After one of the most profitable years in company history, Nike says it will put the stock buyback program into effect after the current $8 million authorization is completed. NIKE had approximately 678 million shares of Class B Common Stock outstanding as of November 16, 2015.
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In a research report sent to investors and clients by HSBC Securities on Wednesday morning, Nike Inc (NYSE:NKE) had its price target upped to $131.00.
Analysts await Nike Inc (NYSE:NKE) to reports earnings on December, 17.
The company, which last split its stock in December 2012, also increased its quarterly dividend to 32 cents a share from 28 cents.
A number of equities research analysts have commented on the company. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and thirty have given a buy rating to the company’s stock. The average twelve-month price target among analysts that have issued a report on the stock in the past year is $136.05. The 50-day moving average is $127.9 and the 200 day moving average is recorded at $113.55. Finally, MKM Partners restated a “sell” rating on shares of Nike in a research report on Wednesday, October 21st.
Nike (NYSE:NKE) last posted its earnings results on Thursday, September 24th.
Nike, which joined the Dow Jones Industrial Average in 2013, has been benefiting from cultural trends that favor its products, including the rise of athletically styled footwear and clothes among consumers who aren’t necessarily planning a workout. The footwear maker reported $1.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.19 by $0.15.
The company shares have rallied 26.86% in the past 52 Weeks. The company had $5.92 billion in cash, equivalents and short- term investments at the end of the fiscal year. The firm earned $8.40 billion during the quarter.
NIKE, Inc. (NIKE) is engaged in the design, development and worldwide marketing and selling of footwear, apparel, equipment, accessories and services.
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NIKE’s buyback plan is $12 billion with a four-year period to expiration. The Company sells its products through NIKE owned web sites and retail stores. The Business also markets products made for kids, in addition to for other athletic and recreational uses, for example cricket, lacrosse, tennis, volleyball, wrestling, outdoor and walking activities. Basketball comprises its Brand Jordan product offerings and Men’s Training comprises its baseball and United States football merchandise offerings. The Company operates in Emerging Markets, Western Europe, Central & Eastern Europe, Greater China, Japan and North America.
