Goldman Sachs Group Reaffirms “Buy” Rating for Nike (NYSE:NKE)

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Goldman Sachs Group reaffirmed their buy rating on shares of Nike (NYSE:NKE) in a research note released on Friday, Borsen Zeitung reports. Goldman Sachs Group currently has a $110.00 price objective on the footwear maker’s stock, up from their prior price objective of $96.00.

A number of other analysts also recently issued reports on the company. Barclays reissued a buy rating and issued a $106.00 target price on shares of Nike in a research report on Tuesday, March 10th. Oppenheimer started coverage on Nike in a research report on Friday, May 15th. They issued a buy rating and a $115.00 price target for the company. Jefferies Financial Group reiterated a hold rating and issued a $83.00 price target on shares of Nike in a research report on Friday, May 1st. Bank of America upgraded Nike from a neutral rating to a buy rating and reduced their price target for the company from $105.00 to $85.00 in a research report on Friday, March 20th. Finally, UBS Group lifted their price target on Nike from $114.00 to $122.00 and gave the company a buy rating in a research report on Monday, June 22nd. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-seven have issued a buy rating to the company’s stock. Nike currently has a consensus rating of Buy and a consensus price target of $108.96.

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

Nike (NYSE:NKE) last released its earnings results on Thursday, June 25th. The footwear maker reported ($0.51) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.02 by ($0.53). Nike had a return on equity of 31.93% and a net margin of 6.79%. The firm had revenue of $6.31 billion during the quarter, compared to analysts’ expectations of $7.26 billion. During the same period in the prior year, the business earned $0.62 earnings per share. The business’s quarterly revenue was down 38.0% compared to the same quarter last year. As a group, analysts anticipate that Nike will post 2.51 earnings per share for the current year.

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

In other news, Chairman Mark G. Parker sold 165,000 shares of the business’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $99.14, for a total value of $16,358,100.00. Following the completion of the sale, the chairman now owns 2,012,954 shares of the company’s stock, valued at approximately $199,564,259.56. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Andrew Campion sold 60,000 shares of the business’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $98.00, for a total value of $5,880,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 236,000 shares of company stock valued at $23,228,100. 3.80% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Solstein Capital LLC bought a new position in Nike during the 4th quarter valued at approximately $236,000. 1832 Asset Management L.P. raised its position in Nike by 81.7% during the 4th quarter. 1832 Asset Management L.P. now owns 4,485,657 shares of the footwear maker’s stock valued at $454,422,000 after purchasing an additional 2,016,633 shares during the last quarter. Fosun International Ltd raised its position in Nike by 27.9% during the 4th quarter. Fosun International Ltd now owns 24,387 shares of the footwear maker’s stock valued at $2,477,000 after purchasing an additional 5,320 shares during the last quarter. Balentine LLC bought a new position in Nike during the 1st quarter valued at approximately $128,000. Finally, Magellan Asset Management Ltd raised its position in Nike by 88.9% during the 4th quarter. Magellan Asset Management Ltd now owns 663 shares of the footwear maker’s stock valued at $67,000 after purchasing an additional 312 shares during the last quarter. 64.54% of the stock is 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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Analyst Recommendations for Nike (NYSE:NKE)

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