Bank of America Trims NIKE (NYSE:NKE) Target Price to $104.00

NIKE (NYSE:NKE) had its target price trimmed by Bank of America from $113.00 to $104.00 in a report published on Friday morning, Benzinga reports. They currently have a buy rating on the footwear maker’s stock.

A number of other research analysts also recently issued reports on NKE. Morgan Stanley reissued an equal weight rating and issued a $79.00 price objective (down from $114.00) on shares of NIKE in a research note on Friday. JPMorgan Chase & Co. reissued a neutral rating and issued a $83.00 price objective (down from $116.00) on shares of NIKE in a research note on Friday. Piper Sandler dropped their price objective on NIKE from $107.00 to $98.00 and set a neutral rating on the stock in a research note on Friday, March 22nd. Truist Financial dropped their price objective on NIKE from $99.00 to $81.00 and set a hold rating on the stock in a research note on Friday. Finally, Deutsche Bank Aktiengesellschaft reissued a buy rating and issued a $115.00 price objective on shares of NIKE in a research note on Thursday, June 13th. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of Hold and an average target price of $98.96.

NIKE Trading Down 20.0 %

NYSE NKE opened at $75.37 on Friday. The business’s 50-day moving average price is $93.28 and its two-hundred day moving average price is $98.85. NIKE has a 12 month low of $74.55 and a 12 month high of $123.39. The firm has a market capitalization of $113.76 billion, a PE ratio of 20.21, a price-to-earnings-growth ratio of 1.43 and a beta of 1.05. The company has a current ratio of 2.74, a quick ratio of 1.89 and a debt-to-equity ratio of 0.63.

NIKE (NYSE:NKE) last released its quarterly earnings results on Thursday, June 27th. The footwear maker reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.16. NIKE had a return on equity of 42.87% and a net margin of 11.10%. The firm had revenue of $12.60 billion for the quarter, compared to analyst estimates of $12.86 billion. During the same quarter in the previous year, the company posted $0.66 EPS. The business’s revenue was down 1.6% on a year-over-year basis. On average, analysts expect that NIKE will post 3.9 EPS for the current year.

NIKE Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date is Monday, June 3rd. NIKE’s payout ratio is 39.68%.

Insider Activity at NIKE

In related news, VP Johanna Nielsen sold 282 shares of the stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $93.64, for a total transaction of $26,406.48. Following the completion of the sale, the vice president now directly owns 730 shares of the company’s stock, valued at $68,357.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Johanna Nielsen sold 282 shares of the stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $93.64, for a total transaction of $26,406.48. Following the completion of the sale, the vice president now directly owns 730 shares of the company’s stock, valued at $68,357.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Mark G. Parker sold 168,378 shares of the stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $93.14, for a total value of $15,682,726.92. Following the sale, the chairman now directly owns 1,102,090 shares of the company’s stock, valued at $102,648,662.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 213,660 shares of company stock valued at $19,946,333. 0.50% of the stock is owned by insiders.

Institutional Trading of NIKE

A number of large investors have recently bought and sold shares of NKE. Norges Bank purchased a new stake in NIKE in the fourth quarter worth $1,315,097,000. Price T Rowe Associates Inc. MD increased its position in NIKE by 87.5% in 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 last quarter. Capital International Investors increased its position in NIKE by 34.9% in 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 last quarter. Longview Partners Guernsey LTD purchased a new stake in NIKE in the first quarter worth $533,533,000. Finally, Capital World Investors increased 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 worth $487,327,000 after buying an additional 4,457,376 shares during the last quarter. 64.25% of the stock is owned by hedge funds and other institutional investors.

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.