Zacks Research Weighs in on NIKE, Inc.’s FY2023 Earnings (NYSE:NKE)

NIKE, Inc. (NYSE:NKE – Get Rating) – Stock analysts at Zacks Research upped their FY2023 earnings per share estimates for NIKE in a report issued on Monday, May 22nd. Zacks Research analyst R. Lohia now expects that the footwear maker will earn $3.17 per share for the year, up from their previous estimate of $3.16. The consensus estimate for NIKE’s current full-year earnings is $3.24 per share. Zacks Research also issued estimates for NIKE’s Q2 2024 earnings at $0.94 EPS, Q3 2024 earnings at $0.83 EPS, FY2024 earnings at $3.37 EPS, Q1 2025 earnings at $1.20 EPS and Q3 2025 earnings at $1.00 EPS.

A number of other equities analysts have also commented on the company. Telsey Advisory Group raised their price target on NIKE from $133.00 to $138.00 and gave the stock an “outperform” rating in a report on Friday, March 17th. Piper Sandler lifted their price objective on NIKE from $105.00 to $112.00 and gave the company a “neutral” rating in a research note on Wednesday, March 22nd. Guggenheim lifted their price objective on NIKE from $135.00 to $145.00 and gave the company a “buy” rating in a research note on Wednesday, March 22nd. OTR Global upgraded NIKE from a “mixed” rating to a “positive” rating in a research report on Friday, March 10th. Finally, Royal Bank of Canada set a $145.00 price objective on NIKE and gave the stock an “outperform” rating in a report on Friday, March 17th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twenty-two have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $134.33.

NIKE Price Performance

NIKE stock opened at $108.29 on Wednesday. NIKE has a one year low of $82.22 and a one year high of $131.31. The business has a fifty day moving average price of $121.92 and a 200-day moving average price of $118.61. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.73 and a quick ratio of 1.79. The firm has a market capitalization of $166.44 billion, a P/E ratio of 31.21, a PEG ratio of 3.20 and a beta of 1.11.

NIKE (NYSE:NKE – Get Rating) last announced its quarterly earnings data on Tuesday, March 21st. The footwear maker reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.24. NIKE had a return on equity of 35.98% and a net margin of 10.82%. The business had revenue of $12.40 billion during the quarter, compared to analyst estimates of $11.48 billion. During the same period in the prior year, the company earned $0.87 earnings per share. NIKE’s revenue was up 13.8% compared to the same quarter last year.

NIKE Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 5th. Stockholders of record on Monday, June 5th will be given a dividend of $0.34 per share. The ex-dividend date is Friday, June 2nd. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.26%. NIKE’s payout ratio is 39.19%.

Insider Activity

In related news, Chairman Mark G. Parker sold 110,000 shares of NIKE stock in a transaction dated Thursday, April 6th. The stock was sold at an average price of $119.25, for a total value of $13,117,500.00. Following the completion of the transaction, the chairman now owns 1,376,961 shares in the company, valued at $164,202,599.25. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other NIKE news, VP Johanna Nielsen sold 282 shares of the firm’s stock in a transaction dated Monday, April 17th. The shares were sold at an average price of $126.03, for a total value of $35,540.46. Following the completion of the sale, the vice president now owns 3,518 shares of the company’s stock, valued at $443,373.54. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Mark G. Parker sold 110,000 shares of the firm’s stock in a transaction dated Thursday, April 6th. The stock was sold at an average price of $119.25, for a total transaction of $13,117,500.00. Following the completion of the sale, the chairman now directly owns 1,376,961 shares of the company’s stock, valued at approximately $164,202,599.25. The disclosure for this sale can be found here. Insiders sold a total of 220,282 shares of company stock worth $26,447,640 over the last 90 days. Corporate insiders own 0.40% of the company’s stock.

Institutional Trading of NIKE

Several institutional investors have recently added to or reduced their stakes in the company. Old North State Trust LLC raised its stake in shares of NIKE by 5.4% during the first quarter. Old North State Trust LLC now owns 4,102 shares of the footwear maker’s stock valued at $503,000 after acquiring an additional 212 shares in the last quarter. Verity Asset Management Inc. raised its stake in NIKE by 112.3% in the first quarter. Verity Asset Management Inc. now owns 6,604 shares of the footwear maker’s stock worth $810,000 after buying an additional 3,493 shares in the last quarter. Raleigh Capital Management Inc. raised its stake in NIKE by 451.1% in the first quarter. Raleigh Capital Management Inc. now owns 485 shares of the footwear maker’s stock worth $59,000 after buying an additional 397 shares in the last quarter. Putnam Investments LLC raised its stake in NIKE by 3.2% in the first quarter. Putnam Investments LLC now owns 2,241,209 shares of the footwear maker’s stock worth $274,862,000 after buying an additional 69,473 shares in the last quarter. Finally, Arete Wealth Advisors LLC bought a new position in NIKE in the first quarter worth approximately $1,423,000. Institutional investors own 63.20% of the company’s stock.

About NIKE

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NIKE, Inc engages in the design, development, marketing, and sale of athletic footwear, apparel, accessories, equipment, and services. It operates through the following segments: North America, Europe, Middle East & Africa, Greater China, Asia Pacific & Latin America, Global Brand Divisions, Converse, and Corporate.