NIKE (NYSE:NKE) PT Lowered to $83.00

06 Oct 2024, 05:14 by Renee Jackson · The Cerbat Gem

NIKE (NYSE:NKE – Free Report) had its price target decreased by Truist Financial from $85.00 to $83.00 in a research note issued to investors on Wednesday, Benzinga reports. Truist Financial currently has a hold rating on the footwear maker’s stock.

A number of other research analysts have also weighed in on the stock. Oppenheimer reissued an outperform rating and issued a $120.00 target price on shares of NIKE in a report on Friday, June 28th. StockNews.com cut shares of NIKE from a buy rating to a hold rating in a research note on Friday, June 21st. Wells Fargo & Company upped their target price on shares of NIKE from $86.00 to $95.00 and gave the company an overweight rating in a research report on Friday, September 20th. UBS Group reiterated a neutral rating and issued a $78.00 price target on shares of NIKE in a research report on Friday, June 28th. Finally, Wedbush decreased their price objective on NIKE from $115.00 to $97.00 and set an outperform rating on the stock in a research report on Friday, June 28th. Fifteen investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $96.04.

View Our Latest Stock Analysis on NKE

NIKE Stock Up 0.2 %

Shares of NKE stock opened at $82.25 on Wednesday. The stock has a market cap of $124.14 billion, a P/E ratio of 22.05, a PEG ratio of 2.30 and a beta of 1.02. The company’s fifty day simple moving average is $80.90 and its two-hundred day simple moving average is $86.15. The company has a quick ratio of 1.69, a current ratio of 2.40 and a debt-to-equity ratio of 0.55. NIKE has a 52 week low of $70.75 and a 52 week high of $123.39.

NIKE (NYSE:NKE – Get Free Report) last posted its earnings results on Tuesday, October 1st. The footwear maker reported $0.70 EPS 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 return on equity of 42.63% and a net margin of 11.10%. The firm’s revenue for the quarter was down 10.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.94 earnings per share. Analysts predict that NIKE will post 3.04 EPS for the current fiscal year.

NIKE Dividend Announcement

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

Insider Activity at NIKE

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

Institutional Trading of NIKE

A number of institutional investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its position 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 during the last quarter. Longview Partners Guernsey LTD purchased a new stake in shares of NIKE during the 1st quarter valued at $533,533,000. Capital World Investors lifted its holdings in shares of NIKE by 612.2% during the 1st 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. Jennison Associates LLC boosted its position in shares of NIKE by 45.6% in the 1st quarter. Jennison Associates LLC now owns 8,859,580 shares of the footwear maker’s stock worth $832,623,000 after purchasing an additional 2,775,510 shares in the last quarter. Finally, PineStone Asset Management Inc. grew its stake in NIKE by 138.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 2,715,689 shares of the footwear maker’s stock worth $204,681,000 after buying an additional 1,576,049 shares during the last quarter. 64.25% of the stock is currently owned by institutional investors.

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