NIKE (NYSE:NKE) Trading Up 5.4% Following Analyst Upgrade

Shares of NIKE, Inc. (NYSE:NKE) were up 5.4% on Friday after Truist Financial raised their price target on the stock from $81.00 to $85.00. Truist Financial currently has a hold rating on the stock. NIKE traded as high as $88.00 and last traded at $85.36. Approximately 20,408,793 shares traded hands during mid-day trading, an increase of 80% from the average daily volume of 11,332,746 shares. The stock had previously closed at $80.98.

NKE has been the topic of a number of other research reports. Evercore ISI increased their price objective on NIKE from $105.00 to $110.00 and gave the stock an “outperform” rating in a report on Friday. Wells Fargo & Company lifted their price objective on shares of NIKE from $86.00 to $95.00 and gave the company an “overweight” rating in a research note on Friday. Sanford C. Bernstein decreased their price objective on shares of NIKE from $112.00 to $109.00 and set an “outperform” rating for the company in a report on Thursday. Guggenheim lowered their target price on shares of NIKE from $130.00 to $115.00 and set a “buy” rating on the stock in a research report on Friday, June 28th. Finally, Wedbush decreased their price target on NIKE from $115.00 to $97.00 and set an “outperform” rating for the company in a research note on Friday, June 28th. Fifteen research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, NIKE currently has a consensus rating of “Moderate Buy” and an average price target of $96.15.

Insiders Place Their Bets

In other news, Director Robert Holmes Swan acquired 2,941 shares of the stock in a transaction dated Friday, June 28th. The shares were acquired at an average cost of $77.02 per share, for a total transaction of $226,515.82. Following the completion of the transaction, the director now owns 20,946 shares in the company, valued at approximately $1,613,260.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Chairman Mark G. Parker sold 52,487 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total transaction of $4,093,986.00. Following the completion of the transaction, the chairman now directly owns 1,031,226 shares of the company’s stock, valued at approximately $80,435,628. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert Holmes Swan bought 2,941 shares of the firm’s stock in a transaction dated Friday, June 28th. The shares were acquired at an average price of $77.02 per share, for a total transaction of $226,515.82. Following the completion of the transaction, the director now owns 20,946 shares in the company, valued at approximately $1,613,260.92. The disclosure for this purchase can be found here. Corporate insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Annapolis Financial Services LLC grew its stake in shares of NIKE by 440.0% in the 1st quarter. Annapolis Financial Services LLC now owns 270 shares of the footwear maker’s stock valued at $25,000 after purchasing an additional 220 shares during the period. True Wealth Design LLC boosted its stake in NIKE by 106.4% in the 4th quarter. True Wealth Design LLC now owns 291 shares of the footwear maker’s stock valued at $32,000 after buying an additional 150 shares in the last quarter. Frank Rimerman Advisors LLC bought a new stake in NIKE in the fourth quarter valued at $33,000. Core Wealth Advisors Inc. raised its stake in NIKE by 408.5% during the fourth quarter. Core Wealth Advisors Inc. now owns 300 shares of the footwear maker’s stock worth $33,000 after acquiring an additional 241 shares in the last quarter. Finally, Gold Investment Management Ltd. bought a new position in shares of NIKE during the fourth quarter valued at $36,000. Institutional investors own 64.25% of the company’s stock.

NIKE Stock Performance

The company has a quick ratio of 1.69, a current ratio of 2.40 and a debt-to-equity ratio of 0.55. The stock has a fifty day simple moving average of $78.11 and a 200-day simple moving average of $87.14. The company has a market capitalization of $130.64 billion, a P/E ratio of 23.20, a PEG ratio of 2.08 and a beta of 1.02.

NIKE (NYSE:NKE) last announced its quarterly earnings results on Thursday, June 27th. The footwear maker reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.16. The firm had revenue of $12.60 billion during the quarter, compared to the consensus estimate of $12.86 billion. NIKE had a net margin of 11.10% and a return on equity of 42.63%. The firm’s quarterly revenue was down 1.6% on a year-over-year basis. During the same period last year, the firm posted $0.66 EPS. Equities analysts forecast that NIKE, Inc. will post 3.06 EPS for the current year.

NIKE Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Tuesday, September 3rd will be given a dividend of $0.37 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.48 dividend on an annualized basis and a yield of 1.71%. NIKE’s dividend payout ratio (DPR) is presently 39.68%.

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.