NIKE (NYSE:NKE) Price Target Cut to $82.00 by Analysts at Truist Financial

NIKE (NYSE:NKE) had its price objective cut by Truist Financial from $90.00 to $82.00 in a research report report published on Friday,Benzinga reports. They currently have a buy rating on the footwear maker’s stock.

A number of other research analysts have also commented on NKE. UBS Group reaffirmed a “neutral” rating and issued a $73.00 price objective on shares of NIKE in a report on Thursday, December 26th. Morgan Stanley decreased their price objective on NIKE from $72.00 to $70.00 and set an “equal weight” rating on the stock in a report on Friday. DA Davidson upgraded NIKE to a “strong-buy” rating in a research report on Monday, December 23rd. Deutsche Bank Aktiengesellschaft cut their target price on NIKE from $92.00 to $82.00 and set a “buy” rating for the company in a research report on Monday, December 16th. Finally, Bank of America cut their target price on NIKE from $95.00 to $90.00 and set a “buy” rating for the company in a research report on Friday, December 20th. Fifteen investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, NIKE presently has a consensus rating of “Moderate Buy” and a consensus target price of $87.38.

NIKE Stock Down 5.4 %

NKE stock opened at $68.02 on Friday. 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 firm has a market capitalization of $100.60 billion, a PE ratio of 20.99, a PEG ratio of 2.52 and a beta of 1.02. NIKE has a 1-year low of $65.17 and a 1-year high of $98.04. The business’s 50 day simple moving average is $74.70 and its 200 day simple moving average is $77.46.

NIKE (NYSE:NKE) last issued its quarterly earnings data on Thursday, March 20th. The footwear maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.26. NIKE had a return on equity of 36.99% and a net margin of 9.98%. The firm had revenue of $11.27 billion for the quarter, compared to analyst estimates of $11.02 billion. During the same period in the prior year, the firm posted $0.98 EPS. The company’s revenue for the quarter was down 9.1% on a year-over-year basis. As a group, research analysts anticipate that NIKE will post 2.05 EPS for the current year.

NIKE Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 3rd will be given a $0.40 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $1.60 annualized dividend and a yield of 2.35%. NIKE’s dividend payout ratio is presently 49.38%.

Insider Activity

In other news, Chairman Mark G. Parker sold 169,732 shares of the stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $72.83, for a total value of $12,361,581.56. Following the completion of the sale, the chairman now owns 896,632 shares of the company’s stock, valued at approximately $65,301,708.56. This represents a 15.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John W. Rogers, Jr. purchased 2,500 shares of the firm’s stock in a transaction dated Friday, December 27th. The stock was bought at an average cost of $76.65 per share, with a total value of $191,625.00. Following the purchase, the director now owns 34,403 shares of the company’s stock, valued at approximately $2,636,989.95. This trade represents a 7.84 % increase in their position. The disclosure for this purchase can be found here. Insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On NIKE

Several institutional investors and hedge funds have recently made changes to their positions in NKE. Norges Bank acquired a new stake in NIKE during the fourth quarter worth approximately $1,126,288,000. Wellington Management Group LLP grew its stake in NIKE by 32.4% during the fourth quarter. Wellington Management Group LLP now owns 36,340,736 shares of the footwear maker’s stock worth $2,749,903,000 after purchasing an additional 8,898,591 shares during the period. Pacer Advisors Inc. grew its stake in NIKE by 6,029.6% during the fourth quarter. Pacer Advisors Inc. now owns 6,821,270 shares of the footwear maker’s stock worth $516,166,000 after purchasing an additional 6,709,985 shares during the period. Loomis Sayles & Co. L P grew its stake in NIKE by 1,209,638.7% during the third quarter. Loomis Sayles & Co. L P now owns 6,508,394 shares of the footwear maker’s stock worth $575,342,000 after purchasing an additional 6,507,856 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in NIKE by 18.1% during the fourth quarter. Bank of New York Mellon Corp now owns 20,367,993 shares of the footwear maker’s stock worth $1,541,246,000 after purchasing an additional 3,121,929 shares during the period. Institutional investors and hedge funds own 64.25% of the company’s stock.

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.