Wells Fargo & Company Cuts NIKE (NYSE:NKE) Price Target to $92.00

NIKE (NYSE:NKE) had its price target reduced by Wells Fargo & Company from $95.00 to $92.00 in a research report released on Monday, MarketBeat.com reports. They currently have an overweight rating on the footwear maker’s stock.

Several other equities analysts also recently commented on the company. Truist Financial raised NIKE from a “hold” rating to a “buy” rating and upped their price objective for the company from $83.00 to $97.00 in a research report on Thursday, October 10th. UBS Group cut their price target on shares of NIKE from $82.00 to $80.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Barclays decreased their price objective on shares of NIKE from $81.00 to $79.00 and set an “equal weight” rating for the company in a report on Wednesday, December 11th. Morgan Stanley reduced their target price on shares of NIKE from $82.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Friday, December 13th. Finally, JPMorgan Chase & Co. lowered their price target on NIKE from $77.00 to $73.00 and set a “neutral” rating for the company in a report on Monday, December 2nd. Fourteen research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, NIKE currently has a consensus rating of “Moderate Buy” and an average target price of $93.15.

NIKE Price Performance

NIKE stock opened at $76.90 on Monday. NIKE has a 12-month low of $70.75 and a 12-month high of $123.39. The company has a current ratio of 2.36, a quick ratio of 1.58 and a debt-to-equity ratio of 0.57. The firm has a 50-day moving average price of $78.28 and a 200-day moving average price of $80.80. The firm has a market capitalization of $115.30 billion, a PE ratio of 22.03, a price-to-earnings-growth ratio of 1.89 and a beta of 1.02.

NIKE (NYSE:NKE) last announced 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. The business had revenue of $11.59 billion during the quarter, compared to the consensus estimate 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 last year, the firm earned $0.94 earnings per share. As a group, equities research analysts forecast that NIKE will post 2.72 EPS for the current year.

NIKE Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $1.60 annualized dividend and a dividend yield of 2.08%. This is an increase from NIKE’s previous quarterly dividend of $0.37. NIKE’s dividend payout ratio is 45.85%.

Institutional Trading of NIKE

Institutional investors have recently bought and sold shares of the stock. Teachers Insurance & Annuity Association of America purchased a new position in shares of NIKE in the third quarter worth $30,000. VitalStone Financial LLC increased its position in shares of NIKE by 52.6% in the 3rd quarter. VitalStone Financial LLC now owns 435 shares of the footwear maker’s stock valued at $38,000 after acquiring an additional 150 shares during the period. Dunhill Financial LLC raised its stake in NIKE by 52.2% in the 3rd quarter. Dunhill Financial LLC now owns 493 shares of the footwear maker’s stock worth $44,000 after acquiring an additional 169 shares during the last quarter. Riverview Trust Co acquired a new stake in NIKE during the 3rd quarter worth about $52,000. Finally, MFA Wealth Advisors LLC purchased a new stake in NIKE during the 2nd quarter valued at about $46,000. 64.25% of the stock is currently owned by institutional investors and hedge funds.

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.