NIKE (NYSE:NKE) Price Target Raised to $85.00

NIKE (NYSE:NKE) had its target price lifted by Royal Bank of Canada from $75.00 to $85.00 in a research note published on Wednesday, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the footwear maker’s stock.

A number of other equities analysts have also issued reports on NKE. HSBC reduced their price target on shares of NIKE from $100.00 to $90.00 and set a hold rating for the company in a research report on Friday, June 28th. KeyCorp reissued a sector weight rating on shares of NIKE in a research note on Friday, June 28th. Wedbush dropped their price target on shares of NIKE from $115.00 to $97.00 and set an outperform rating on the stock in a research note on Friday, June 28th. Barclays lifted their target price on shares of NIKE from $80.00 to $84.00 and gave the stock an equal weight rating in a research note on Wednesday, September 18th. Finally, Piper Sandler reaffirmed a neutral rating and set a $80.00 target price on shares of NIKE in a research note on Friday, September 20th. Fifteen equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $96.52.

NIKE Stock Performance

Shares of NIKE stock opened at $89.43 on Wednesday. The firm has a market capitalization of $134.98 billion, a P/E ratio of 23.98, a PEG ratio of 2.30 and a beta of 1.02. The company has a quick ratio of 1.69, a current ratio of 2.40 and a debt-to-equity ratio of 0.55. The company has a 50 day moving average price of $79.67 and a 200 day moving average price of $86.77. NIKE has a 52 week low of $70.75 and a 52 week high of $123.39.

NIKE (NYSE:NKE) last posted its quarterly earnings results on Thursday, June 27th. The footwear maker reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.16. NIKE had a net margin of 11.10% and a return on equity of 42.63%. The company had revenue of $12.60 billion during the quarter, compared to analyst estimates of $12.86 billion. During the same period last year, the firm posted $0.66 EPS. NIKE’s revenue for the quarter was down 1.6% compared to the same quarter last year. Sell-side analysts expect that NIKE will post 3.04 EPS for the current year.

NIKE Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 3rd will be paid a dividend of $0.37 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.48 dividend on an annualized basis and a yield of 1.65%. NIKE’s dividend payout ratio (DPR) is presently 39.68%.

Insider Transactions at NIKE

In other news, Chairman Mark G. Parker sold 52,487 shares of the business’s stock in a transaction dated Wednesday, August 14th. The stock was 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 of the company’s stock, valued at $80,435,628. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, Chairman Mark G. Parker sold 52,487 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $78.00, for a total value of $4,093,986.00. Following the completion of the transaction, the chairman now directly owns 1,031,226 shares of the company’s stock, valued at $80,435,628. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Mark G. Parker sold 110,000 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the chairman now directly owns 1,102,090 shares of the company’s stock, valued at $80,419,507.30. The disclosure for this sale can be found here. Corporate insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On NIKE

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Annapolis Financial Services LLC lifted its stake in NIKE by 440.0% in the first quarter. Annapolis Financial Services LLC now owns 270 shares of the footwear maker’s stock valued at $25,000 after buying an additional 220 shares during the last quarter. True Wealth Design LLC raised its stake in shares of 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 purchasing an additional 150 shares during the last quarter. Core Wealth Advisors Inc. raised its stake in shares of 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 purchasing an additional 241 shares during the last quarter. Frank Rimerman Advisors LLC purchased a new stake in shares of NIKE during the fourth quarter worth approximately $33,000. Finally, Gold Investment Management Ltd. purchased a new stake in shares of NIKE during the fourth quarter worth approximately $36,000. 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.