NIKE (NYSE:NKE) Price Target Cut to $83.00 by Analysts at Truist Financial

NIKE (NYSE:NKE) had its price objective trimmed by Truist Financial from $85.00 to $83.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a hold rating on the footwear maker’s stock.

Several other brokerages have also recently commented on NKE. KeyCorp restated a sector weight rating on shares of NIKE in a research note on Friday, June 28th. JPMorgan Chase & Co. lowered their price target on shares of NIKE from $83.00 to $80.00 and set a neutral rating on the stock in a report on Monday, September 23rd. Wedbush cut their price target on NIKE from $115.00 to $97.00 and set an outperform rating on the stock in a research report on Friday, June 28th. HSBC decreased their price objective on NIKE from $100.00 to $90.00 and set a hold rating for the company in a report on Friday, June 28th. Finally, BMO Capital Markets dropped their target price on NIKE from $118.00 to $100.00 and set an outperform rating on the stock in a report on Friday, June 28th. Fifteen analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $96.04.

NIKE Price Performance

Shares of NKE opened at $82.25 on Wednesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.40 and a quick ratio of 1.69. The company’s fifty day moving average price is $80.90 and its 200-day moving average price is $86.15. NIKE has a 1-year low of $70.75 and a 1-year high of $123.39. The firm has a market capitalization of $124.14 billion, a PE ratio of 22.05, a price-to-earnings-growth ratio of 2.30 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 for the quarter, beating analysts’ consensus estimates of $0.52 by $0.18. NIKE had a return on equity of 42.63% and a net margin of 11.10%. The business had revenue of $11.59 billion for the quarter, compared to analyst estimates of $11.64 billion. During the same period in the prior year, the company earned $0.94 earnings per share. The company’s revenue was down 10.4% on a year-over-year basis. On average, equities research analysts predict that NIKE will post 3.04 EPS for the current year.

NIKE Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Tuesday, September 3rd were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $1.48 dividend on an annualized basis and a yield of 1.80%. NIKE’s payout ratio is presently 39.68%.

Insider Activity at NIKE

In other news, Chairman Mark G. Parker sold 52,487 shares of the business’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 transaction of $4,093,986.00. Following the transaction, the chairman now directly owns 1,031,226 shares in the company, valued at $80,435,628. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Chairman Mark G. Parker sold 110,000 shares of the business’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $72.97, for a total transaction of $8,026,700.00. Following the transaction, the chairman now owns 1,102,090 shares of the company’s stock, valued at approximately $80,419,507.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Mark G. Parker sold 52,487 shares of the firm’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 sale, the chairman now owns 1,031,226 shares of the company’s stock, valued at approximately $80,435,628. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.50% of the stock is owned by corporate insiders.

Institutional Trading of NIKE

Several hedge funds have recently made changes to their positions in NKE. Handelsbanken Fonder AB lifted its holdings in NIKE by 2.3% in the third quarter. Handelsbanken Fonder AB now owns 524,145 shares of the footwear maker’s stock valued at $46,334,000 after acquiring an additional 12,020 shares during the last quarter. Mirador Capital Partners LP raised its position in NIKE by 18.1% in the third quarter. Mirador Capital Partners LP now owns 42,975 shares of the footwear maker’s stock valued at $3,799,000 after purchasing an additional 6,595 shares during the period. Peoples Bank KS raised its position in NIKE by 43.6% in the third quarter. Peoples Bank KS now owns 7,020 shares of the footwear maker’s stock valued at $621,000 after purchasing an additional 2,130 shares during the period. LifePlan Financial LLC lifted its stake in shares of NIKE by 33.7% in the 3rd quarter. LifePlan Financial LLC now owns 7,431 shares of the footwear maker’s stock valued at $657,000 after purchasing an additional 1,872 shares during the last quarter. Finally, Rockland Trust Co. increased its position in shares of NIKE by 7.3% during the 3rd quarter. Rockland Trust Co. now owns 202,970 shares of the footwear maker’s stock worth $17,943,000 after purchasing an additional 13,721 shares during the last quarter. Hedge funds and other institutional investors 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.