NIKE (NYSE:NKE) Price Target Lowered to $75.00 at Royal Bank of Canada

NIKE (NYSE:NKE) had its price objective trimmed by Royal Bank of Canada from $100.00 to $75.00 in a report issued on Tuesday, MarketBeat Ratings reports. The brokerage currently has a sector perform rating on the footwear maker’s stock.

A number of other research analysts have also recently issued reports on the company. StockNews.com cut NIKE from a buy rating to a hold rating in a research note on Friday, June 21st. Bank of America cut their price target on shares of NIKE from $113.00 to $104.00 and set a buy rating on the stock in a research note on Friday, June 28th. UBS Group reissued a neutral rating and set a $78.00 price objective on shares of NIKE in a research report on Friday, June 28th. Wells Fargo & Company cut their price objective on shares of NIKE from $115.00 to $92.00 and set an overweight rating on the stock in a research report on Friday, June 28th. Finally, Morgan Stanley reiterated an equal weight rating and set a $79.00 target price (down previously from $114.00) on shares of NIKE in a report on Friday, June 28th. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $98.04.

NIKE Price Performance

Shares of NKE stock opened at $76.06 on Tuesday. The firm’s 50 day moving average price is $92.94 and its two-hundred day moving average price is $98.54. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.69 and a current ratio of 2.40. NIKE has a 52-week low of $74.29 and a 52-week high of $123.39. The stock has a market cap of $114.80 billion, a PE ratio of 20.39, a PEG ratio of 1.43 and a beta of 1.01.

NIKE (NYSE:NKE) last announced its quarterly earnings results on Thursday, June 27th. The footwear maker reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.16. The business had revenue of $12.60 billion for the quarter, compared to the consensus estimate of $12.86 billion. NIKE had a net margin of 11.10% and a return on equity of 42.63%. NIKE’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same period last year, the company posted $0.66 EPS. As a group, analysts forecast that NIKE will post 3.9 EPS for the current year.

NIKE Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Monday, June 3rd were issued a dividend of $0.37 per share. The ex-dividend date was Monday, June 3rd. This represents a $1.48 annualized dividend and a dividend yield of 1.95%. NIKE’s dividend payout ratio is presently 39.68%.

Insider Activity at NIKE

In other news, VP Johanna Nielsen sold 282 shares of the stock in a transaction on Thursday, May 9th. The stock was 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 approximately $68,357.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Chairman Mark G. Parker sold 168,378 shares of NIKE stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $93.14, for a total value of $15,682,726.92. Following the transaction, the chairman now directly owns 1,102,090 shares of the company’s stock, valued at $102,648,662.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Johanna Nielsen sold 282 shares of the company’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $93.64, for a total value of $26,406.48. Following the sale, the vice president now owns 730 shares of the company’s stock, valued at $68,357.20. The disclosure for this sale can be found here. Over the last ninety days, insiders 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 have recently modified their holdings of NKE. Hudson Valley Investment Advisors Inc. ADV raised its stake in NIKE by 19.5% during the second quarter. Hudson Valley Investment Advisors Inc. ADV now owns 8,299 shares of the footwear maker’s stock worth $625,000 after acquiring an additional 1,356 shares in the last quarter. GAMMA Investing LLC lifted its stake in NIKE by 50.4% in the 2nd quarter. GAMMA Investing LLC now owns 16,473 shares of the footwear maker’s stock valued at $1,242,000 after purchasing an additional 5,521 shares during the last quarter. Transcend Capital Advisors LLC boosted its position in NIKE by 9.6% in the second quarter. Transcend Capital Advisors LLC now owns 12,229 shares of the footwear maker’s stock valued at $922,000 after buying an additional 1,067 shares in the last quarter. Confluence Investment Management LLC grew its stake in shares of NIKE by 31.4% during the second quarter. Confluence Investment Management LLC now owns 228,972 shares of the footwear maker’s stock worth $17,258,000 after buying an additional 54,672 shares during the last quarter. Finally, NBW Capital LLC increased its holdings in shares of NIKE by 0.9% during the first quarter. NBW Capital LLC now owns 47,539 shares of the footwear maker’s stock worth $4,468,000 after buying an additional 431 shares in the last quarter. Institutional investors and hedge funds own 64.25% of the company’s stock.

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.