companies with MarketBeat.com's FREE daily email newsletter.