Needham & Company LLC Cuts NIKE (NYSE:NKE) Price Target to $80.00

NIKE (NYSE:NKE) had its price target trimmed by Needham & Company LLC from $84.00 to $80.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a buy rating on the footwear maker’s stock.

A number of other research firms also recently issued reports on NKE. Robert W. Baird decreased their target price on NIKE from $110.00 to $105.00 and set an “outperform” rating for the company in a research report on Monday, December 23rd. UBS Group restated a “neutral” rating and issued a $73.00 price objective on shares of NIKE in a research report on Thursday, December 26th. TD Cowen cut their price objective on NIKE from $78.00 to $73.00 and set a “hold” rating for the company in a report on Monday, November 18th. BMO Capital Markets upped their price target on shares of NIKE from $92.00 to $95.00 and gave the company an “outperform” rating in a research report on Monday, February 3rd. Finally, Stifel Nicolaus dropped their price target on shares of NIKE from $79.00 to $75.00 and set a “hold” rating for the company in a research report on Friday, December 20th. Fifteen analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $89.54.

NIKE Stock Performance

Shares of NIKE stock opened at $72.92 on Monday. The company has a market cap of $107.86 billion, a PE ratio of 22.51, a price-to-earnings-growth ratio of 2.52 and a beta of 1.02. The business has a 50 day moving average price of $74.76 and a 200-day moving average price of $77.60. NIKE has a 52 week low of $68.62 and a 52 week high of $101.92. The company has a quick ratio of 1.51, a current ratio of 2.22 and a debt-to-equity ratio of 0.57.

NIKE (NYSE:NKE) last issued its quarterly earnings results on Thursday, December 19th. The footwear maker reported $0.78 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.15. NIKE had a return on equity of 36.99% and a net margin of 9.98%. The company had revenue of $12.35 billion during the quarter, compared to the consensus estimate of $12.11 billion. During the same period last year, the business posted $1.03 earnings per share. NIKE’s revenue was down 7.7% on a year-over-year basis. Equities analysts anticipate that NIKE will post 2.05 earnings per share for the current fiscal year.

NIKE Dividend Announcement

The business 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. This represents a $1.60 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend is Monday, March 3rd. NIKE’s dividend payout ratio (DPR) is presently 49.38%.

Insiders Place Their Bets

In related news, Chairman Mark G. Parker sold 169,732 shares of the stock in a transaction that occurred on Friday, February 14th. The shares were 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 directly owns 896,632 shares of the company’s stock, valued at approximately $65,301,708.56. This represents a 15.92 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John W. Rogers, Jr. acquired 2,500 shares of NIKE stock in a transaction dated Friday, December 27th. The stock was purchased at an average cost of $76.65 per share, with a total value of $191,625.00. Following the completion of the purchase, the director now owns 34,403 shares of the company’s stock, valued at approximately $2,636,989.95. This represents a 7.84 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in NKE. Heck Capital Advisors LLC purchased a new position in shares of NIKE in the fourth quarter valued at $28,000. Caitlin John LLC boosted its position in shares of NIKE by 117.0% during the fourth quarter. Caitlin John LLC now owns 371 shares of the footwear maker’s stock valued at $28,000 after buying an additional 200 shares during the period. Teachers Insurance & Annuity Association of America purchased a new position in NIKE during the 3rd quarter valued at $30,000. Roxbury Financial LLC purchased a new stake in NIKE in the 4th quarter valued at about $30,000. Finally, LFA Lugano Financial Advisors SA increased its holdings in NIKE by 110.5% during the 4th quarter. LFA Lugano Financial Advisors SA now owns 400 shares of the footwear maker’s stock worth $30,000 after purchasing an additional 210 shares during the period. Hedge funds and other institutional investors own 64.25% of the company’s stock.

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.