Bank of America Increases Nike (NYSE:NKE) Price Target to $150.00

Nike (NYSE:NKE) had its price target lifted by stock analysts at Bank of America from $130.00 to $150.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the footwear maker’s stock. Bank of America‘s price objective would suggest a potential upside of 17.67% from the stock’s previous close.

Several other research analysts have also weighed in on the stock. Deutsche Bank upgraded shares of Nike from a “hold” rating to a “buy” rating and upped their target price for the stock from $107.00 to $151.00 in a research report on Wednesday. Pivotal Research increased their price target on shares of Nike from $118.00 to $137.00 and gave the company a “buy” rating in a research report on Thursday, September 17th. Stifel Nicolaus upped their price objective on shares of Nike from $140.00 to $154.00 and gave the company a “buy” rating in a research note on Wednesday. BMO Capital Markets upped their price objective on shares of Nike from $100.00 to $134.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Wells Fargo & Company upped their price objective on shares of Nike from $110.00 to $135.00 and gave the company an “overweight” rating in a research note on Wednesday. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating, twenty-eight have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $130.76.

NKE traded up $10.61 on Wednesday, reaching $127.48. The company had a trading volume of 590,800 shares, compared to its average volume of 7,803,447. Nike has a 1 year low of $60.00 and a 1 year high of $120.48. The stock has a market capitalization of $182.30 billion, a PE ratio of 80.68, a P/E/G ratio of 3.15 and a beta of 0.83. The company has a quick ratio of 1.59, a current ratio of 2.48 and a debt-to-equity ratio of 1.17. The stock has a 50-day moving average price of $109.88 and a 200-day moving average price of $95.56.

Nike (NYSE:NKE) last issued its quarterly earnings results on Tuesday, September 22nd. The footwear maker reported $0.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.49. Nike had a net margin of 6.79% and a return on equity of 32.95%. The business had revenue of $10.59 billion for the quarter, compared to analyst estimates of $9.15 billion. During the same period in the previous year, the business posted $0.27 earnings per share. The business’s revenue was down .6% compared to the same quarter last year. As a group, analysts expect that Nike will post 2.32 earnings per share for the current fiscal year.

In related news, insider Heidi O’neill sold 22,000 shares of Nike stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $120.00, for a total value of $2,640,000.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Monique S. Matheson sold 8,500 shares of the business’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $108.00, for a total transaction of $918,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 241,056 shares of company stock worth $26,663,725. Insiders own 3.80% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in NKE. Stuart Chaussee & Associates Inc. increased its position in shares of Nike by 668.9% in the first quarter. Stuart Chaussee & Associates Inc. now owns 346 shares of the footwear maker’s stock worth $29,000 after acquiring an additional 301 shares in the last quarter. Perennial Advisors LLC acquired a new stake in Nike in the first quarter valued at approximately $30,000. Demars Financial Group LLC acquired a new stake in Nike in the second quarter valued at approximately $42,000. Bainco International Investors acquired a new stake in Nike in the first quarter valued at approximately $52,000. Finally, U S Global Investors Inc. acquired a new stake in Nike in the second quarter valued at approximately $53,000. 64.20% of the stock is currently 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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