NIKE (NYSE:NKE) Given New $97.00 Price Target at Wedbush

NIKE (NYSE:NKE) had its price target cut by Wedbush from $115.00 to $97.00 in a research note released on Friday, Benzinga reports. They currently have an outperform rating on the footwear maker’s stock.

Several other equities research analysts have also recently issued reports on the stock. Jefferies Financial Group lowered their target price on shares of NIKE from $110.00 to $100.00 and set a hold rating on the stock in a research note on Friday, March 22nd. Williams Trading reaffirmed a sell rating and set a $85.00 target price (down previously from $92.00) on shares of NIKE in a research note on Monday, March 18th. Piper Sandler lowered their target price on shares of NIKE from $107.00 to $98.00 and set a neutral rating on the stock in a research note on Friday, March 22nd. JPMorgan Chase & Co. lowered their target price on shares of NIKE from $122.00 to $116.00 and set an overweight rating on the stock in a research note on Thursday, June 20th. Finally, Telsey Advisory Group reissued an outperform rating and set a $115.00 price target on shares of NIKE in a research report on Friday, June 21st. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of Hold and an average target price of $98.96.

NIKE Price Performance

Shares of NYSE NKE opened at $75.36 on Friday. The firm has a market cap of $113.75 billion, a PE ratio of 20.20, a PEG ratio of 1.79 and a beta of 1.05. The firm has a fifty day moving average of $93.28 and a 200 day moving average of $99.15. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.89 and a current ratio of 2.74. NIKE has a one year low of $74.55 and a one year high of $123.39.

NIKE (NYSE:NKE) last issued its quarterly earnings results on Thursday, June 27th. The footwear maker reported $1.01 EPS for the quarter, topping the consensus estimate of $0.85 by $0.16. NIKE had a net margin of 11.10% and a return on equity of 42.87%. The company had revenue of $12.60 billion during the quarter, compared to analyst estimates of $12.86 billion. During the same quarter in the previous year, the firm earned $0.66 EPS. The firm’s revenue was down 1.6% compared to the same quarter last year. As a group, research analysts predict that NIKE will post 3.9 EPS for the current fiscal year.

NIKE Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be paid a dividend of $0.37 per share. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.96%. NIKE’s payout ratio is 39.68%.

Insider Buying and Selling

In related news, Chairman Mark G. Parker sold 168,378 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $93.14, for a total transaction of $15,682,726.92. Following the sale, the chairman now directly owns 1,102,090 shares in the company, valued at $102,648,662.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Chairman Mark G. Parker sold 168,378 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $93.14, for a total transaction of $15,682,726.92. Following the sale, the chairman now directly owns 1,102,090 shares in the company, valued at $102,648,662.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Monique S. Matheson sold 45,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $94.16, for a total transaction of $4,237,200.00. Following the sale, the executive vice president now owns 44,997 shares in the company, valued at $4,236,917.52. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 213,660 shares of company stock worth $19,946,333. Company insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On NIKE

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in NIKE by 0.5% in the first quarter. Vanguard Group Inc. now owns 110,044,821 shares of the footwear maker’s stock valued at $10,342,012,000 after purchasing an additional 501,792 shares in the last quarter. Capital International Investors boosted its holdings in NIKE by 34.9% in the fourth quarter. Capital International Investors now owns 27,609,613 shares of the footwear maker’s stock valued at $2,997,628,000 after purchasing an additional 7,143,775 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of NIKE by 87.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 17,135,431 shares of the footwear maker’s stock valued at $1,860,395,000 after acquiring an additional 7,996,434 shares during the period. Norges Bank acquired a new stake in shares of NIKE in the fourth quarter valued at approximately $1,315,097,000. Finally, Fisher Asset Management LLC boosted its holdings in shares of NIKE by 2.3% in the fourth quarter. Fisher Asset Management LLC now owns 9,887,769 shares of the footwear maker’s stock valued at $1,073,515,000 after acquiring an additional 219,091 shares during the period. 64.25% of the stock is owned by institutional investors and hedge funds.

NIKE Company Profile

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, accessories, and services worldwide. The company provides athletic and casual footwear, apparel, and accessories under the Jumpman trademark; and casual sneakers, apparel, and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell trademarks.