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

NIKE (NYSE:NKE) had its price objective cut by Bank of America from $113.00 to $104.00 in a research note released on Friday, Benzinga reports. They currently have a buy rating on the footwear maker’s stock.

A number of other equities analysts also recently issued reports on NKE. JPMorgan Chase & Co. reaffirmed a neutral rating and set a $83.00 price objective (down from $116.00) on shares of NIKE in a report on Friday. UBS Group reaffirmed a neutral rating and set a $78.00 price objective on shares of NIKE in a report on Friday. Wells Fargo & Company cut their price objective on shares of NIKE from $120.00 to $115.00 and set an overweight rating on the stock in a report on Monday, June 10th. Stifel Nicolaus reaffirmed a hold rating and set a $88.00 price objective (down from $117.00) on shares of NIKE in a report on Friday. Finally, Raymond James reaffirmed a market perform rating on shares of NIKE in a report on Friday. 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 stock. According to MarketBeat, the stock has a consensus rating of Hold and an average target price of $98.96.

NIKE Stock Performance

Shares of NKE stock opened at $76.83 on Friday. The firm has a market capitalization of $115.96 billion, a PE ratio of 20.60, a price-to-earnings-growth ratio of 1.43 and a beta of 1.01. The firm has a fifty day simple moving average of $93.28 and a two-hundred day simple moving average of $98.85. The company has a current ratio of 2.40, a quick ratio of 1.69 and a debt-to-equity ratio of 0.55. NIKE has a 12 month low of $74.29 and a 12 month high of $123.39.

NIKE (NYSE:NKE) last announced 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. The business had revenue of $12.60 billion during 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 quarterly revenue was down 1.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.66 EPS. Analysts forecast that NIKE will post 3.9 EPS for the current fiscal year.

NIKE Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Monday, June 3rd were given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 1.93%. The ex-dividend date of this dividend was Monday, June 3rd. NIKE’s dividend payout ratio (DPR) is 39.68%.

Insider Buying and Selling

In other NIKE news, VP Johanna Nielsen sold 282 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $93.64, for a total value of $26,406.48. Following the completion of the sale, the vice president now owns 730 shares of the company’s stock, valued at $68,357.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other NIKE news, VP Johanna Nielsen sold 282 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $93.64, for a total value of $26,406.48. Following the completion of the sale, the vice president now owns 730 shares of the company’s stock, valued at $68,357.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Robert Holmes Swan bought 2,941 shares of the business’s stock in a transaction on Friday, June 28th. The stock was purchased at an average cost of $77.02 per share, with a total value of $226,515.82. Following the purchase, the director now owns 20,946 shares of the company’s stock, valued at $1,613,260.92. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 213,660 shares of company stock worth $19,946,333. Insiders own 0.50% of the company’s stock.

Institutional Trading of NIKE

Several hedge funds and other institutional investors have recently bought and sold shares of NKE. Cim LLC purchased a new stake in shares of NIKE during the fourth quarter valued at approximately $14,275,000. TKG Advisors LLC purchased a new stake in shares of NIKE during the fourth quarter valued at approximately $1,012,000. Louisiana State Employees Retirement System purchased a new stake in shares of NIKE during the fourth quarter valued at approximately $8,034,000. Financial Gravity Asset Management Inc. boosted its stake in shares of NIKE by 2,332.5% during the third quarter. Financial Gravity Asset Management Inc. now owns 184,042 shares of the footwear maker’s stock valued at $17,598,000 after purchasing an additional 176,476 shares during the period. Finally, Brown Advisory Inc. boosted its stake in shares of NIKE by 4.3% during the fourth quarter. Brown Advisory Inc. now owns 4,668,949 shares of the footwear maker’s stock valued at $506,908,000 after purchasing an additional 192,752 shares during the period. Hedge funds and other institutional investors own 64.25% of the company’s stock.

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.