NIKE (NYSE:NKE) Price Target Cut to $90.00 by Analysts at Bank of America

NIKE (NYSE:NKE) had its price objective trimmed by Bank of America from $95.00 to $90.00 in a research report report published on Friday,Benzinga reports. They currently have a buy rating on the footwear maker’s stock.

Other equities analysts also recently issued reports about the stock. TD Cowen cut their price target on shares of NIKE from $78.00 to $73.00 and set a “hold” rating for the company in a report on Monday, November 18th. Evercore ISI decreased their price target on NIKE from $105.00 to $97.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Piper Sandler reiterated a “neutral” rating and issued a $80.00 price objective on shares of NIKE in a research report on Friday, September 20th. Royal Bank of Canada lowered their target price on NIKE from $82.00 to $80.00 and set a “sector perform” rating for the company in a research note on Thursday, November 7th. Finally, JPMorgan Chase & Co. cut their price target on NIKE from $77.00 to $73.00 and set a “neutral” rating for the company in a report on Monday, December 2nd. Fifteen equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $89.77.

NIKE Stock Down 0.2 %

NYSE NKE opened at $76.94 on Friday. NIKE has a 1-year low of $70.75 and a 1-year high of $123.30. The company has a market capitalization of $115.36 billion, a price-to-earnings ratio of 22.05, a PEG ratio of 1.89 and a beta of 1.02. The stock’s 50 day moving average is $78.07 and its two-hundred day moving average is $80.55. The company has a current ratio of 2.36, a quick ratio of 1.58 and a debt-to-equity ratio of 0.57.

NIKE (NYSE:NKE) last announced its quarterly earnings results on Thursday, December 19th. The footwear maker reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.15. The firm had revenue of $12.35 billion for the quarter, compared to analysts’ expectations of $12.11 billion. NIKE had a return on equity of 39.84% and a net margin of 10.60%. The business’s revenue was down 7.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.03 earnings per share. Equities analysts forecast that NIKE will post 2.72 earnings per share for the current fiscal year.

NIKE Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd will be paid a $0.40 dividend. This is an increase from NIKE’s previous quarterly dividend of $0.37. The ex-dividend date is Monday, December 2nd. This represents a $1.60 annualized dividend and a dividend yield of 2.08%. NIKE’s dividend payout ratio (DPR) is currently 45.85%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. State Street Corp lifted its stake in NIKE by 3.3% in the 3rd quarter. State Street Corp now owns 57,916,789 shares of the footwear maker’s stock valued at $5,140,796,000 after acquiring an additional 1,862,021 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of NIKE by 5.1% in the third quarter. Wellington Management Group LLP now owns 27,442,145 shares of the footwear maker’s stock valued at $2,425,886,000 after purchasing an additional 1,343,093 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of NIKE by 1.0% in the third quarter. Geode Capital Management LLC now owns 25,029,380 shares of the footwear maker’s stock worth $2,204,451,000 after purchasing an additional 251,411 shares in the last quarter. Legal & General Group Plc boosted its holdings in NIKE by 5.5% during the second quarter. Legal & General Group Plc now owns 11,049,294 shares of the footwear maker’s stock worth $832,785,000 after purchasing an additional 571,544 shares during the last quarter. Finally, Fisher Asset Management LLC grew its position in NIKE by 6.0% in the third quarter. Fisher Asset Management LLC now owns 10,303,182 shares of the footwear maker’s stock valued at $910,801,000 after purchasing an additional 583,207 shares in the last quarter. 64.25% of the stock is owned by institutional investors and hedge funds.

About NIKE

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.