Market Update (NYSE:NKE): NIKE, Inc. Recommends That Shareholders Reject “Mini-Tender” Offer

[Business Wire] – NIKE, Inc. today announced that it has been notified of an unsolicited “mini-tender” offer dated April 21, 2016, made by TRC Capital Corporation, a private Canadian investment company, to purchase up to 2,000,000 shares of NIKE Class B Common Stock, less than one sixth of one percent of the outstanding shares. Read more on this. NIKE, Inc. (NKE) , currently valued at $100.31B, started the session at $59.31. Looking at the stock, its one day range is $59.27 to $59.97 with a trailing 52-week range being $47.25 to $68.19. NKE shares are currently priced at 27.41x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 21.70x forward p/e ratio. And for those looking to make a return holding the stock, the company pays shareholders $0.64 per share annually in dividends, yielding 1.08%. Consensus earnings for the current quarter by the 28 sell-side analysts covering the stock is an estimate of $0.48 per share, which would be $0.01 worse than the year-ago quarter and a $0.06 sequential decrease. The full-year EPS estimate is $2.16, which would be a $0.31 better than last year. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $8.29 Billion. If realized, that would be a 6.56% increase over the year-ago quarter. In terms of ratings, BB&T Capital Mkts upgraded NKE from Hold to Buy (Oct 19, 2015). Previously, DA Davidson upgraded NKE from Neutral to Buy. Investors should keep in mind is that the average price target is $70.51, which is 18.88% above where the stock opened this morning. See more in (NYSE:NKE) Similar Articles: Market Update (NYSE:LOW): Lowe’s Recommends Shareholders Reject ‘Mini-tender’ Offer From TRC Capital Corporation Market Update (NYSE:MCK): McKesson Recommends Shareholders Reject “Mini-Tender” Offer by TRC Capital Corporation Market Update (NYSE:RAI): Advisory: RAI recommends shareholders reject TRC Capital ‘mini-tender’ offer