NIKE (NYSE:NKE) Shares Up 5.4% Following Analyst Upgrade

NIKE, Inc. (NYSE:NKE) shares rose 5.4% during mid-day trading on Friday after Wells Fargo & Company raised their price target on the stock from $86.00 to $95.00. Wells Fargo & Company currently has an overweight rating on the stock. NIKE traded as high as $88.00 and last traded at $85.36. Approximately 20,408,793 shares changed hands during mid-day trading, an increase of 80% from the average daily volume of 11,332,746 shares. The stock had previously closed at $80.98.

NKE has been the topic of several other reports. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $83.00 target price (down from $116.00) on shares of NIKE in a research report on Friday, June 28th. Truist Financial cut their price objective on NIKE from $99.00 to $81.00 and set a “hold” rating for the company in a research note on Friday, June 28th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $92.00 target price on shares of NIKE in a research note on Friday. Guggenheim lowered their price target on shares of NIKE from $130.00 to $115.00 and set a “buy” rating on the stock in a report on Friday, June 28th. Finally, Citigroup reduced their price objective on shares of NIKE from $115.00 to $102.00 and set a “buy” rating for the company in a research note on Friday, June 28th. Fifteen analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $96.00.

Insiders Place Their Bets

In related news, Director Robert Holmes Swan bought 2,941 shares of the company’s stock in a transaction dated Friday, June 28th. The stock was purchased at an average price of $77.02 per share, for a total transaction of $226,515.82. Following the acquisition, the director now owns 20,946 shares in the company, valued at $1,613,260.92. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Chairman Mark G. Parker sold 52,487 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $78.00, for a total transaction of $4,093,986.00. Following the transaction, the chairman now owns 1,031,226 shares of the company’s stock, valued at $80,435,628. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Robert Holmes Swan purchased 2,941 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were acquired at an average cost of $77.02 per share, with a total value of $226,515.82. Following the completion of the purchase, the director now directly owns 20,946 shares in the company, valued at approximately $1,613,260.92. The disclosure for this purchase can be found here. 0.50% of the stock is currently owned by insiders.

Institutional Trading of NIKE

Hedge funds and other institutional investors have recently bought and sold shares of the business. Annapolis Financial Services LLC increased its position 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 worth $25,000 after acquiring an additional 220 shares during the period. True Wealth Design LLC increased its holdings in NIKE by 106.4% during the 4th quarter. True Wealth Design LLC now owns 291 shares of the footwear maker’s stock worth $32,000 after purchasing an additional 150 shares during the period. Frank Rimerman Advisors LLC bought a new stake in NIKE during the 4th quarter valued at $33,000. Core Wealth Advisors Inc. lifted its holdings in shares of NIKE by 408.5% in the 4th quarter. Core Wealth Advisors Inc. now owns 300 shares of the footwear maker’s stock worth $33,000 after buying an additional 241 shares during the period. Finally, Gold Investment Management Ltd. bought a new position in shares of NIKE during the 4th quarter worth $36,000. Hedge funds and other institutional investors own 64.25% of the company’s stock.

NIKE Stock Up 5.4 %

The firm has a market cap of $128.84 billion, a P/E ratio of 22.88, a P/E/G ratio of 2.08 and a beta of 1.02. The company has a current ratio of 2.40, a quick ratio of 1.69 and a debt-to-equity ratio of 0.55. The business has a 50-day moving average price of $77.84 and a 200-day moving average price of $87.23.

NIKE (NYSE:NKE) last issued its earnings results on Thursday, June 27th. The footwear maker reported $1.01 earnings per share (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 42.63%. The company had revenue of $12.60 billion for the quarter, compared to analysts’ expectations of $12.86 billion. During the same period in the prior year, the business earned $0.66 EPS. The firm’s quarterly revenue was down 1.6% on a year-over-year basis. On average, equities analysts forecast that NIKE, Inc. will post 3.06 EPS for the current fiscal year.

NIKE Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Tuesday, September 3rd will be issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 1.73%. The ex-dividend date of this dividend is Tuesday, September 3rd. NIKE’s payout ratio is 39.68%.

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.