NIKE (NYSE:NKE) Given Equal Weight Rating at Morgan Stanley

Morgan Stanley reissued their equal weight rating on shares of NIKE (NYSE:NKE) in a report published on Friday morning, MarketBeat reports. They currently have a $79.00 target price on the footwear maker’s stock, down from their prior target price of $114.00.

Other research analysts also recently issued research reports about the stock. Piper Sandler lowered their price objective on shares of NIKE from $107.00 to $98.00 and set a neutral rating on the stock in a report on Friday, March 22nd. Williams Trading restated a sell rating and issued a $85.00 target price (down previously from $92.00) on shares of NIKE in a report on Monday, March 18th. Wells Fargo & Company cut their price target on NIKE from $120.00 to $115.00 and set an overweight rating for the company in a research note on Monday, June 10th. JPMorgan Chase & Co. lowered their price objective on NIKE from $122.00 to $116.00 and set an overweight rating for the company in a research note on Thursday, June 20th. Finally, Evercore ISI cut their target price on NIKE from $110.00 to $105.00 and set an outperform rating on the stock in a research report on Friday. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, NIKE presently has a consensus rating of Hold and an average target price of $98.96.

NIKE Stock Performance

Shares of NKE opened at $75.37 on Friday. NIKE has a one year low of $74.55 and a one year high of $123.39. The company has a market cap of $113.76 billion, a PE ratio of 20.21, a P/E/G ratio of 1.43 and a beta of 1.05. The stock has a 50-day moving average of $93.28 and a 200-day moving average of $98.85. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.74 and a quick ratio of 1.89.

NIKE (NYSE:NKE) last announced its quarterly earnings data on Thursday, June 27th. The footwear maker reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.16. NIKE had a return on equity of 42.87% and a net margin of 11.10%. The firm had revenue of $12.60 billion during the quarter, compared to analysts’ expectations of $12.86 billion. During the same quarter last year, the firm posted $0.66 earnings per share. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. On average, equities research analysts predict that NIKE will post 3.9 EPS for the current fiscal year.

NIKE Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 3rd will be paid a $0.37 dividend. The ex-dividend date is Monday, June 3rd. This represents a $1.48 annualized dividend and a dividend yield of 1.96%. NIKE’s payout ratio is presently 39.68%.

Insider Transactions at NIKE

In other NIKE news, Chairman Mark G. Parker sold 168,378 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $93.14, for a total transaction of $15,682,726.92. Following the sale, the chairman now owns 1,102,090 shares of the company’s stock, valued at approximately $102,648,662.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Chairman Mark G. Parker sold 168,378 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $93.14, for a total value of $15,682,726.92. Following the transaction, the chairman now directly owns 1,102,090 shares in the company, valued at $102,648,662.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Johanna Nielsen sold 282 shares of the stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $93.64, for a total transaction of $26,406.48. Following the completion of the transaction, the vice president now directly owns 730 shares in the company, valued at approximately $68,357.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 213,660 shares of company stock worth $19,946,333. 0.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On NIKE

Several hedge funds have recently added to or reduced their stakes in NKE. Vanguard Group Inc. raised its holdings in shares of NIKE by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 110,044,821 shares of the footwear maker’s stock valued at $10,342,012,000 after buying an additional 501,792 shares in the last quarter. Capital International Investors raised its stake in shares of NIKE by 34.9% during the fourth quarter. Capital International Investors now owns 27,609,613 shares of the footwear maker’s stock worth $2,997,628,000 after acquiring an additional 7,143,775 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of NIKE by 87.5% in the 4th 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 purchasing an additional 7,996,434 shares in the last quarter. Norges Bank bought a new position in shares of NIKE during the 4th quarter valued at $1,315,097,000. Finally, Fisher Asset Management LLC raised its position in NIKE by 2.3% in the 4th quarter. Fisher Asset Management LLC now owns 9,887,769 shares of the footwear maker’s stock worth $1,073,515,000 after purchasing an additional 219,091 shares during the period. Institutional investors own 64.25% of the company’s stock.

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.