NIKE (NYSE:NKE) Trading Down 1.1% After Analyst Downgrade

NIKE, Inc. (NYSE:NKE)’s share price was down 1.1% during mid-day trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $83.00 to $80.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. NIKE traded as low as $85.05 and last traded at $85.58. Approximately 4,523,668 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 11,464,892 shares. The stock had previously closed at $86.52.

Several other equities analysts have also recently weighed in on NKE. Morgan Stanley restated an “equal weight” rating and set a $79.00 target price on shares of NIKE in a report on Friday. BMO Capital Markets decreased their target price on shares of NIKE from $118.00 to $100.00 and set an “outperform” rating on the stock in a report on Friday, June 28th. The Goldman Sachs Group lowered their target price on NIKE from $118.00 to $105.00 and set a “buy” rating for the company in a research note on Friday, June 28th. Piper Sandler reissued a “neutral” rating and set a $80.00 price target on shares of NIKE in a research note on Friday. Finally, Jefferies Financial Group decreased their price target on NIKE from $90.00 to $80.00 in a research note on Friday, July 12th. Fifteen equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $96.04.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in NKE. Annapolis Financial Services LLC boosted its holdings in shares of NIKE by 440.0% in the 1st 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 last quarter. True Wealth Design LLC lifted its holdings in shares of NIKE by 106.4% in the 4th quarter. True Wealth Design LLC now owns 291 shares of the footwear maker’s stock worth $32,000 after acquiring an additional 150 shares during the last quarter. Frank Rimerman Advisors LLC acquired a new stake in shares of NIKE in the fourth quarter valued at $33,000. Core Wealth Advisors Inc. lifted its stake in NIKE by 408.5% during the 4th quarter. Core Wealth Advisors Inc. now owns 300 shares of the footwear maker’s stock worth $33,000 after acquiring an additional 241 shares in the last quarter. Finally, Gold Investment Management Ltd. acquired a new position in shares of NIKE in the fourth quarter valued at approximately $36,000. 64.25% of the stock is owned by institutional investors and hedge funds.

NIKE Stock Down 0.6 %

The firm has a market cap of $129.82 billion, a PE ratio of 22.95, a price-to-earnings-growth ratio of 2.08 and a beta of 1.02. The company has a quick ratio of 1.69, a current ratio of 2.40 and a debt-to-equity ratio of 0.55. The business has a 50-day moving average price of $78.11 and a two-hundred day moving average price of $86.99.

NIKE (NYSE:NKE) last announced its earnings results on Thursday, June 27th. The footwear maker reported $1.01 earnings per share (EPS) for the quarter, topping 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 business had revenue of $12.60 billion for the quarter, compared to analyst estimates of $12.86 billion. During the same period last year, the firm posted $0.66 earnings per share. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. On average, equities research analysts expect that NIKE, Inc. will post 3.06 EPS for the current year.

NIKE Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 3rd will be paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.72%. The ex-dividend date is Tuesday, September 3rd. NIKE’s dividend payout ratio (DPR) 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.