Nike Inc (NYSE:NKE) Expected to Announce Quarterly Sales of $10.45 Billion

Wall Street analysts expect that Nike Inc (NYSE:NKE) will report sales of $10.45 billion for the current fiscal quarter, Zacks Investment Research reports. Nine analysts have issued estimates for Nike’s earnings. The highest sales estimate is $10.62 billion and the lowest is $10.37 billion. Nike posted sales of $9.95 billion during the same quarter last year, which would indicate a positive year over year growth rate of 5%. The company is scheduled to announce its next earnings results on Tuesday, September 24th.

According to Zacks, analysts expect that Nike will report full year sales of $42.21 billion for the current year, with estimates ranging from $42.03 billion to $42.35 billion. For the next year, analysts forecast that the firm will post sales of $45.74 billion, with estimates ranging from $45.42 billion to $46.35 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Nike.

Nike (NYSE:NKE) last released its quarterly earnings data on Thursday, June 27th. The footwear maker reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.66 by ($0.04). The business had revenue of $10.18 billion during the quarter, compared to analyst estimates of $10.15 billion. Nike had a net margin of 10.30% and a return on equity of 45.12%. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.69 EPS.

NKE has been the topic of several recent analyst reports. Pivotal Research set a $101.00 target price on shares of Nike and gave the stock a “buy” rating in a report on Friday, June 28th. Credit Suisse Group reiterated a “buy” rating and issued a $97.00 target price on shares of Nike in a report on Friday, June 28th. Zacks Investment Research upgraded shares of Nike from a “sell” rating to a “hold” rating and set a $95.00 target price on the stock in a report on Monday, May 27th. Goldman Sachs Group set a $83.00 target price on shares of Nike and gave the stock a “neutral” rating in a report on Monday, July 1st. Finally, Bank of America upgraded shares of Nike to an “underperform” rating and lifted their target price for the stock from $60.00 to $70.00 in a report on Monday, June 24th. One analyst has rated the stock with a sell rating, ten have given a hold rating and twenty-two have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $90.02.

NKE traded up $0.57 during trading on Thursday, hitting $83.31. The stock had a trading volume of 3,594,204 shares, compared to its average volume of 6,497,862. The firm has a market cap of $127.12 billion, a PE ratio of 33.46, a P/E/G ratio of 2.15 and a beta of 0.78. Nike has a 12 month low of $66.53 and a 12 month high of $90.00. The company has a current ratio of 2.10, a quick ratio of 1.39 and a debt-to-equity ratio of 0.38. The company has a 50 day simple moving average of $84.83 and a 200-day simple moving average of $84.60.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $0.88 annualized dividend and a dividend yield of 1.06%. Nike’s payout ratio is 35.34%.

In other news, insider Elliott Hill sold 34,100 shares of the business’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $88.34, for a total transaction of $3,012,394.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Elizabeth J. Comstock sold 24,000 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $84.84, for a total transaction of $2,036,160.00. Following the completion of the sale, the director now directly owns 38,813 shares in the company, valued at approximately $3,292,894.92. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 194,637 shares of company stock worth $16,767,237. Insiders own 3.80% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of NKE. Nuveen Asset Management LLC increased its stake in Nike by 6,608.4% in the second quarter. Nuveen Asset Management LLC now owns 14,363,870 shares of the footwear maker’s stock valued at $1,205,847,000 after acquiring an additional 14,149,753 shares during the period. FMR LLC increased its stake in Nike by 27.0% in the first quarter. FMR LLC now owns 23,077,703 shares of the footwear maker’s stock valued at $1,943,374,000 after acquiring an additional 4,908,916 shares during the period. Jennison Associates LLC increased its stake in Nike by 13.6% in the second quarter. Jennison Associates LLC now owns 23,510,331 shares of the footwear maker’s stock valued at $1,973,692,000 after acquiring an additional 2,809,878 shares during the period. BlackRock Inc. increased its stake in Nike by 2.2% in the second quarter. BlackRock Inc. now owns 87,672,220 shares of the footwear maker’s stock valued at $7,360,079,000 after acquiring an additional 1,883,150 shares during the period. Finally, Vanguard Group Inc. increased its stake in Nike by 1.4% in the second quarter. Vanguard Group Inc. now owns 105,374,269 shares of the footwear maker’s stock valued at $8,846,169,000 after acquiring an additional 1,469,583 shares during the period. 66.41% of the stock is currently owned by institutional investors and hedge funds.

About Nike

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide. The company offers NIKE brand products in six categories: running, NIKE basketball, the Jordan brand, football, training, and sportswear. It also markets products designed for kids, as well as for other athletic and recreational uses, such as American football, baseball, cricket, lacrosse, skateboarding, tennis, volleyball, wrestling, walking, and outdoor activities; and apparel with licensed college and professional team and league logos, as well as sells sports apparel.

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