Cowen and Company Reaffirms “Market Perform” Rating for Nike, Inc. (NKE)

Cowen and Company reissued their market perform rating on shares of Nike, Inc. (NYSE:NKE) in a research note published on Tuesday. Cowen and Company currently has a $53.00 target price on the footwear maker’s stock, down from their previous target price of $54.00.

NKE has been the subject of a number of other reports. MKM Partners reaffirmed a buy rating on shares of Nike in a research note on Wednesday, March 22nd. BidaskClub raised shares of Nike from a sell rating to a hold rating in a research note on Wednesday, June 14th. Citigroup Inc. reaffirmed a buy rating and issued a $60.00 price target on shares of Nike in a research note on Wednesday, March 22nd. Vetr lowered shares of Nike from a buy rating to a hold rating and set a $54.16 price target for the company. in a research note on Monday, June 5th. Finally, Stifel Nicolaus reduced their price target on shares of Nike from $68.00 to $66.00 and set a buy rating for the company in a research note on Wednesday, March 22nd. Two research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. Nike presently has an average rating of Hold and a consensus price target of $60.30.

Shares of Nike (NYSE:NKE) traded down 0.02% during midday trading on Tuesday, reaching $52.39. 2,160,524 shares of the company were exchanged. The stock has a market capitalization of $86.48 billion, a price-to-earnings ratio of 21.86 and a beta of 0.47. The company’s 50-day moving average price is $53.14 and its 200 day moving average price is $54.21. Nike has a 52-week low of $49.01 and a 52-week high of $60.33.

Nike (NYSE:NKE) last issued its quarterly earnings results on Tuesday, March 21st. The footwear maker reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.15. The company had revenue of $8.43 billion during the quarter, compared to analyst estimates of $8.47 billion. Nike had a net margin of 12.02% and a return on equity of 32.97%. The business’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.55 EPS. On average, equities analysts predict that Nike will post $2.41 earnings per share for the current year.

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The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 5th. Investors of record on Monday, June 5th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Thursday, June 1st. This represents a $0.72 dividend on an annualized basis and a yield of 1.37%. Nike’s payout ratio is presently 30.00%.

In related news, Director John R. Thompson, Jr. sold 14,000 shares of the firm’s stock in a transaction on Thursday, April 20th. The shares were sold at an average price of $56.45, for a total value of $790,300.00. Following the transaction, the director now directly owns 55,660 shares in the company, valued at approximately $3,142,007. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Eric D. Sprunk sold 50,000 shares of the firm’s stock in a transaction on Wednesday, March 29th. The shares were sold at an average price of $57.00, for a total transaction of $2,850,000.00. Following the completion of the transaction, the insider now owns 300,108 shares in the company, valued at $17,106,156. The disclosure for this sale can be found here. Insiders sold a total of 329,000 shares of company stock worth $18,430,300 over the last quarter. 3.90% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Laurel Wealth Advisors Inc. purchased a new position in Nike during the first quarter worth about $180,000. Perigon Wealth Management LLC raised its position in Nike by 3.5% in the first quarter. Perigon Wealth Management LLC now owns 42,177 shares of the footwear maker’s stock worth $2,353,000 after buying an additional 1,443 shares during the last quarter. Seaward Management Limited Partnership raised its position in Nike by 0.4% in the first quarter. Seaward Management Limited Partnership now owns 139,079 shares of the footwear maker’s stock worth $7,750,000 after buying an additional 541 shares during the last quarter. Sowell Financial Services LLC raised its position in Nike by 15.2% in the first quarter. Sowell Financial Services LLC now owns 5,977 shares of the footwear maker’s stock worth $311,000 after buying an additional 788 shares during the last quarter. Finally, Piedmont Investment Advisors LLC raised its position in Nike by 0.9% in the first quarter. Piedmont Investment Advisors LLC now owns 281,287 shares of the footwear maker’s stock worth $15,676,000 after buying an additional 2,402 shares during the last quarter. Institutional investors and hedge funds own 65.55% of the company’s stock.

Nike Company Profile

NIKE, Inc is engaged in the design, development, marketing and selling of athletic footwear, apparel, equipment, accessories and services. The Company’s operating segments include North America, Western Europe, Central & Eastern Europe, Greater China, Japan and Emerging Markets. Its portfolio brands include the NIKE Brand, Jordan Brand, Hurley and Converse.

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