JPMorgan Chase & Co. Cuts NIKE (NYSE:NKE) Price Target to $64.00

NIKE (NYSE:NKE) had its price target trimmed by JPMorgan Chase & Co. from $73.00 to $64.00 in a report released on Friday morning,Benzinga reports. The brokerage currently has a neutral rating on the footwear maker’s stock.

A number of other brokerages have also recently issued reports on NKE. Piper Sandler upgraded NIKE from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $72.00 to $90.00 in a report on Friday, January 10th. Deutsche Bank Aktiengesellschaft decreased their target price on NIKE from $92.00 to $82.00 and set a “buy” rating for the company in a report on Monday, December 16th. Jefferies Financial Group upgraded NIKE from a “hold” rating to a “buy” rating and boosted their target price for the stock from $75.00 to $115.00 in a report on Monday, February 24th. UBS Group decreased their target price on NIKE from $73.00 to $66.00 and set a “neutral” rating for the company in a report on Friday. Finally, Truist Financial decreased their price target on NIKE from $90.00 to $82.00 and set a “buy” rating for the company in a report on Friday. Fifteen equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $87.38.

NIKE Trading Down 5.4 %

NYSE NKE opened at $68.02 on Friday. NIKE has a 12 month low of $65.17 and a 12 month high of $98.04. The company has a 50-day moving average of $74.70 and a 200-day moving average of $77.40. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.22 and a quick ratio of 1.51. The company has a market cap of $100.60 billion, a P/E ratio of 20.99, a P/E/G ratio of 2.52 and a beta of 1.02.

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

NIKE Dividend Announcement

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

Insider Activity at NIKE

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

Institutional Investors Weigh In On NIKE

Several large investors have recently added to or reduced their stakes in the stock. JNBA Financial Advisors increased its position in NIKE by 1.3% in 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 during the period. Frisch Financial Group Inc. grew its stake in shares of NIKE by 4.7% in the third quarter. Frisch Financial Group Inc. now owns 3,036 shares of the footwear maker’s stock worth $269,000 after purchasing an additional 136 shares in the last quarter. Nations Financial Group Inc. IA ADV grew its stake in shares of 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 worth $1,547,000 after purchasing an additional 136 shares in the last quarter. Elgethun Capital Management grew its stake in shares of 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 grew its stake in shares of NIKE by 1.0% in 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 in the last quarter. 64.25% of the stock is owned by institutional investors and hedge funds.

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.