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

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

A number of other equities research analysts have also weighed in on NKE. Stifel Nicolaus lowered their price objective on NIKE from $88.00 to $79.00 and set a “hold” rating on the stock in a report on Monday, August 26th. Guggenheim lowered their price target on shares of NIKE from $115.00 to $110.00 and set a “buy” rating on the stock in a research note on Wednesday, October 2nd. Deutsche Bank Aktiengesellschaft lowered their target price on NIKE from $92.00 to $82.00 and set a “buy” rating on the stock in a report on Monday, December 16th. Needham & Company LLC started coverage on NIKE in a report on Friday, November 22nd. They issued a “buy” rating and a $84.00 price target for the company. Finally, Barclays dropped their price target on shares of NIKE from $81.00 to $79.00 and set an “equal weight” rating for the company in a research report on Wednesday, December 11th. Fifteen research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, NIKE presently has an average rating of “Moderate Buy” and an average price target of $89.77.

NIKE Trading Down 0.2 %

Shares of NKE stock opened at $76.94 on Friday. The company has a market capitalization of $115.36 billion, a P/E ratio of 22.05, a price-to-earnings-growth ratio of 1.89 and a beta of 1.02. The company has a current ratio of 2.36, a quick ratio of 1.58 and a debt-to-equity ratio of 0.57. The business’s 50 day moving average is $78.07 and its two-hundred day moving average is $80.65. NIKE has a twelve month low of $70.75 and a twelve month high of $123.30.

NIKE (NYSE:NKE) last posted its quarterly earnings data 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 analyst estimates of $12.11 billion. NIKE had a net margin of 10.60% and a return on equity of 39.84%. NIKE’s quarterly revenue was down 7.7% on a year-over-year basis. During the same period last year, the firm posted $1.03 EPS. Equities analysts forecast that NIKE will post 2.72 EPS for the current year.

NIKE Increases Dividend

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

Hedge Funds Weigh In On NIKE

Hedge funds have recently added to or reduced their stakes in the business. Teachers Insurance & Annuity Association of America acquired a new stake in shares of NIKE during the 3rd quarter worth approximately $30,000. VitalStone Financial LLC increased its position in NIKE by 52.6% in the third quarter. VitalStone Financial LLC now owns 435 shares of the footwear maker’s stock worth $38,000 after buying an additional 150 shares during the period. Dunhill Financial LLC lifted its stake in NIKE by 52.2% in the third quarter. Dunhill Financial LLC now owns 493 shares of the footwear maker’s stock valued at $44,000 after buying an additional 169 shares during the last quarter. Strategic Financial Concepts LLC acquired a new position in shares of NIKE during the second quarter valued at $48,000. Finally, Ecofi Investissements SA bought a new position in shares of NIKE during the second quarter worth about $49,000. Institutional investors and hedge funds 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.