Telsey Advisory Group Cuts NIKE (NYSE:NKE) Price Target to $93.00

NIKE (NYSE:NKE) had its price target dropped by equities researchers at Telsey Advisory Group from $96.00 to $93.00 in a note issued to investors on Monday,Briefing.com Automated Import reports. The brokerage currently has an “outperform” rating on the footwear maker’s stock. Telsey Advisory Group’s price objective would suggest a potential upside of 20.39% from the stock’s current price.

Several other research firms have also issued reports on NKE. TD Cowen cut their price target on NIKE from $78.00 to $73.00 and set a “hold” rating for the company in a report on Monday, November 18th. UBS Group reduced their price objective on shares of NIKE from $82.00 to $80.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. Needham & Company LLC assumed coverage on shares of NIKE in a research report on Friday, November 22nd. They set a “buy” rating and a $84.00 price objective on the stock. JPMorgan Chase & Co. dropped their target price on shares of NIKE from $77.00 to $73.00 and set a “neutral” rating for the company in a report on Monday, December 2nd. Finally, Jefferies Financial Group raised their price target on NIKE from $80.00 to $85.00 and gave the company a “hold” rating in a report on Monday, September 30th. Fourteen research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, NIKE currently has an average rating of “Moderate Buy” and an average target price of $93.93.

NIKE Price Performance

NYSE NKE opened at $77.25 on Monday. The stock has a market capitalization of $115.83 billion, a price-to-earnings ratio of 22.13, a PEG ratio of 1.93 and a beta of 1.02. NIKE has a 1-year low of $70.75 and a 1-year high of $123.39. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.36 and a quick ratio of 1.58. The business’s fifty day moving average price is $78.52 and its 200-day moving average price is $81.06.

NIKE (NYSE:NKE) last released its quarterly earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.18. The business had revenue of $11.59 billion for 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 company’s quarterly revenue was down 10.4% on a year-over-year basis. During the same period last year, the firm earned $0.94 earnings per share. On average, equities analysts predict that NIKE will post 2.73 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in NKE. State Street Corp boosted its holdings in NIKE by 3.3% in the third quarter. State Street Corp now owns 57,916,789 shares of the footwear maker’s stock worth $5,140,796,000 after acquiring an additional 1,862,021 shares in the last quarter. Wellington Management Group LLP boosted its stake in NIKE by 5.1% in the 3rd quarter. Wellington Management Group LLP now owns 27,442,145 shares of the footwear maker’s stock worth $2,425,886,000 after purchasing an additional 1,343,093 shares in the last quarter. Geode Capital Management LLC grew its position in NIKE by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 25,029,380 shares of the footwear maker’s stock worth $2,204,451,000 after purchasing an additional 251,411 shares during the last quarter. Legal & General Group Plc increased its stake in NIKE by 5.5% during the 2nd quarter. Legal & General Group Plc now owns 11,049,294 shares of the footwear maker’s stock valued at $832,785,000 after purchasing an additional 571,544 shares in the last quarter. Finally, Fisher Asset Management LLC increased its stake in NIKE by 6.0% during the 3rd quarter. Fisher Asset Management LLC now owns 10,303,182 shares of the footwear maker’s stock valued at $910,801,000 after purchasing an additional 583,207 shares in the last quarter. 64.25% of the stock is 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.