NIKE (NYSE:NKE) Price Target Cut to $73.00 by Analysts at JPMorgan Chase & Co.

NIKE (NYSE:NKE) had its price objective lowered by equities research analysts at JPMorgan Chase & Co. from $77.00 to $73.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the footwear maker’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential downside of 5.59% from the company’s current price.

Other equities analysts have also recently issued research reports about the company. Needham & Company LLC started coverage on NIKE in a research report on Friday, November 22nd. They set a “buy” rating and a $84.00 price objective for the company. Williams Trading upgraded shares of NIKE from a “sell” rating to a “buy” rating and upped their target price for the stock from $67.00 to $93.00 in a research report on Friday, August 16th. Sanford C. Bernstein cut their target price on shares of NIKE from $112.00 to $109.00 and set an “outperform” rating on the stock in a research report on Thursday, September 19th. Robert W. Baird lifted their price target on shares of NIKE from $100.00 to $110.00 and gave the stock an “outperform” rating in a research report on Friday, September 20th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on shares of NIKE from $95.00 to $92.00 and set a “buy” rating on the stock in a report on Wednesday, October 2nd. Fourteen research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $95.71.

NIKE Stock Performance

Shares of NIKE stock traded down $1.05 during trading on Monday, hitting $77.32. 1,345,685 shares of the stock were exchanged, compared to its average volume of 11,452,845. NIKE has a 12 month low of $70.75 and a 12 month high of $123.39. The stock has a market cap of $115.93 billion, a PE ratio of 22.15, a P/E/G ratio of 1.91 and a beta of 1.03. The stock’s fifty day moving average is $80.18 and its 200 day moving average is $82.03. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.58 and a current ratio of 2.36.

NIKE (NYSE:NKE) last posted its quarterly earnings results 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. The firm had revenue of $11.59 billion for the quarter, compared to analyst estimates of $11.64 billion. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The firm’s quarterly revenue was down 10.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.94 earnings per share. As a group, sell-side analysts anticipate that NIKE will post 2.75 EPS for the current year.

Institutional Investors Weigh In On NIKE

Hedge funds have recently added to or reduced their stakes in the business. State Street Corp boosted its stake in NIKE by 3.3% in the 3rd quarter. State Street Corp now owns 57,916,789 shares of the footwear maker’s stock valued at $5,140,796,000 after purchasing an additional 1,862,021 shares during the period. Wellington Management Group LLP lifted its holdings in shares of NIKE by 5.1% during the third quarter. Wellington Management Group LLP now owns 27,442,145 shares of the footwear maker’s stock worth $2,425,886,000 after buying an additional 1,343,093 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of NIKE by 1.0% in the third quarter. Geode Capital Management LLC now owns 25,029,380 shares of the footwear maker’s stock valued at $2,204,451,000 after acquiring an additional 251,411 shares during the period. Legal & General Group Plc grew its stake in shares of NIKE by 5.5% in the second quarter. Legal & General Group Plc now owns 11,049,294 shares of the footwear maker’s stock valued at $832,785,000 after acquiring an additional 571,544 shares in the last quarter. Finally, Fisher Asset Management LLC increased its position in NIKE by 6.0% during the third quarter. Fisher Asset Management LLC now owns 10,303,182 shares of the footwear maker’s stock worth $910,801,000 after acquiring an additional 583,207 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.