Market Update (NYSE:NKE): NIKE, Inc. and Phil Knight Complete Planned Chairman Succession

[Business Wire] – NIKE, Inc. today announced that NIKE Chairman Phil Knight has retired from the Board of Directors and the Board has appointed Mark Parker, NIKE’s President and CEO since 2006, to the additional position of Chairman, effective immediately. Read more on this. NIKE, Inc. (NKE) , with a current market cap of $93.00B, opened at $55.29. Today, shares have traded between $54.60 and $55.43 per share with a one year range of $47.25 to $68.19. NKE shares are currently priced at 22.78x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 18.79x earnings multiple for the same period. The company pays shareholders $0.64 per share in dividend income per year, for a current yield of 1.22%. Consensus earnings for the current quarter by the 26 sell-side analysts covering the stock is an estimate of $0.57 per share, which would be $0.10 worse than the year-ago quarter and a $0.14 sequential decrease. Investors should also note that the full-year EPS estimate of $2.42 is a $0.26 improvement when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $8.91 Billion. If reported, that would be a 5.95% increase over the year-ago quarter. In terms of ratings, BofA/Merrill downgraded NKE from Buy to Neutral (Jun 1, 2016). Previously, Morgan Stanley downgraded NKE from Overweight to Equal-Weight. The average price target for NKE shares by the analysts covering it is $67.61, which is 22.28% above where the stock opened. See more in (NYSE:NKE) Similar Articles: Market Update: Nike Inc (NYSE:NKE) – LeBron’s Nike deal could be worth more than $1 billion Company Update: Nike Inc (NYSE:NKE) – NIKE Unveils a Wave of Innovation That Defines the Future of Sport Market Update: Nike Inc (NYSE:NKE) – NIKE, Inc. Declares $0.16 Quarterly Dividend