Royal Bank of Canada Increases NIKE (NYSE:NKE) Price Target to $85.00

NIKE (NYSE:NKE) had its price objective raised by Royal Bank of Canada from $75.00 to $85.00 in a research report report published on Wednesday morning, Benzinga reports. The firm currently has a sector perform rating on the footwear maker’s stock.

Several other equities analysts have also issued reports on the company. Jefferies Financial Group cut their target price on NIKE from $90.00 to $80.00 in a research note on Friday, July 12th. KeyCorp reiterated a sector weight rating on shares of NIKE in a research note on Friday, June 28th. Evercore ISI raised their target price on shares of NIKE from $105.00 to $110.00 and gave the company an outperform rating in a research note on Friday, September 20th. The Goldman Sachs Group reduced their price target on NIKE from $118.00 to $105.00 and set a buy rating on the stock in a research report on Friday, June 28th. Finally, Truist Financial increased their price objective on NIKE from $81.00 to $85.00 and gave the company a hold rating in a report on Friday, September 20th. 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 company has an average rating of Moderate Buy and an average price target of $96.52.

NIKE Stock Up 0.1 %

NYSE:NKE opened at $89.44 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. NIKE has a 1-year low of $70.75 and a 1-year high of $123.39. The company has a 50-day moving average of $79.67 and a 200 day moving average of $86.67. The firm has a market cap of $135.00 billion, a PE ratio of 23.98, a price-to-earnings-growth ratio of 2.30 and a beta of 1.02.

NIKE (NYSE:NKE) last issued its quarterly earnings data on Thursday, June 27th. The footwear maker reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.16. The company had revenue of $12.60 billion for the quarter, compared to analyst estimates of $12.86 billion. NIKE had a net margin of 11.10% and a return on equity of 42.63%. NIKE’s revenue was down 1.6% compared to the same quarter last year. During the same period last year, the company posted $0.66 earnings per share. As a group, research analysts anticipate that NIKE will post 3.04 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 $0.37 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $1.48 dividend on an annualized basis and a yield of 1.65%. NIKE’s dividend payout ratio is currently 39.68%.

Insider Activity at NIKE

In other NIKE news, Chairman Mark G. Parker sold 52,487 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total value 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Chairman Mark G. Parker sold 52,487 shares of the company’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $78.00, for a total value of $4,093,986.00. Following the completion of the sale, the chairman now directly owns 1,031,226 shares of the company’s stock, valued at approximately $80,435,628. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Mark G. Parker sold 110,000 shares of NIKE stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $72.97, for a total value of $8,026,700.00. Following the transaction, the chairman now directly owns 1,102,090 shares in the company, valued at approximately $80,419,507.30. The disclosure for this sale can be found here. 0.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On NIKE

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Annapolis Financial Services LLC grew its position in NIKE by 440.0% in the 1st quarter. Annapolis Financial Services LLC now owns 270 shares of the footwear maker’s stock valued at $25,000 after buying an additional 220 shares during the last quarter. True Wealth Design LLC lifted its holdings in shares of NIKE by 106.4% in the 4th quarter. True Wealth Design LLC now owns 291 shares of the footwear maker’s stock valued at $32,000 after buying an additional 150 shares during the period. Frank Rimerman Advisors LLC purchased a new stake in shares of NIKE in the fourth quarter valued at approximately $33,000. Core Wealth Advisors Inc. grew its holdings in NIKE by 408.5% during the fourth quarter. Core Wealth Advisors Inc. now owns 300 shares of the footwear maker’s stock worth $33,000 after acquiring an additional 241 shares during the period. Finally, Gold Investment Management Ltd. purchased a new position in NIKE in the fourth quarter worth $36,000. 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.