TD Cowen Lowers NIKE (NYSE:NKE) Price Target to $73.00

NIKE (NYSE:NKE) had its price target lowered by TD Cowen from $78.00 to $73.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a hold rating on the footwear maker’s stock.

Several other equities research analysts have also issued reports on the company. Bank of America lowered their price objective on NIKE from $104.00 to $100.00 and set a “buy” rating for the company in a research note on Wednesday, October 2nd. UBS Group raised their price objective on NIKE from $78.00 to $82.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Jefferies Financial Group raised their price objective on NIKE from $80.00 to $85.00 and gave the company a “hold” rating in a research note on Monday, September 30th. Stifel Nicolaus decreased their price target on NIKE from $88.00 to $79.00 and set a “hold” rating for the company in a research note on Monday, August 26th. Finally, Williams Trading raised NIKE from a “sell” rating to a “buy” rating and raised their price target for the stock from $67.00 to $93.00 in a research note on Friday, August 16th. Fourteen research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $96.30.

NIKE Price Performance

Shares of NIKE stock opened at $74.86 on Monday. The stock has a 50 day moving average of $80.79 and a 200 day moving average of $83.03. NIKE has a 12 month low of $70.75 and a 12 month high of $123.39. The firm has a market cap of $112.24 billion, a PE ratio of 21.45, a PEG ratio of 1.86 and a beta of 1.03. The company has a current ratio of 2.36, a quick ratio of 1.58 and a debt-to-equity ratio of 0.57.

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, beating the consensus estimate of $0.52 by $0.18. The business had revenue of $11.59 billion during the quarter, compared to analyst estimates of $11.64 billion. NIKE had a return on equity of 39.84% and a net margin of 10.60%. The company’s revenue for the quarter was down 10.4% on a year-over-year basis. During the same period last year, the company earned $0.94 EPS. On average, research analysts expect that NIKE will post 2.74 EPS for the current fiscal year.

NIKE Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd will be issued a $0.40 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This is an increase from NIKE’s previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.14%. NIKE’s dividend payout ratio (DPR) is currently 42.41%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. ING Groep NV acquired a new position in NIKE during the 3rd quarter valued at about $29,628,000. Cordatus Wealth Management LLC increased its position in NIKE by 19.5% during the 3rd quarter. Cordatus Wealth Management LLC now owns 41,510 shares of the footwear maker’s stock valued at $3,669,000 after buying an additional 6,778 shares in the last quarter. Bristlecone Advisors LLC increased its position in NIKE by 14.3% during the 3rd quarter. Bristlecone Advisors LLC now owns 93,521 shares of the footwear maker’s stock valued at $8,267,000 after buying an additional 11,665 shares in the last quarter. WoodTrust Financial Corp increased its position in NIKE by 19.9% during the 3rd quarter. WoodTrust Financial Corp now owns 98,289 shares of the footwear maker’s stock valued at $8,689,000 after buying an additional 16,303 shares in the last quarter. Finally, Farmers & Merchants Investments Inc. increased its position in NIKE by 44.8% during the 3rd quarter. Farmers & Merchants Investments Inc. now owns 194,101 shares of the footwear maker’s stock valued at $17,159,000 after buying an additional 60,008 shares in the last quarter. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

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.