DICK’S Sporting Goods (NYSE:DKS) Posts Earnings Results, Beats Estimates By $0.41 EPS

DICK’S Sporting Goods (NYSE:DKS) posted its quarterly earnings results on Tuesday. The sporting goods retailer reported $2.85 earnings per share for the quarter, topping the consensus estimate of $2.44 by $0.41, MarketWatch Earnings reports. DICK’S Sporting Goods had a return on equity of 40.52% and a net margin of 8.03%. The business had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $2.94 billion. During the same period in the prior year, the company posted $2.60 EPS. The firm’s revenue for the quarter was up 2.8% compared to the same quarter last year. DICK’S Sporting Goods updated its FY24 guidance to $12.00-$12.60 EPS.

DICK’S Sporting Goods Stock Performance

DKS stock traded up $0.20 during trading on Wednesday, hitting $121.79. 1,691,077 shares of the company traded hands, compared to its average volume of 1,511,022. The stock’s 50-day simple moving average is $109.72 and its 200 day simple moving average is $123.94. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.81 and a quick ratio of 0.78. The company has a market cap of $10.35 billion, a PE ratio of 10.80, a P/E/G ratio of 2.00 and a beta of 1.49. DICK’S Sporting Goods has a 1 year low of $100.98 and a 1 year high of $152.61.

DICK’S Sporting Goods Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 3.28%. The ex-dividend date is Thursday, December 14th. DICK’S Sporting Goods’s dividend payout ratio is currently 35.49%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Oppenheimer dropped their price target on DICK’S Sporting Goods from $175.00 to $145.00 and set an “outperform” rating for the company in a research note on Wednesday, August 23rd. The Goldman Sachs Group decreased their price objective on DICK’S Sporting Goods from $164.00 to $145.00 and set a “buy” rating on the stock in a report on Wednesday, August 23rd. Bank of America cut DICK’S Sporting Goods from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $180.00 to $125.00 in a report on Wednesday, August 23rd. Truist Financial started coverage on DICK’S Sporting Goods in a report on Friday, November 17th. They set a “buy” rating and a $134.00 price objective on the stock. Finally, JPMorgan Chase & Co. decreased their price target on DICK’S Sporting Goods from $144.00 to $128.00 and set a “neutral” rating on the stock in a report on Thursday, August 24th. Thirteen investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $143.71.

Insider Activity at DICK’S Sporting Goods

In related news, Director Sandeep Mathrani purchased 1,300 shares of DICK’S Sporting Goods stock in a transaction that occurred on Thursday, August 24th. The stock was bought at an average cost of $113.54 per share, for a total transaction of $147,602.00. Following the completion of the transaction, the director now owns 6,647 shares in the company, valued at $754,700.38. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other DICK’S Sporting Goods news, Director William J. Colombo acquired 2,200 shares of the company’s stock in a transaction on Thursday, September 7th. The shares were bought at an average cost of $110.00 per share, with a total value of $242,000.00. Following the completion of the acquisition, the director now owns 170,192 shares in the company, valued at $18,721,120. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sandeep Mathrani acquired 1,300 shares of the company’s stock in a transaction on Thursday, August 24th. The stock was acquired at an average cost of $113.54 per share, for a total transaction of $147,602.00. Following the completion of the acquisition, the director now owns 6,647 shares of the company’s stock, valued at approximately $754,700.38. The disclosure for this purchase can be found here. 30.79% of the stock is owned by company insiders.

Institutional Trading of DICK’S Sporting Goods

Institutional investors have recently made changes to their positions in the company. BlackRock Inc. boosted its stake in DICK’S Sporting Goods by 12.1% during the first quarter. BlackRock Inc. now owns 5,983,808 shares of the sporting goods retailer’s stock worth $849,043,000 after buying an additional 644,609 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in shares of DICK’S Sporting Goods by 1,168.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 465,279 shares of the sporting goods retailer’s stock valued at $7,918,000 after purchasing an additional 428,593 shares during the last quarter. State Street Corp lifted its stake in shares of DICK’S Sporting Goods by 17.1% in the 2nd quarter. State Street Corp now owns 1,981,489 shares of the sporting goods retailer’s stock valued at $261,933,000 after purchasing an additional 289,165 shares during the last quarter. Morgan Stanley lifted its stake in shares of DICK’S Sporting Goods by 25.8% in the 3rd quarter. Morgan Stanley now owns 1,399,734 shares of the sporting goods retailer’s stock valued at $151,983,000 after purchasing an additional 286,988 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in shares of DICK’S Sporting Goods by 99.0% in the 1st quarter. Renaissance Technologies LLC now owns 539,800 shares of the sporting goods retailer’s stock valued at $76,592,000 after purchasing an additional 268,600 shares during the last quarter. 68.21% of the stock is owned by institutional investors and hedge funds.

About DICK’S Sporting Goods

DICK'S Sporting Goods, Inc, together with its subsidiaries, operates as a sporting goods retailer primarily in the United States. The company provides hardlines, includes sporting goods equipment, fitness equipment, golf equipment, and hunting and fishing gear products; apparel; and footwear and accessories.