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Nike Stock Price Soars Above $100, Wait for More Upside

Nike stock price

Nike (NYSE: NKE) stock price crossed $100 physiological level for the first time in history. The shares bounced 35% since the beginning of this year, extending the three-year rally to 93%. Nike is one of the best growth stocks because of its aggressive financial growth rate. The company has been reinvesting the majority of cash flows into growth opportunities.

It offers a dividend yield of just below 1%, which is quite low for a dividend portfolio. Nike appears like a perfect stock to play for growth and value investors. The upside momentum is likely to extend into 2020 amid the robust and sustainable increase in financial numbers.

NKE NIKE, Inc. daily Stock Chart

Q2 Beat Is Adding to Nike Stock Price Gains

The company topped second-quarter earnings per share and revenue by $0.12 and $240 million, respectively. Its Q2 revenue grew 10% year over year to $10.33 billion, thanks to growth from all segments. In addition, the company’s strategy of investing in high margin areas along with cost savings and share buybacks is permitting it to post a massive enlargement in earnings per share.

Mark Parker, Chairman, President, and CEO said, “In Q2, NIKE has proven again that innovation is our greatest competitive edge – turning athlete insights into breakthrough product and digital services, as we offer more choice to more consumers at an accelerated pace.”  

Its earnings per share grew 35% year over year to $0.70 per share. Moreover, it has generated significant growth in cash generation. It repurchased almost $1 billion of outstanding common stock in Q2 as a part of its four-year program.

Outlook Remains Strong

The company expects to generate sustainable growth in financial numbers in the long-term. It expects double-digit revenue growth for the full year while earnings per share are likely to increase at a high double-digit rate. Nike also plans to raise its dividends in 2020. It has increased dividends in the past 18 consecutive years. Overall, Nike’s stock price is well set to extend the momentum in the coming days.

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Based in Saudi Arabia, Siraj has a strong understanding of and passion for accounting and finance. He has worked for international clients for many years on several projects related to the stock market, equity research and other business, accounting and finance related projects. Siraj is a published financial analyst on the world's leading websites including SeekingAlpha, TheStreet, MSN, and others.