DICK’S Sporting Goods (NYSE:DKS) Board of Directors Approves Share Repurchase Program

DICK’S Sporting Goods (NYSE:DKS) announced that its board has approved a share buyback program on Tuesday, March 11th, RTT News reports. The company plans to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the sporting goods retailer to reacquire up to 18.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Morgan Stanley boosted their price objective on DICK’S Sporting Goods from $245.00 to $255.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 21st. Loop Capital boosted their target price on DICK’S Sporting Goods from $220.00 to $225.00 and gave the stock a “hold” rating in a research report on Wednesday, November 27th. Truist Financial boosted their target price on DICK’S Sporting Goods from $256.00 to $258.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Argus boosted their target price on DICK’S Sporting Goods from $255.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. Finally, TD Cowen boosted their target price on DICK’S Sporting Goods from $270.00 to $294.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Eight investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $248.09.

DICK’S Sporting Goods Stock Performance

Shares of NYSE DKS opened at $199.20 on Wednesday. The business’s 50-day moving average price is $230.77 and its two-hundred day moving average price is $218.94. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.72 and a quick ratio of 0.56. DICK’S Sporting Goods has a one year low of $180.80 and a one year high of $254.60. The company has a market capitalization of $16.23 billion, a P/E ratio of 14.24, a price-to-earnings-growth ratio of 2.47 and a beta of 1.53.

DICK’S Sporting Goods (NYSE:DKS) last issued its earnings results on Tuesday, March 11th. The sporting goods retailer reported $3.62 EPS for the quarter, beating analysts’ consensus estimates of $3.47 by $0.15. DICK’S Sporting Goods had a return on equity of 42.00% and a net margin of 8.65%. The firm had revenue of $3.89 billion for the quarter, compared to the consensus estimate of $3.76 billion. During the same quarter in the previous year, the company posted $3.85 earnings per share. The business’s quarterly revenue was up .5% compared to the same quarter last year. Analysts anticipate that DICK’S Sporting Goods will post 13.89 earnings per share for the current fiscal year.

DICK’S Sporting Goods Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be paid a dividend of $1.2125 per share. This represents a $4.85 annualized dividend and a dividend yield of 2.43%. This is an increase from DICK’S Sporting Goods’s previous quarterly dividend of $1.10. DICK’S Sporting Goods’s dividend payout ratio is 31.45%.

Insider Transactions at DICK’S Sporting Goods

In other news, Director Lawrence J. Schorr sold 7,333 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $231.55, for a total transaction of $1,697,956.15. Following the completion of the sale, the director now owns 50,997 shares in the company, valued at approximately $11,808,355.35. This represents a 12.57 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Edward W. Stack sold 160,600 shares of the company’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $229.25, for a total value of $36,817,550.00. Following the sale, the chairman now owns 8,362,128 shares of the company’s stock, valued at approximately $1,917,017,844. This trade represents a 1.88 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 172,933 shares of company stock worth $39,655,456. 32.03% of the stock is owned by corporate insiders.

About DICK’S Sporting Goods

Dick’s Sporting Goods, Inc engages in the retailing of an extensive assortment of authentic sports equipment, apparel, footwear, and accessories. It also offers its products both online and through mobile applications. The company was founded by Richard T. Stack in 1948 and is headquartered in Coraopolis, PA.