NIKE (NYSE:NKE) Stock Price Up 2.8% – Here’s Why

by · The Cerbat Gem

Shares of NIKE, Inc. (NYSE:NKEGet Free Report) rose 2.8% during trading on Wednesday . The stock traded as high as $65.42 and last traded at $65.41. Approximately 17,011,464 shares were traded during trading, a decline of 6% from the average daily volume of 18,014,676 shares. The stock had previously closed at $63.63.

Trending Headlines about NIKE

Here are the key news stories impacting NIKE this week:

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Bank of America dropped their target price on shares of NIKE from $84.00 to $73.00 and set a “buy” rating on the stock in a research report on Friday, December 19th. Stifel Nicolaus set a $65.00 target price on NIKE and gave the stock a “hold” rating in a research report on Friday, December 19th. Weiss Ratings raised shares of NIKE from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, January 12th. Guggenheim reiterated a “buy” rating on shares of NIKE in a research report on Wednesday, December 31st. Finally, UBS Group reissued a “neutral” rating on shares of NIKE in a report on Monday, January 5th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $75.13.

Read Our Latest Stock Analysis on NIKE

NIKE Price Performance

The company has a current ratio of 2.06, a quick ratio of 1.40 and a debt-to-equity ratio of 0.50. The firm has a market cap of $96.83 billion, a price-to-earnings ratio of 38.48, a P/E/G ratio of 3.32 and a beta of 1.28. The company has a 50 day moving average of $63.89 and a 200 day moving average of $69.19.

NIKE (NYSE:NKEGet Free Report) last released its earnings results on Thursday, December 18th. The footwear maker reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.16. NIKE had a return on equity of 18.43% and a net margin of 5.43%.The firm had revenue of $12.43 billion during the quarter, compared to analysts’ expectations of $12.19 billion. During the same quarter in the prior year, the company earned $0.78 EPS. The company’s revenue was up .6% on a year-over-year basis. Equities research analysts predict that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

NIKE Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Monday, December 1st were paid a dividend of $0.41 per share. The ex-dividend date was Monday, December 1st. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.5%. This is an increase from NIKE’s previous quarterly dividend of $0.40. NIKE’s dividend payout ratio (DPR) is currently 96.47%.

Insider Buying and Selling

In other news, Director Jorgen Vig Knudstorp bought 16,150 shares of the firm’s stock in a transaction that occurred on Friday, November 7th. The stock was acquired at an average cost of $62.09 per share, with a total value of $1,002,753.50. Following the completion of the purchase, the director owned 21,388 shares of the company’s stock, valued at $1,327,980.92. This represents a 308.32% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Robert Holmes Swan bought 8,691 shares of the stock in a transaction that occurred on Monday, December 22nd. The shares were purchased at an average price of $57.54 per share, for a total transaction of $500,080.14. Following the completion of the acquisition, the director owned 43,293 shares of the company’s stock, valued at $2,491,079.22. The trade was a 25.12% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired a total of 91,229 shares of company stock worth $5,452,640 in the last quarter. 0.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On NIKE

A number of institutional investors have recently bought and sold shares of NKE. Mascoma Wealth Management LLC bought a new position in shares of NIKE during the 2nd quarter worth approximately $26,000. Halbert Hargrove Global Advisors LLC raised its stake in NIKE by 952.6% in the 2nd quarter. Halbert Hargrove Global Advisors LLC now owns 400 shares of the footwear maker’s stock valued at $28,000 after acquiring an additional 362 shares during the period. Twin Peaks Wealth Advisors LLC acquired a new stake in NIKE during the 2nd quarter valued at $31,000. Guerra Advisors Inc bought a new position in NIKE during the third quarter worth $34,000. Finally, Opal Wealth Advisors LLC bought a new position in NIKE during the second quarter worth $35,000. Institutional investors and hedge funds own 64.25% of the company’s stock.

NIKE Company Profile

(Get Free Report)

Nike, Inc (NYSE: NKE) is a global designer, marketer and distributor of athletic footwear, apparel, equipment and accessories. Founded in 1964 as Blue Ribbon Sports by Phil Knight and Bill Bowerman and renamed Nike in 1971, the company is headquartered near Beaverton, Oregon. Nike develops and commercializes products across performance and lifestyle categories for sports including running, basketball, soccer and training, and is known for signature technologies and design-driven product lines.

The company markets products under several primary brands, including Nike, Jordan and Converse, and sells through a combination of wholesale relationships, branded retail stores and direct-to-consumer channels such as company-operated stores and digital platforms (e.g., Nike.com and mobile apps).

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