NIKE (NYSE:NKE) PT Raised to $85.00 at Royal Bank of Canada

NIKE (NYSE:NKE) had its target price increased by research analysts at Royal Bank of Canada from $75.00 to $85.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “sector perform” rating on the footwear maker’s stock. Royal Bank of Canada’s target price would indicate a potential downside of 2.82% from the company’s current price.

A number of other analysts have also commented on NKE. Oppenheimer reaffirmed an “outperform” rating and set a $120.00 price objective on shares of NIKE in a research note on Friday, June 28th. Raymond James reissued a “market perform” rating on shares of NIKE in a research report on Friday, June 28th. UBS Group reissued a “neutral” rating and issued a $78.00 price target on shares of NIKE in a research report on Friday, June 28th. Wells Fargo & Company increased their price target on shares of NIKE from $86.00 to $95.00 and gave the stock an “overweight” rating in a research report on Friday, September 20th. Finally, KeyCorp reissued a “sector weight” rating on shares of NIKE in a research report on Friday, June 28th. Fifteen analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $96.41.

NIKE Stock Performance

NYSE:NKE opened at $87.47 on Wednesday. NIKE has a twelve month low of $70.75 and a twelve month high of $123.39. 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 company has a 50-day moving average of $78.70 and a 200-day moving average of $86.82. The firm has a market cap of $131.15 billion, a price-to-earnings ratio of 23.45, a price-to-earnings-growth ratio of 2.30 and a beta of 1.02.

NIKE (NYSE:NKE) last posted its quarterly earnings data 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 42.63%. The company had revenue of $12.60 billion during the quarter, compared to analyst estimates of $12.86 billion. During the same period in the prior year, the firm earned $0.66 earnings per share. The business’s quarterly revenue was down 1.6% on a year-over-year basis. Analysts forecast that NIKE will post 3.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cim LLC acquired a new position in NIKE during the 4th quarter worth about $14,275,000. TKG Advisors LLC acquired a new position in NIKE during the 4th quarter worth about $1,012,000. Spartan Planning & Wealth Management acquired a new position in NIKE during the 4th quarter worth about $182,000. Advisors Asset Management Inc. lifted its position in NIKE by 86.0% during the 1st quarter. Advisors Asset Management Inc. now owns 20,957 shares of the footwear maker’s stock worth $1,970,000 after buying an additional 9,689 shares in the last quarter. Finally, Evoke Wealth LLC lifted its position in NIKE by 65.9% during the 4th quarter. Evoke Wealth LLC now owns 75,727 shares of the footwear maker’s stock worth $8,250,000 after buying an additional 30,082 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.