NIKE (NYSE:NKE) Stock Price Down 1.1% After Analyst Downgrade

NIKE, Inc. (NYSE:NKE)’s share price dropped 1.1% during mid-day trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $83.00 to $80.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. NIKE traded as low as $85.05 and last traded at $85.58. Approximately 4,523,668 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 11,464,892 shares. The stock had previously closed at $86.52.

A number of other analysts have also recently weighed in on the stock. HSBC reduced their target price on shares of NIKE from $100.00 to $90.00 and set a “hold” rating for the company in a report on Friday, June 28th. Citigroup reduced their target price on shares of NIKE from $115.00 to $102.00 and set a “buy” rating for the company in a report on Friday, June 28th. Raymond James restated a “market perform” rating on shares of NIKE in a report on Friday, June 28th. Truist Financial raised their target price on shares of NIKE from $81.00 to $85.00 and gave the stock a “hold” rating in a report on Friday, September 20th. Finally, Guggenheim reduced their target price on shares of NIKE from $130.00 to $115.00 and set a “buy” rating for the company in a report on Friday, June 28th. Fifteen investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $96.04.

Insiders Place Their Bets

In other news, Chairman Mark G. Parker sold 52,487 shares of the firm’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total transaction of $4,093,986.00. Following the transaction, the chairman now owns 1,031,226 shares in the company, valued at approximately $80,435,628. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Chairman Mark G. Parker sold 110,000 shares of the firm’s stock in a transaction on 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 in the company, valued at approximately $80,419,507.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Mark G. Parker sold 52,487 shares of the firm’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total transaction of $4,093,986.00. Following the transaction, the chairman now owns 1,031,226 shares in the company, valued at approximately $80,435,628. The disclosure for this sale can be found here. Insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Cim LLC acquired a new position in NIKE in the 4th quarter valued at $14,275,000. TKG Advisors LLC acquired a new position in NIKE in the 4th quarter valued at $1,012,000. Spartan Planning & Wealth Management acquired a new position in NIKE in the 4th quarter valued at $182,000. Edmond DE Rothschild Holding S.A. grew its stake in NIKE by 27.9% in the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 113,299 shares of the footwear maker’s stock valued at $12,301,000 after buying an additional 24,686 shares during the last quarter. Finally, Advisors Asset Management Inc. grew its stake in NIKE by 86.0% in the 1st quarter. Advisors Asset Management Inc. now owns 20,957 shares of the footwear maker’s stock valued at $1,970,000 after buying an additional 9,689 shares during the last quarter. 64.25% of the stock is currently owned by institutional investors and hedge funds.

NIKE Stock Up 1.5 %

The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.69 and a current ratio of 2.40. The firm has a market capitalization of $132.02 billion, a price-to-earnings ratio of 23.45, a price-to-earnings-growth ratio of 2.08 and a beta of 1.02. The business’s 50 day moving average is $78.70 and its 200-day moving average is $86.82.

NIKE (NYSE:NKE) last released its earnings results on Thursday, June 27th. The footwear maker reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.16. NIKE had a net margin of 11.10% and a return on equity of 42.63%. The business had revenue of $12.60 billion during the quarter, compared to analysts’ expectations of $12.86 billion. During the same quarter last year, the company earned $0.66 earnings per share. The firm’s revenue was down 1.6% on a year-over-year basis. Equities analysts anticipate that NIKE, Inc. will post 3.06 EPS for the current fiscal year.

NIKE Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors 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 annualized dividend and a yield of 1.69%. NIKE’s dividend payout ratio is 39.68%.

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.