NIKE (NYSE:NKE) Price Target Cut to $82.00

NIKE (NYSE:NKE) had its price objective decreased by Royal Bank of Canada from $85.00 to $82.00 in a research note issued to investors on Wednesday, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the footwear maker’s stock.

Several other research firms also recently issued reports on NKE. JPMorgan Chase & Co. dropped their price objective on shares of NIKE from $83.00 to $80.00 and set a neutral rating on the stock in a report on Monday, September 23rd. Guggenheim dropped their price objective 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. Oppenheimer restated an outperform rating and set a $120.00 price objective on shares of NIKE in a report on Friday, June 28th. The Goldman Sachs Group decreased their target price on shares of NIKE from $118.00 to $105.00 and set a buy rating on the stock in a research report on Friday, June 28th. Finally, Deutsche Bank Aktiengesellschaft reiterated a buy rating and set a $92.00 target price on shares of NIKE in a research report on Friday, September 20th. Fifteen equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $96.04.

NIKE Stock Performance

NYSE:NKE opened at $82.26 on Wednesday. NIKE has a 1 year low of $70.75 and a 1 year high of $123.39. The firm’s fifty day simple moving average is $80.90 and its 200 day simple moving average is $86.24. 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 firm has a market capitalization of $124.15 billion, a PE ratio of 22.05, a PEG ratio of 2.30 and a beta of 1.02.

NIKE (NYSE:NKE) last posted its quarterly earnings data on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.18. NIKE had a net margin of 11.10% and a return on equity of 42.63%. The company had revenue of $11.59 billion for the quarter, compared to the consensus estimate of $11.64 billion. During the same quarter in the previous year, the firm posted $0.94 EPS. The business’s revenue was down 10.4% compared to the same quarter last year. On average, sell-side analysts anticipate that NIKE will post 3.04 EPS for the current year.

NIKE Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 3rd were paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date was Tuesday, September 3rd. NIKE’s dividend payout ratio is currently 39.68%.

Insider Buying and Selling at NIKE

In other NIKE news, Chairman Mark G. Parker sold 52,487 shares of the 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 completion of the sale, the chairman now owns 1,031,226 shares in the company, valued at $80,435,628. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, Chairman Mark G. Parker sold 110,000 shares of the stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $72.97, for a total value of $8,026,700.00. Following the transaction, the chairman now directly owns 1,102,090 shares of the company’s stock, valued at $80,419,507.30. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 completion of the transaction, the chairman now directly owns 1,031,226 shares in the company, valued at $80,435,628. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On NIKE

Several large investors have recently modified their holdings of the stock. Annapolis Financial Services LLC increased its position in 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 position in NIKE by 106.4% during the fourth 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 period. Frank Rimerman Advisors LLC bought a new position in NIKE during the fourth quarter worth about $33,000. Core Wealth Advisors Inc. increased its position in NIKE by 408.5% during the fourth quarter. Core Wealth Advisors Inc. now owns 300 shares of the footwear maker’s stock worth $33,000 after acquiring an additional 241 shares during the period. Finally, Pineridge Advisors LLC bought a new position in NIKE during the fourth quarter worth about $38,000. 64.25% of the stock is 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.