NIKE (NYSE:NKE) Price Target Lowered to $104.00 at Bank of America

NIKE (NYSE:NKE) had its price target lowered by Bank of America from $113.00 to $104.00 in a research note released on Friday, Benzinga reports. Bank of America currently has a buy rating on the footwear maker’s stock.

A number of other brokerages also recently commented on NKE. Royal Bank of Canada reissued a sector perform rating and issued a $100.00 target price (down previously from $110.00) on shares of NIKE in a research note on Friday, March 22nd. Truist Financial lowered their price target on shares of NIKE from $99.00 to $81.00 and set a hold rating for the company in a report on Friday. UBS Group reaffirmed a neutral rating and set a $78.00 price target on shares of NIKE in a report on Friday. Jefferies Financial Group lowered their price target on shares of NIKE from $110.00 to $100.00 and set a hold rating for the company in a report on Friday, March 22nd. Finally, Citigroup lowered their price target on shares of NIKE from $135.00 to $125.00 and set a buy rating for the company in a report on Thursday, March 14th. Two 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 company. According to MarketBeat.com, the company has a consensus rating of Hold and an average price target of $98.96.

NIKE Stock Performance

Shares of NKE stock opened at $75.36 on Friday. The company’s fifty day simple moving average is $93.28 and its 200-day simple moving average is $99.15. NIKE has a 52 week low of $74.55 and a 52 week high of $123.39. The company has a current ratio of 2.74, a quick ratio of 1.89 and a debt-to-equity ratio of 0.63. The company has a market cap of $113.75 billion, a PE ratio of 20.20, a P/E/G ratio of 1.79 and a beta of 1.05.

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

NIKE Dividend Announcement

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

Insider Transactions at NIKE

In other news, VP Johanna Nielsen sold 282 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $93.64, for a total value of $26,406.48. Following the completion of the sale, the vice president now directly owns 730 shares of the company’s stock, valued at approximately $68,357.20. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Chairman Mark G. Parker sold 168,378 shares of the 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 completion of the sale, the chairman now directly owns 1,102,090 shares of the company’s stock, valued at $102,648,662.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Johanna Nielsen sold 282 shares of the stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $93.64, for a total transaction of $26,406.48. Following the sale, the vice president now directly owns 730 shares of the company’s stock, valued at $68,357.20. The disclosure for this sale can be found here. In the last three months, insiders sold 213,660 shares of company stock valued at $19,946,333. Company insiders own 0.50% of the company’s stock.

Institutional Trading of NIKE

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Iron Horse Wealth Management LLC lifted its stake in NIKE by 120.7% during the fourth quarter. Iron Horse Wealth Management LLC now owns 256 shares of the footwear maker’s stock valued at $28,000 after purchasing an additional 140 shares during the last quarter. Annapolis Financial Services LLC raised its holdings in shares of NIKE by 440.0% during the first quarter. Annapolis Financial Services LLC now owns 270 shares of the footwear maker’s stock valued at $25,000 after acquiring an additional 220 shares during the period. Planned Solutions Inc. acquired a new stake in shares of NIKE during the fourth quarter valued at approximately $29,000. True Wealth Design LLC raised its holdings in shares of NIKE by 106.4% during the fourth quarter. True Wealth Design LLC now owns 291 shares of the footwear maker’s stock valued at $32,000 after acquiring an additional 150 shares during the period. Finally, Core Wealth Advisors Inc. raised its holdings in shares of NIKE by 408.5% during the fourth quarter. Core Wealth Advisors Inc. now owns 300 shares of the footwear maker’s stock valued at $33,000 after acquiring an additional 241 shares during the period. 64.25% of the stock is owned by institutional investors and hedge funds.

About NIKE

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.