NIKE’s (NKE) “Outperform” Rating Reaffirmed at Oppenheimer

Oppenheimer reiterated their outperform rating on shares of NIKE (NYSE:NKE) in a research note released on Friday, Benzinga reports. The brokerage currently has a $120.00 target price on the footwear maker’s stock.

NKE has been the subject of several other reports. Deutsche Bank Aktiengesellschaft reissued a buy rating and issued a $115.00 price objective on shares of NIKE in a report on Thursday, June 13th. Jefferies Financial Group decreased their price objective on NIKE from $110.00 to $100.00 and set a hold rating for the company in a report on Friday, March 22nd. Piper Sandler decreased their price objective on NIKE from $107.00 to $98.00 and set a neutral rating for the company in a report on Friday, March 22nd. Wells Fargo & Company decreased their price objective on NIKE from $120.00 to $115.00 and set an overweight rating for the company in a report on Monday, June 10th. Finally, Bank of America raised NIKE from a neutral rating to a buy rating and increased their price objective for the company from $110.00 to $113.00 in a report on Thursday, April 11th. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Hold and a consensus target price of $98.96.

NIKE Stock Performance

Shares of NKE opened at $75.36 on Friday. The stock has a 50 day moving average price of $93.28 and a 200 day moving average price of $99.15. The company has a quick ratio of 1.89, a current ratio of 2.74 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $113.75 billion, a price-to-earnings ratio of 20.20, a price-to-earnings-growth ratio of 1.79 and a beta of 1.05. NIKE has a 52-week low of $74.55 and a 52-week high of $123.39.

NIKE (NYSE:NKE) last announced its quarterly earnings results on Thursday, June 27th. The footwear maker reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.16. The firm had revenue of $12.60 billion during the quarter, compared to the consensus estimate of $12.86 billion. NIKE had a return on equity of 42.87% and a net margin of 11.10%. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.66 earnings per share. Research analysts predict that NIKE will post 3.9 EPS for the current fiscal year.

NIKE Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 3rd will be issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date is Monday, June 3rd. NIKE’s dividend payout ratio (DPR) is currently 39.68%.

Insider Transactions at NIKE

In other news, Chairman Mark G. Parker sold 168,378 shares of NIKE stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $93.14, for a total transaction of $15,682,726.92. Following the completion of the transaction, the chairman now owns 1,102,090 shares of the company’s stock, valued at approximately $102,648,662.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Chairman Mark G. Parker sold 168,378 shares of NIKE stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $93.14, for a total transaction of $15,682,726.92. Following the completion of the transaction, the chairman now owns 1,102,090 shares of the company’s stock, valued at approximately $102,648,662.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Johanna Nielsen sold 282 shares of NIKE stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $93.64, for a total value of $26,406.48. Following the transaction, the vice president now directly owns 730 shares of the company’s stock, valued at approximately $68,357.20. The disclosure for this sale can be found here. Insiders sold 213,660 shares of company stock valued at $19,946,333 in the last 90 days. 0.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Cim LLC acquired a new position in shares of NIKE during the 4th quarter worth $14,275,000. TKG Advisors LLC acquired a new position in NIKE in the 4th quarter valued at about $1,012,000. Louisiana State Employees Retirement System acquired a new position in NIKE in the 4th quarter valued at about $8,034,000. Financial Gravity Asset Management Inc. raised its stake in NIKE by 2,332.5% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 184,042 shares of the footwear maker’s stock valued at $17,598,000 after purchasing an additional 176,476 shares during the last quarter. Finally, Brown Advisory Inc. raised its stake in NIKE by 4.3% in the 4th quarter. Brown Advisory Inc. now owns 4,668,949 shares of the footwear maker’s stock valued at $506,908,000 after purchasing an additional 192,752 shares during the last quarter. Institutional investors and hedge funds own 64.25% of the company’s stock.

About NIKE

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, accessories, and services worldwide. The company provides athletic and casual footwear, apparel, and accessories under the Jumpman trademark; and casual sneakers, apparel, and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell trademarks.