NIKE (NYSE:NKE) PT Lowered to $81.00 at Truist Financial

NIKE (NYSE:NKE) had its price objective lowered by Truist Financial from $99.00 to $81.00 in a research note released on Friday morning, Benzinga reports. The brokerage currently has a hold rating on the footwear maker’s stock.

A number of other equities analysts have also recently weighed in on NKE. Piper Sandler lowered their price objective on shares of NIKE from $107.00 to $98.00 and set a neutral rating for the company in a research report on Friday, March 22nd. Royal Bank of Canada reaffirmed a sector perform rating and set a $100.00 price objective (down previously from $110.00) on shares of NIKE in a research report on Friday, March 22nd. StockNews.com cut shares of NIKE from a buy rating to a hold rating in a research report on Friday, June 21st. Evercore ISI lowered their price objective on shares of NIKE from $110.00 to $105.00 and set an outperform rating for the company in a research report on Friday. Finally, JPMorgan Chase & Co. reaffirmed a neutral rating and set a $83.00 price objective (down previously from $116.00) on shares of NIKE in a research report on Friday. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of Hold and an average target price of $98.96.

NIKE Stock Performance

NIKE stock opened at $76.83 on Friday. The firm has a 50 day simple moving average of $93.28 and a 200-day simple moving average of $98.85. NIKE has a 1-year low of $74.29 and a 1-year high of $123.39. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.40 and a quick ratio of 1.69. The stock has a market cap of $115.96 billion, a price-to-earnings ratio of 20.60, a price-to-earnings-growth ratio of 1.43 and a beta of 1.01.

NIKE (NYSE:NKE) last posted its quarterly earnings results on Thursday, June 27th. The footwear maker reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.16. NIKE had a net margin of 11.10% and a return on equity of 42.63%. The business had revenue of $12.60 billion during the quarter, compared to analysts’ expectations of $12.86 billion. During the same quarter in the prior year, the company posted $0.66 EPS. The business’s revenue for the quarter was down 1.6% on a year-over-year basis. On average, analysts expect that NIKE will post 3.9 EPS for the current year.

NIKE Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Monday, June 3rd were issued a $0.37 dividend. The ex-dividend date was Monday, June 3rd. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.93%. NIKE’s payout ratio is 39.68%.

Insider Activity

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Sherbrooke Park Advisers LLC purchased a new position in NIKE during the 3rd quarter worth $432,000. United Services Automobile Association increased its stake in NIKE by 18.1% in the third quarter. United Services Automobile Association now owns 33,626 shares of the footwear maker’s stock valued at $3,215,000 after purchasing an additional 5,165 shares during the period. Kidder Stephen W increased its stake in NIKE by 5.3% in the third quarter. Kidder Stephen W now owns 36,552 shares of the footwear maker’s stock valued at $3,495,000 after purchasing an additional 1,850 shares during the period. Gateway Advisory LLC acquired a new position in NIKE in the third quarter valued at $583,000. Finally, Quadrature Capital Ltd increased its stake in NIKE by 80.9% in the third quarter. Quadrature Capital Ltd now owns 1,066,172 shares of the footwear maker’s stock valued at $101,969,000 after purchasing an additional 476,837 shares during the period. 64.25% of the stock is owned by hedge funds and other institutional investors.

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.