NIKE (NYSE:NKE) Raised to Outperform at Royal Bank Of Canada

Key Points

• Royal Bank Of Canada upgraded NIKE from a "sector perform" to an "outperform" rating, with a new price target of $90.00, indicating a potential upside of 24.48% from its current price.
• NIKE’s market capitalization is now approximately $106.78 billion, with a current ratio of 2.21, and a debt-to-equity ratio of 0.60.
• The company reported earnings of $0.14 per share for the last quarter, exceeding analysts’ expectations of $0.12, with revenues reaching $11.10 billion, above predictions of $10.69 billion.

NIKE (NYSE:NKE - Get Free Report) was upgraded by Royal Bank Of Canada from a "sector perform" rating to an "outperform" rating in a research note issued on Thursday,Benzinga reports. The firm presently has a $90.00 price objective on the footwear maker's stock, up from their previous price objective of $76.00. Royal Bank Of Canada's target price would suggest a potential upside of 24.48% from the stock's current price.

Other equities analysts have also issued research reports about the stock. The Goldman Sachs Group upped their price target on shares of NIKE from $72.00 to $81.00 and gave the stock a "buy" rating in a research report on Friday, June 27th. TD Cowen upgraded NIKE from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $62.00 to $85.00 in a report on Wednesday, September 10th. Evercore ISI cut their price objective on NIKE from $97.00 to $75.00 and set an "outperform" rating on the stock in a report on Tuesday, June 24th. Hsbc Global Res upgraded NIKE from a "hold" rating to a "strong-buy" rating in a report on Friday, June 27th. Finally, Zacks Research upgraded NIKE from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 26th. Three analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $79.81.

NIKE Stock Performance

NYSE:NKE opened at $72.30 on Thursday. The firm has a 50-day moving average price of $75.27 and a two-hundred day moving average price of $67.66. The company has a current ratio of 2.21, a quick ratio of 1.50 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $106.78 billion, a P/E ratio of 33.47, a price-to-earnings-growth ratio of 2.64 and a beta of 1.24. NIKE has a twelve month low of $52.28 and a twelve month high of $90.62.

NIKE (NYSE:NKE - Get Free Report) last released its earnings results on Thursday, June 26th. The footwear maker reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.02. The business had revenue of $11.10 billion for the quarter, compared to analysts' expectations of $10.69 billion. NIKE had a net margin of 6.95% and a return on equity of 23.33%. The company's quarterly revenue was down 11.9% on a year-over-year basis. During the same period last year, the company earned $0.99 earnings per share. As a group, research analysts expect that NIKE will post 2.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Chairman Mark G. Parker sold 110,000 shares of the firm's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $72.29, for a total value of $7,951,900.00. Following the completion of the transaction, the chairman directly owned 842,361 shares of the company's stock, valued at $60,894,276.69. This trade represents a 11.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in NIKE by 0.6% in the second quarter. Vanguard Group Inc. now owns 113,823,785 shares of the footwear maker's stock worth $8,086,042,000 after purchasing an additional 672,705 shares during the period. State Street Corp raised its stake in NIKE by 2.8% during the second quarter. State Street Corp now owns 59,154,159 shares of the footwear maker's stock worth $4,225,441,000 after acquiring an additional 1,590,603 shares in the last quarter. Wellington Management Group LLP raised its stake in NIKE by 24.9% during the first quarter. Wellington Management Group LLP now owns 45,383,916 shares of the footwear maker's stock worth $2,880,971,000 after acquiring an additional 9,043,180 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in NIKE by 344.2% during the first quarter. Goldman Sachs Group Inc. now owns 26,698,835 shares of the footwear maker's stock worth $1,694,842,000 after acquiring an additional 20,688,013 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in NIKE by 3.0% during the first quarter. Bank of New York Mellon Corp now owns 20,988,207 shares of the footwear maker's stock worth $1,332,331,000 after acquiring an additional 620,214 shares in the last quarter. 64.25% of the stock is owned by institutional investors.

NIKE Company Profile

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.

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