Bank of America Cuts NIKE (NYSE:NKE) Price Target to $90.00

NIKE (NYSE:NKE) had its target price decreased by Bank of America from $95.00 to $90.00 in a research report sent to investors on Friday,Benzinga reports. Bank of America currently has a buy rating on the footwear maker’s stock.

A number of other equities research analysts have also issued reports on the stock. Guggenheim cut their price target on shares of NIKE from $115.00 to $110.00 and set a “buy” rating on the stock in a report on Wednesday, October 2nd. Truist Financial upgraded NIKE from a “hold” rating to a “buy” rating and increased their target price for the company from $83.00 to $97.00 in a report on Thursday, October 10th. Morgan Stanley lowered their price target on NIKE from $80.00 to $74.00 and set an “equal weight” rating on the stock in a report on Friday. Daiwa America downgraded NIKE from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, September 11th. Finally, Sanford C. Bernstein lowered their target price on NIKE from $112.00 to $109.00 and set an “outperform” rating on the stock in a research note on Thursday, September 19th. Fifteen analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $89.77.

NIKE Stock Performance

NKE opened at $76.94 on Friday. The company has a quick ratio of 1.58, a current ratio of 2.36 and a debt-to-equity ratio of 0.57. The firm has a market cap of $115.36 billion, a PE ratio of 22.05, a P/E/G ratio of 1.89 and a beta of 1.02. The business has a fifty day simple moving average of $78.07 and a 200-day simple moving average of $80.55. NIKE has a fifty-two week low of $70.75 and a fifty-two week high of $123.30.

NIKE (NYSE:NKE) last released its quarterly earnings results 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 business had revenue of $12.35 billion during the quarter, compared to analyst estimates of $12.11 billion. NIKE had a return on equity of 39.84% and a net margin of 10.60%. NIKE’s revenue for the quarter was down 7.7% on a year-over-year basis. During the same quarter last year, the company posted $1.03 EPS. As a group, equities analysts predict that NIKE will post 2.72 EPS for the current fiscal year.

NIKE Increases Dividend

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

Hedge Funds Weigh In On NIKE

Several large investors have recently bought and sold shares of NKE. Teachers Insurance & Annuity Association of America acquired a new position in shares of NIKE during the third quarter valued at about $30,000. VitalStone Financial LLC raised its holdings in NIKE by 52.6% in the 3rd quarter. VitalStone Financial LLC now owns 435 shares of the footwear maker’s stock valued at $38,000 after acquiring an additional 150 shares in the last quarter. Dunhill Financial LLC lifted its position in shares of NIKE by 52.2% in the 3rd quarter. Dunhill Financial LLC now owns 493 shares of the footwear maker’s stock worth $44,000 after acquiring an additional 169 shares during the period. Strategic Financial Concepts LLC acquired a new stake in shares of NIKE during the 2nd quarter worth approximately $48,000. Finally, Ecofi Investissements SA bought a new stake in shares of NIKE during the second quarter valued at approximately $49,000. 64.25% of the stock is currently owned by institutional investors and hedge funds.

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.