NIKE (NYSE:NKE) Hits New 1-Year Low on Analyst Downgrade

NIKE, Inc. (NYSE:NKE) shares reached a new 52-week low during trading on Friday after BMO Capital Markets lowered their price target on the stock from $118.00 to $100.00. BMO Capital Markets currently has an outperform rating on the stock. NIKE traded as low as $77.11 and last traded at $77.99, with a volume of 19187672 shares changing hands. The stock had previously closed at $94.19.

A number of other research analysts have also recently commented on the company. Williams Trading reiterated a “sell” rating and issued a $85.00 price objective (down from $92.00) on shares of NIKE in a report on Monday, March 18th. The Goldman Sachs Group decreased their price target on NIKE from $135.00 to $120.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Raymond James restated a “market perform” rating on shares of NIKE in a research note on Friday. Wedbush decreased their price target on NIKE from $115.00 to $97.00 and set an “outperform” rating on the stock in a research note on Friday. Finally, Piper Sandler decreased their price target on NIKE from $107.00 to $98.00 and set a “neutral” rating on the stock in a research note on Friday, March 22nd. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, NIKE has a consensus rating of “Hold” and a consensus price target of $103.22.

Insider Activity at NIKE

In related news, EVP Monique S. Matheson sold 45,000 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $94.16, for a total value of $4,237,200.00. Following the transaction, the executive vice president now owns 44,997 shares of the company’s stock, valued at $4,236,917.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other NIKE news, EVP Monique S. Matheson sold 45,000 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $94.16, for a total value of $4,237,200.00. Following the completion of the transaction, the executive vice president now owns 44,997 shares in the company, valued at $4,236,917.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Mark G. Parker sold 168,378 shares of the company’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $93.14, for a total transaction of $15,682,726.92. Following the completion of the transaction, the chairman now owns 1,102,090 shares of the company’s stock, valued at approximately $102,648,662.60. The disclosure for this sale can be found here. Insiders have sold 213,660 shares of company stock valued at $19,946,333 over the last quarter. 0.50% of the stock is owned by insiders.

Hedge Funds Weigh In On NIKE

Several large investors have recently bought and sold shares of the stock. Norges Bank acquired a new stake in shares of NIKE during the fourth quarter worth about $1,315,097,000. Price T Rowe Associates Inc. MD boosted its stake in shares of NIKE by 87.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 17,135,431 shares of the footwear maker’s stock worth $1,860,395,000 after buying an additional 7,996,434 shares during the period. Capital International Investors boosted its stake in shares of NIKE by 34.9% during the fourth quarter. Capital International Investors now owns 27,609,613 shares of the footwear maker’s stock worth $2,997,628,000 after buying an additional 7,143,775 shares during the period. Longview Partners Guernsey LTD acquired a new stake in NIKE in the first quarter valued at about $533,533,000. Finally, Capital World Investors lifted its position in NIKE by 612.2% in the first quarter. Capital World Investors now owns 5,185,432 shares of the footwear maker’s stock valued at $487,327,000 after purchasing an additional 4,457,376 shares during the period. Institutional investors and hedge funds own 64.25% of the company’s stock.

NIKE Stock Performance

The company has a debt-to-equity ratio of 0.63, a current ratio of 2.74 and a quick ratio of 1.89. The stock has a market cap of $116.72 billion, a price-to-earnings ratio of 22.94, a P/E/G ratio of 1.79 and a beta of 1.05. The stock’s 50-day moving average is $93.70 and its 200 day moving average is $99.48.

NIKE (NYSE:NKE) last announced its quarterly earnings data on Thursday, June 27th. The footwear maker reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.16. The firm had revenue of $12.60 billion during the quarter, compared to the consensus estimate of $12.86 billion. NIKE had a net margin of 10.14% and a return on equity of 39.41%. The firm’s revenue was down 1.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.66 earnings per share. As a group, analysts predict that NIKE, Inc. will post 3.81 earnings per share for the current fiscal year.

NIKE Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be given a $0.37 dividend. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $1.48 dividend on an annualized basis and a yield of 1.91%. NIKE’s payout ratio is currently 43.53%.

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.