Nike (NYSE:NKE) Receives “Outperform” Rating from Wedbush

Nike (NYSE:NKE)‘s stock had its “outperform” rating reiterated by analysts at Wedbush in a research note issued to investors on Wednesday, December 11th, The Fly reports. They presently have a $110.00 price objective on the footwear maker’s stock, up from their previous price objective of $100.00. Wedbush’s target price would suggest a potential upside of 7.63% from the stock’s current price. Wedbush also issued estimates for Nike’s Q2 2020 earnings at $0.59 EPS, Q3 2020 earnings at $0.78 EPS, Q4 2020 earnings at $0.81 EPS, FY2020 earnings at $3.03 EPS, FY2021 earnings at $3.48 EPS and FY2022 earnings at $4.00 EPS.

Other equities analysts have also issued research reports about the stock. DZ Bank reiterated a “sell” rating on shares of Nike in a report on Wednesday, September 25th. Stifel Nicolaus set a $106.00 price target on shares of Nike and gave the company a “buy” rating in a report on Friday, October 11th. Argus lifted their price target on shares of Nike from $94.00 to $105.00 and gave the company a “buy” rating in a report on Thursday, September 26th. They noted that the move was a valuation call. Morgan Stanley lifted their target price on shares of Nike from $108.00 to $118.00 and gave the company an “overweight” rating in a report on Monday, December 2nd. Finally, Guggenheim restated a “buy” rating on shares of Nike in a report on Wednesday, November 13th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-five have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $105.87.

NYSE NKE traded up $0.89 during mid-day trading on Wednesday, reaching $102.20. 5,643,665 shares of the stock were exchanged, compared to its average volume of 6,186,543. Nike has a 1-year low of $71.21 and a 1-year high of $102.21. The business’s fifty day simple moving average is $96.76 and its 200 day simple moving average is $89.71. The stock has a market capitalization of $157.35 billion, a PE ratio of 41.04, a PEG ratio of 2.55 and a beta of 0.83. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.23 and a current ratio of 1.98.

Nike (NYSE:NKE) last announced its earnings results on Thursday, December 19th. The footwear maker reported $0.70 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.12. Nike had a net margin of 11.21% and a return on equity of 50.03%. The firm had revenue of $10.33 billion for the quarter, compared to analyst estimates of $10.09 billion. During the same quarter last year, the business earned $0.52 earnings per share. Nike’s revenue was up 10.2% compared to the same quarter last year. On average, analysts anticipate that Nike will post 3.01 EPS for the current year.

In other news, CAO Hilary K. Krane sold 32,500 shares of the company’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 document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Monique S. Matheson sold 16,500 shares of the company’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $101.54, for a total transaction of $1,675,410.00. The disclosure for this sale can be found here. Insiders sold a total of 231,000 shares of company stock valued at $21,540,520 over the last ninety days. Company insiders own 3.80% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of Nova Scotia raised its holdings in shares of Nike by 25.7% in the 2nd quarter. Bank of Nova Scotia now owns 375,971 shares of the footwear maker’s stock worth $30,799,000 after purchasing an additional 76,852 shares in the last quarter. Whitener Capital Management Inc. raised its holdings in shares of Nike by 9.3% in the 2nd quarter. Whitener Capital Management Inc. now owns 34,586 shares of the footwear maker’s stock worth $2,903,000 after purchasing an additional 2,950 shares in the last quarter. Private Ocean LLC raised its holdings in shares of Nike by 38.8% in the 3rd quarter. Private Ocean LLC now owns 2,376 shares of the footwear maker’s stock worth $224,000 after purchasing an additional 664 shares in the last quarter. CWM LLC raised its holdings in shares of Nike by 66.4% in the 2nd quarter. CWM LLC now owns 121,036 shares of the footwear maker’s stock worth $10,161,000 after purchasing an additional 48,300 shares in the last quarter. Finally, Cumberland Partners Ltd raised its holdings in shares of Nike by 84.9% in the 2nd quarter. Cumberland Partners Ltd now owns 197,085 shares of the footwear maker’s stock worth $16,546,000 after purchasing an additional 90,471 shares in the last quarter. Institutional investors and hedge funds own 65.09% of the company’s stock.

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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The Fly

Analyst Recommendations for Nike (NYSE:NKE)

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