NIKE, Inc. (NYSE: NKE – Get a rating) – Oppenheimer analysts dropped their FY2023 EPS estimates for NIKE in a report released Thursday, October 20. Oppenheimer analyst B. Nagel now expects the shoemaker to post earnings per share of $2.93 for the year, down from its previous estimate of $4.85. The consensus estimate for NIKE’s current annual earnings is $2.97 per share. Oppenheimer also released estimates for NIKE’s fiscal year 2024 earnings at $3.18 EPS and fiscal year 2025 earnings at $4.01 EPS.
NIKE (NYSE: NKE – Get a rating) last reported results on Thursday, September 29. The shoemaker reported EPS of $0.93 for the quarter, beating consensus analyst estimates of $0.92 by $0.01. NIKE had a net margin of 11.96% and a return on equity of 37.08%. The company posted revenue of $12.70 billion in the quarter, compared to $12.28 billion expected by analysts. In the same quarter a year earlier, the company posted earnings per share of $1.16. NIKE’s revenue for the quarter increased 3.7% compared to the same quarter last year.
A number of other equity research analysts have also recently commented on the stock. HSBC lowered its target price on NIKE shares to $100.00 in a research report on Thursday. JPMorgan Chase & Co. set a target price of $120.00 on NIKE stock in a Tuesday, October 4, research report. Wedbush cut its price target on NIKE shares from $121.00 to $101.00 and set an “outperform” rating for the company in a Friday, Sept. 30 report. Piper Sandler cut her price target on NIKE shares from $115.00 to $95.00 and set a “neutral” rating for the company in a Friday, September 30 report. Finally, Credit Suisse Group set a price target of $110.00 on NIKE shares in a Monday, October 17 report. Thirteen investment analysts gave the stock a hold rating and twenty gave the company a buy rating. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $114.96.
NIKE trades up 0.7%
NYSE: NKE opened at $87.47 on Monday. NIKE has a 52-week low of $82.22 and a 52-week high of $179.10. The company has a 50-day moving average of $100.87 and a 200-day moving average of $109.74. The company has a quick ratio of 1.76, a current ratio of 2.64 and a debt ratio of 0.56. The stock has a market capitalization of $137.20 billion, a price/earnings ratio of 25.07, a PEG ratio of 2.39 and a beta of 1.11.
NIKE Institutional Trade
A number of hedge funds and other institutional investors have recently bought and sold shares of NKE. Bank of New Hampshire increased its position in NIKE shares by 0.6% in the first quarter. Bank of New Hampshire now owns 13,282 shares of the shoemaker worth $1,787,000 after buying 80 more shares in the last quarter. Prestige Wealth Management Group LLC increased its stake in NIKE shares by 3.8% in Q1. Prestige Wealth Management Group LLC now owns 2,378 shares of the shoemaker worth $320,000 after buying 86 additional shares in the last quarter. O Dell Group LLC increased its position in NIKE shares by 4.2% during the 1st quarter. O Dell Group LLC now owns 2,138 shares of the shoemaker valued at $288,000 after buying 87 additional shares last quarter. Centaurus Financial Inc. increased its equity stake in NIKE by 4.1% during Q2. Centaurus Financial Inc. now owns 2,224 shares of the shoemaker worth $227,000 after acquiring 88 more shares in the last quarter. Finally, Kensington Investment Counsel LLC increased its position in NIKE by 1.0% in the first quarter. Kensington Investment Counsel LLC now owns 8,766 shares of the shoemaker worth $1,180,000 after acquiring 91 additional shares last quarter. 64.19% of the shares are currently held by institutional investors and hedge funds.
Insider Buying and Selling at NIKE
In other NIKE news, Chief Financial Officer Matthew friend sold 4,139 shares in a trade that took place on Wednesday, August 3. The stock was sold at an average price of $113.42, for a total transaction of $469,445.38. Following the completion of the transaction, the CFO now owns 56,539 shares of the company, valued at $6,412,653.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available via this hyperlink. In other NIKE news, COO Andre Campion sold 5,922 shares of the company in a trade on Wednesday, August 3. The stock was sold at an average price of $113.42, for a total transaction of $671,673.24. Following the completion of the sale, the COO now owns 75,295 shares of the company, valued at $8,539,958.90. The transaction was disclosed in a legal filing with the SEC, which is available via this hyperlink. Also, CFO Matthew friend sold 4,139 NIKE shares in a trade on Wednesday, August 3. The shares were sold at an average price of $113.42, for a total value of $469,445.38. Following the completion of the transaction, the CFO now owns 56,539 shares of the company, valued at $6,412,653.38. Disclosure of this sale can be found here. Insiders own 0.40% of the shares of the company.
NIKE announced that its board of directors launched a stock repurchase program on Monday, June 27 that sees the company repurchase $18.00 billion worth of stock. This repurchase authorization allows the shoemaker to repurchase up to 11% of its shares through open market purchases. Stock buyback programs usually indicate that the management of the company believes that its stock is undervalued.
NIKE announces dividend
The company also recently announced a quarterly dividend, which was paid on Monday, October 3. Shareholders of record on Tuesday, September 6 received a dividend of $0.305 per share. The ex-dividend date was Friday, September 2. This represents a dividend of $1.22 on an annualized basis and a dividend yield of 1.39%. NIKE’s payout ratio is currently 34.56%.
NIKE, Inc., together with its subsidiaries, designs, develops, markets and sells athletic footwear, apparel, equipment and accessories for men, women and children worldwide. The Company provides athletic and recreational footwear, apparel and accessories under the Jumpman brand; and casual sneakers, apparel and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron and Jack Purcell brands.
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