JPMorgan Chase & Co. Trims NIKE (NYSE:NKE) Target Price to $77.00

05 Oct 2024, 18:41 by Teresa Graham · The Cerbat Gem

NIKE (NYSE:NKE – Free Report) had its price objective trimmed by JPMorgan Chase & Co. from $80.00 to $77.00 in a research report released on Wednesday morning, Benzinga reports. The brokerage currently has a neutral rating on the footwear maker’s stock.

NKE has been the topic of a number of other research reports. Barclays increased their price target on shares of NIKE from $80.00 to $84.00 and gave the stock an equal weight rating in a research note on Wednesday, September 18th. Wedbush cut their price target on shares of NIKE from $115.00 to $97.00 and set an outperform rating on the stock in a research note on Friday, June 28th. StockNews.com downgraded shares of NIKE from a buy rating to a hold rating in a research note on Friday, June 21st. Wells Fargo & Company raised their target price on shares of NIKE from $86.00 to $95.00 and gave the company an overweight rating in a research note on Friday, September 20th. Finally, Sanford C. Bernstein cut their target price on shares of NIKE from $112.00 to $109.00 and set an outperform rating on the stock in a research note on Thursday, September 19th. Fifteen analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $96.04.

Get Our Latest Stock Analysis on NIKE

NIKE Stock Performance

Shares of NKE opened at $82.26 on Wednesday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.69 and a current ratio of 2.40. The company has a market capitalization of $124.15 billion, a price-to-earnings ratio of 22.05, a PEG ratio of 2.30 and a beta of 1.02. The company’s 50 day simple moving average is $80.90 and its 200 day simple moving average is $86.24. NIKE has a 1 year low of $70.75 and a 1 year high of $123.39.

NIKE (NYSE:NKE – Get Free Report) last posted its quarterly earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.18. The company had revenue of $11.59 billion for the quarter, compared to the consensus estimate of $11.64 billion. NIKE had a net margin of 11.10% and a return on equity of 42.63%. NIKE’s revenue was down 10.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.94 earnings per share. On average, sell-side analysts predict that NIKE will post 3.04 EPS for the current year.

NIKE Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 3rd were issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 1.80%. The ex-dividend date of this dividend was Tuesday, September 3rd. NIKE’s dividend payout ratio is currently 39.68%.

Insiders Place Their Bets

In other NIKE news, Chairman Mark G. Parker sold 52,487 shares of the firm’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total transaction of $4,093,986.00. Following the completion of the transaction, the chairman now directly owns 1,031,226 shares of the company’s stock, valued at $80,435,628. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Chairman Mark G. Parker sold 110,000 shares of NIKE stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $72.97, for a total value of $8,026,700.00. Following the completion of the transaction, the chairman now directly owns 1,102,090 shares of the company’s stock, valued at approximately $80,419,507.30. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Mark G. Parker sold 52,487 shares of NIKE stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total transaction of $4,093,986.00. Following the completion of the transaction, the chairman now directly owns 1,031,226 shares of the company’s stock, valued at $80,435,628. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Mirador Capital Partners LP boosted its holdings in shares of NIKE by 18.1% in the 3rd quarter. Mirador Capital Partners LP now owns 42,975 shares of the footwear maker’s stock valued at $3,799,000 after buying an additional 6,595 shares during the period. Peoples Bank KS lifted its position in NIKE by 43.6% in the 3rd quarter. Peoples Bank KS now owns 7,020 shares of the footwear maker’s stock valued at $621,000 after purchasing an additional 2,130 shares during the last quarter. LifePlan Financial LLC lifted its position in NIKE by 33.7% in the 3rd quarter. LifePlan Financial LLC now owns 7,431 shares of the footwear maker’s stock valued at $657,000 after purchasing an additional 1,872 shares during the last quarter. Rockland Trust Co. lifted its position in NIKE by 7.3% in the 3rd quarter. Rockland Trust Co. now owns 202,970 shares of the footwear maker’s stock valued at $17,943,000 after purchasing an additional 13,721 shares during the last quarter. Finally, Czech National Bank lifted its position in NIKE by 6.0% in the 3rd quarter. Czech National Bank now owns 244,750 shares of the footwear maker’s stock valued at $21,636,000 after purchasing an additional 13,918 shares during the last quarter. 64.25% of the stock is owned by institutional investors and hedge funds.

NIKE Company Profile

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