Nike (NKE) Given a $75.00 Price Target at Morningstar

Nike (NYSE:NKE) has been assigned a $75.00 target price by equities research analysts at Morningstar in a report issued on Friday. The firm currently has a “hold” rating on the footwear maker’s stock. Morningstar’s price objective points to a potential downside of 6.39% from the stock’s previous close.

A number of other research firms have also commented on NKE. Goldman Sachs Group set a $83.00 price target on Nike and gave the company a “neutral” rating in a research report on Wednesday, September 26th. Credit Suisse Group reissued a “buy” rating and issued a $78.00 price target on shares of Nike in a research report on Thursday, June 14th. Guggenheim increased their price target on Nike to $100.00 and gave the company a “buy” rating in a research report on Thursday, September 20th. HSBC set a $92.00 price target on Nike and gave the company a “buy” rating in a research report on Thursday, September 6th. Finally, Susquehanna Bancshares raised Nike from a “neutral” rating to a “positive” rating and increased their price target for the company from $78.00 to $93.00 in a research report on Monday, August 20th. Two investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and twenty-three have issued a buy rating to the company’s stock. Nike presently has an average rating of “Buy” and a consensus target price of $84.60.

NYSE NKE traded down $0.06 on Friday, reaching $80.12. The company had a trading volume of 7,016,236 shares, compared to its average volume of 7,213,027. The firm has a market capitalization of $135.60 billion, a P/E ratio of 33.11, a PEG ratio of 2.81 and a beta of 0.65. Nike has a 52-week low of $50.35 and a 52-week high of $86.04. The company has a current ratio of 2.31, a quick ratio of 1.53 and a debt-to-equity ratio of 0.39.

Nike (NYSE:NKE) last released its quarterly earnings results on Tuesday, September 25th. The footwear maker reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.04. The business had revenue of $9.95 billion during the quarter, compared to analyst estimates of $9.92 billion. Nike had a return on equity of 40.69% and a net margin of 5.57%. Nike’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.57 EPS. As a group, sell-side analysts predict that Nike will post 2.63 EPS for the current fiscal year.

Nike announced that its Board of Directors has initiated a stock repurchase plan on Thursday, June 28th that allows the company to buyback $15.00 billion in shares. This buyback authorization allows the footwear maker to purchase up to 12.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.

In related news, insider Elliott Hill sold 5,741 shares of Nike stock in a transaction dated Friday, July 27th. The stock was sold at an average price of $78.17, for a total value of $448,773.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Andrew Campion sold 4,130 shares of Nike stock in a transaction dated Thursday, July 19th. The stock was sold at an average price of $76.76, for a total value of $317,018.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 72,778 shares of company stock valued at $5,969,246. Insiders own 3.90% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. ST Germain D J Co. Inc. increased its holdings in Nike by 9.3% in the 2nd quarter. ST Germain D J Co. Inc. now owns 7,763 shares of the footwear maker’s stock worth $619,000 after acquiring an additional 660 shares during the last quarter. Norway Savings Bank increased its holdings in Nike by 17.5% in the 2nd quarter. Norway Savings Bank now owns 4,610 shares of the footwear maker’s stock worth $367,000 after acquiring an additional 685 shares during the last quarter. Peregrine Capital Management LLC increased its holdings in Nike by 0.3% in the 2nd quarter. Peregrine Capital Management LLC now owns 223,178 shares of the footwear maker’s stock worth $17,783,000 after acquiring an additional 689 shares during the last quarter. Barrett Asset Management LLC increased its holdings in Nike by 3.2% in the 2nd quarter. Barrett Asset Management LLC now owns 22,449 shares of the footwear maker’s stock worth $1,789,000 after acquiring an additional 700 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. increased its holdings in Nike by 1.4% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 49,366 shares of the footwear maker’s stock worth $3,932,000 after acquiring an additional 703 shares during the last quarter. 63.97% of the stock is owned by institutional investors.

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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