NIKE (NYSE:NKE) Price Target Cut to $115.00 by Analysts at Guggenheim

NIKE (NYSE:NKE) had its target price cut by Guggenheim from $130.00 to $115.00 in a research note published on Friday morning, Benzinga reports. They currently have a buy rating on the footwear maker’s stock.

Several other equities analysts have also recently issued reports on the stock. KeyCorp reiterated a sector weight rating on shares of NIKE in a research report on Friday. Sanford C. Bernstein reduced their price target on shares of NIKE from $134.00 to $120.00 and set an outperform rating on the stock in a research report on Friday, March 22nd. Barclays cut shares of NIKE from an overweight rating to an equal weight rating and reduced their price target for the company from $109.00 to $80.00 in a research report on Friday. Morgan Stanley reiterated an equal weight rating and set a $79.00 price target (down previously from $114.00) on shares of NIKE in a research report on Friday. Finally, Raymond James restated a market perform rating on shares of NIKE in a report on Friday. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Hold and an average target price of $98.96.

NIKE Price Performance

NKE stock opened at $76.83 on Friday. The firm’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 $74.29 and a 12-month high of $123.39. The stock has a market capitalization of $115.96 billion, a price-to-earnings ratio of 20.60, a PEG ratio of 1.43 and a beta of 1.01. 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 (NYSE:NKE) last released its quarterly earnings data on Thursday, June 27th. The footwear maker reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.16. NIKE had a net margin of 11.10% and a return on equity of 42.63%. The firm had revenue of $12.60 billion for the quarter, compared to analysts’ expectations of $12.86 billion. During the same quarter in the previous year, the company earned $0.66 earnings per share. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. As a group, equities analysts predict that NIKE will post 3.9 earnings per share for the current year.

NIKE Announces Dividend

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

Insiders Place Their Bets

In other NIKE news, Director Robert Holmes Swan purchased 2,941 shares of the firm’s stock in a transaction on Friday, June 28th. The shares were acquired at an average cost of $77.02 per share, for a total transaction of $226,515.82. Following the completion of the transaction, the director now owns 20,946 shares of the company’s stock, valued at $1,613,260.92. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Chairman Mark G. Parker sold 168,378 shares of the stock in a transaction 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 completion of the sale, the chairman now directly owns 1,102,090 shares of the company’s stock, valued at $102,648,662.60. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Robert Holmes Swan bought 2,941 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were bought at an average cost of $77.02 per share, with a total value of $226,515.82. Following the completion of the purchase, the director now directly owns 20,946 shares of the company’s stock, valued at approximately $1,613,260.92. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 213,660 shares of company stock worth $19,946,333. Company insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On NIKE

Several institutional investors have recently bought and sold shares of NKE. Norges Bank purchased a new position in NIKE during the fourth quarter valued at $1,315,097,000. Price T Rowe Associates Inc. MD grew its stake in 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 valued at $1,860,395,000 after acquiring an additional 7,996,434 shares in the last quarter. Capital International Investors lifted its position in NIKE by 34.9% during the fourth quarter. Capital International Investors now owns 27,609,613 shares of the footwear maker’s stock valued at $2,997,628,000 after purchasing an additional 7,143,775 shares during the last quarter. Longview Partners Guernsey LTD bought a new position in NIKE during the first quarter valued at $533,533,000. Finally, Capital World Investors lifted its position in NIKE by 612.2% during 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 last quarter. 64.25% of the stock is owned by hedge funds and other institutional investors.

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.