NIKE (NYSE:NKE) Stock Price Down 0.9% on Analyst Downgrade

NIKE, Inc. (NYSE:NKE) traded down 0.9% during mid-day trading on Monday after Royal Bank of Canada lowered their price target on the stock from $100.00 to $75.00. Royal Bank of Canada currently has a sector perform rating on the stock. NIKE traded as low as $74.29 and last traded at $74.71. 17,442,582 shares traded hands during mid-day trading, an increase of 68% from the average session volume of 10,359,911 shares. The stock had previously closed at $75.37.

Several other research firms have also weighed in on NKE. Evercore ISI cut their target price on NIKE from $110.00 to $105.00 and set an “outperform” rating on the stock in a research note on Friday, June 28th. Williams Trading reiterated a “sell” rating and issued a $85.00 price target (down from $92.00) on shares of NIKE in a research report on Monday, March 18th. JPMorgan Chase & Co. restated a “neutral” rating and set a $83.00 price objective (down previously from $116.00) on shares of NIKE in a report on Friday, June 28th. UBS Group reissued a “neutral” rating and set a $78.00 price target on shares of NIKE in a research report on Friday, June 28th. Finally, Piper Sandler decreased their price target on shares of NIKE from $107.00 to $98.00 and set a “neutral” rating for the company in a report on Friday, March 22nd. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $98.04.

Insider Activity

In other news, VP Johanna Nielsen sold 282 shares of NIKE stock in a transaction on Thursday, May 9th. The shares were 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 approximately $68,357.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other NIKE news, Director Robert Holmes Swan bought 2,941 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The stock was bought at an average price of $77.02 per share, for a total transaction of $226,515.82. Following the completion of the acquisition, the director now directly owns 20,946 shares in the company, valued at $1,613,260.92. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Johanna Nielsen sold 282 shares of NIKE stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $93.64, for a total transaction of $26,406.48. Following the sale, the vice president now directly owns 730 shares in the company, valued at approximately $68,357.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 213,660 shares of company stock worth $19,946,333. 0.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On NIKE

Institutional investors and hedge funds have recently made changes to their positions in the business. Cim LLC bought a new position in shares of NIKE during the fourth quarter valued at $14,275,000. TKG Advisors LLC bought a new stake in shares of NIKE in the fourth quarter worth approximately $1,012,000. Louisiana State Employees Retirement System bought a new stake in shares of NIKE in the fourth quarter worth approximately $8,034,000. Financial Gravity Asset Management Inc. raised its holdings 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 last quarter. Finally, Brown Advisory Inc. lifted its position in 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. Institutional investors own 64.25% of the company’s stock.

NIKE Stock Down 1.0 %

The company has a quick ratio of 1.69, a current ratio of 2.40 and a debt-to-equity ratio of 0.55. The company has a market cap of $114.80 billion, a PE ratio of 20.39, a PEG ratio of 1.43 and a beta of 1.01. The company’s fifty day moving average is $92.94 and its 200-day moving average is $98.54.

NIKE (NYSE:NKE) last posted its quarterly earnings data on Thursday, June 27th. The footwear maker reported $1.01 earnings per share (EPS) for the quarter, topping 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 company had revenue of $12.60 billion for the quarter, compared to the consensus estimate of $12.86 billion. During the same quarter last year, the firm posted $0.66 earnings per share. The firm’s revenue was down 1.6% compared to the same quarter last year. On average, analysts predict that NIKE, Inc. will post 3.9 EPS for the current year.

NIKE Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Monday, June 3rd were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.95%. NIKE’s dividend payout ratio is 39.68%.

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.