Truist Financial Cuts NIKE (NYSE:NKE) Price Target to $82.00

NIKE (NYSE:NKE) had its price target cut by Truist Financial from $90.00 to $82.00 in a research note published on Friday morning,Benzinga reports. They currently have a buy rating on the footwear maker’s stock.

Several other research analysts have also recently issued reports on the company. Wells Fargo & Company dropped their price target on NIKE from $90.00 to $85.00 and set an “overweight” rating on the stock in a report on Friday. DA Davidson upgraded NIKE to a “strong-buy” rating in a report on Monday, December 23rd. Robert W. Baird reduced their target price on NIKE from $105.00 to $99.00 and set an “outperform” rating for the company in a report on Friday. Bank of America dropped their price target on NIKE from $95.00 to $90.00 and set a “buy” rating on the stock in a research note on Friday, December 20th. Finally, Barclays reduced their price objective on shares of NIKE from $79.00 to $70.00 and set an “equal weight” rating for the company in a research note on Friday, December 20th. Fifteen analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, NIKE has a consensus rating of “Moderate Buy” and a consensus price target of $87.38.

NIKE Price Performance

NYSE:NKE opened at $68.02 on Friday. The company has a quick ratio of 1.51, a current ratio of 2.22 and a debt-to-equity ratio of 0.57. The business’s 50-day moving average price is $74.70 and its 200 day moving average price is $77.40. NIKE has a 52-week low of $65.17 and a 52-week high of $98.04. The firm has a market cap of $100.60 billion, a P/E ratio of 20.99, a PEG ratio of 2.52 and a beta of 1.02.

NIKE (NYSE:NKE) last announced its quarterly earnings data on Thursday, March 20th. The footwear maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.26. NIKE had a net margin of 9.98% and a return on equity of 36.99%. The company had revenue of $11.27 billion for the quarter, compared to analysts’ expectations of $11.02 billion. During the same quarter in the previous year, the company posted $0.98 EPS. The business’s revenue was down 9.1% compared to the same quarter last year. As a group, sell-side analysts predict that NIKE will post 2.05 earnings per share for the current fiscal year.

NIKE Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 3rd will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.35%. The ex-dividend date of this dividend is Monday, March 3rd. NIKE’s dividend payout ratio is currently 53.16%.

Insider Transactions at NIKE

In related news, Director John W. Rogers, Jr. bought 2,500 shares of the business’s stock in a transaction that occurred on Friday, December 27th. The stock was purchased at an average cost of $76.65 per share, for a total transaction of $191,625.00. Following the purchase, the director now directly owns 34,403 shares in the company, valued at $2,636,989.95. This trade represents a 7.84 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Mark G. Parker sold 169,732 shares of the business’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $72.83, for a total transaction of $12,361,581.56. Following the transaction, the chairman now owns 896,632 shares in the company, valued at approximately $65,301,708.56. The trade was a 15.92 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.10% of the company’s stock.

Institutional Trading of NIKE

A number of institutional investors and hedge funds have recently modified their holdings of NKE. JNBA Financial Advisors boosted its stake in NIKE by 1.3% during the fourth quarter. JNBA Financial Advisors now owns 10,045 shares of the footwear maker’s stock worth $760,000 after buying an additional 131 shares in the last quarter. Frisch Financial Group Inc. boosted its position in shares of NIKE by 4.7% during the 3rd quarter. Frisch Financial Group Inc. now owns 3,036 shares of the footwear maker’s stock valued at $269,000 after acquiring an additional 136 shares in the last quarter. Nations Financial Group Inc. IA ADV increased its stake in NIKE by 0.7% in the fourth quarter. Nations Financial Group Inc. IA ADV now owns 20,446 shares of the footwear maker’s stock valued at $1,547,000 after acquiring an additional 136 shares during the period. Elgethun Capital Management raised its position in NIKE by 13.7% in the fourth quarter. Elgethun Capital Management now owns 1,236 shares of the footwear maker’s stock worth $94,000 after purchasing an additional 149 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in NIKE by 1.0% during the fourth quarter. GAMMA Investing LLC now owns 15,014 shares of the footwear maker’s stock worth $1,136,000 after purchasing an additional 150 shares during the period. 64.25% of the stock is currently owned by 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.