NIKE (NYSE:NKE) Cut to Neutral at Citigroup

Citigroup cut shares of NIKE (NYSE:NKE) from a buy rating to a neutral rating in a research report released on Friday morning, MarketBeat.com reports. The firm currently has $72.00 target price on the footwear maker’s stock, down from their previous target price of $102.00.

Several other brokerages have also commented on NKE. Wells Fargo & Company decreased their price objective on shares of NIKE from $95.00 to $92.00 and set an “overweight” rating on the stock in a report on Monday, December 16th. Piper Sandler upgraded NIKE from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $72.00 to $90.00 in a report on Friday, January 10th. Deutsche Bank Aktiengesellschaft dropped their price objective on NIKE from $92.00 to $82.00 and set a “buy” rating on the stock in a report on Monday, December 16th. Robert W. Baird reduced their price target on shares of NIKE from $110.00 to $105.00 and set an “outperform” rating for the company in a research report on Monday, December 23rd. Finally, TD Cowen lowered their target price on NIKE from $78.00 to $73.00 and set a “hold” rating on the stock in a research note on Monday, November 18th. Fifteen equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $88.62.

NIKE Stock Performance

NYSE NKE opened at $68.69 on Friday. NIKE has a twelve month low of $68.62 and a twelve month high of $107.43. The stock has a market capitalization of $101.60 billion, a price-to-earnings ratio of 21.20, a PEG ratio of 2.34 and a beta of 1.01. The company has a current ratio of 2.22, a quick ratio of 1.51 and a debt-to-equity ratio of 0.57. The stock has a 50-day moving average of $75.12 and a 200 day moving average of $78.04.

NIKE (NYSE:NKE) last released its earnings results on Thursday, December 19th. The footwear maker reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.15. NIKE had a net margin of 9.98% and a return on equity of 36.99%. The business had revenue of $12.35 billion during the quarter, compared to analyst estimates of $12.11 billion. During the same quarter in the prior year, the firm earned $1.03 earnings per share. The company’s revenue for the quarter was down 7.7% compared to the same quarter last year. Sell-side analysts anticipate that NIKE will post 2.05 EPS for the current fiscal year.

NIKE Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd were issued a $0.40 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This is a boost from NIKE’s previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a yield of 2.33%. NIKE’s payout ratio is 49.38%.

Insider Activity at NIKE

In related news, Director John W. Rogers, Jr. purchased 2,500 shares of NIKE stock in a transaction on Friday, December 27th. The stock was acquired at an average price of $76.65 per share, for a total transaction of $191,625.00. Following the completion of the transaction, the director now directly owns 34,403 shares in the company, valued at $2,636,989.95. This represents a 7.84 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Garrison Point Advisors LLC raised its position in shares of NIKE by 1.9% during the 3rd quarter. Garrison Point Advisors LLC now owns 6,704 shares of the footwear maker’s stock valued at $593,000 after buying an additional 126 shares in the last quarter. Stephens Consulting LLC grew its stake in NIKE by 20.0% in the 3rd quarter. Stephens Consulting LLC now owns 768 shares of the footwear maker’s stock worth $68,000 after acquiring an additional 128 shares in the last quarter. PSI Advisors LLC increased its holdings in NIKE by 26.3% during the 3rd quarter. PSI Advisors LLC now owns 624 shares of the footwear maker’s stock worth $55,000 after purchasing an additional 130 shares during the period. JNBA Financial Advisors increased its stake in shares of NIKE by 1.3% during the fourth quarter. JNBA Financial Advisors now owns 10,045 shares of the footwear maker’s stock valued at $760,000 after buying an additional 131 shares during the period. Finally, Meridian Financial Partners LLC increased its position in NIKE by 1.6% during the 3rd quarter. Meridian Financial Partners LLC now owns 8,396 shares of the footwear maker’s stock valued at $742,000 after purchasing an additional 133 shares during the period. 64.25% of the stock is currently owned by institutional investors.

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.