NIKE (NYSE:NKE) Trading Down 0.9% Following Analyst Downgrade

NIKE, Inc. (NYSE:NKE) traded down 0.9% on Monday after Citigroup lowered their price target on the stock from $115.00 to $102.00. Citigroup currently has a buy rating on the stock. NIKE traded as low as $74.29 and last traded at $74.71. Approximately 17,442,582 shares were traded during trading, an increase of 68% from the average daily volume of 10,359,911 shares. The stock had previously closed at $75.37.

Other equities analysts have also recently issued research reports about the company. Guggenheim dropped their target price on NIKE from $130.00 to $115.00 and set a “buy” rating on the stock in a research report on Friday. UBS Group reaffirmed a “neutral” rating and set a $78.00 price objective on shares of NIKE in a report on Friday. HSBC lowered their price target on shares of NIKE from $100.00 to $90.00 and set a “hold” rating on the stock in a research note on Friday. Piper Sandler reduced their price objective on shares of NIKE from $107.00 to $98.00 and set a “neutral” rating for the company in a research note on Friday, March 22nd. Finally, Robert W. Baird decreased their price objective on shares of NIKE from $125.00 to $100.00 and set an “outperform” rating on the stock in a report on Friday. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $98.96.

Insiders Place Their Bets

In other NIKE news, VP Johanna Nielsen sold 282 shares of the business’s stock in a transaction dated 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 sale, the vice president now owns 730 shares of the company’s stock, valued at $68,357.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other NIKE news, Director Robert Holmes Swan acquired 2,941 shares of the company’s stock in a transaction on Friday, June 28th. The shares were bought at an average cost of $77.02 per share, for a total transaction of $226,515.82. Following the acquisition, the director now directly owns 20,946 shares of the company’s stock, valued at $1,613,260.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Johanna Nielsen sold 282 shares of NIKE 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 sale, the vice president now owns 730 shares of the company’s stock, valued at approximately $68,357.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 213,660 shares of company stock valued at $19,946,333. Insiders own 0.50% of the company’s stock.

Institutional Trading of NIKE

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position 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 worth $10,342,012,000 after purchasing an additional 501,792 shares during the period. Capital International Investors grew its stake in NIKE by 34.9% during the 4th quarter. Capital International Investors now owns 27,609,613 shares of the footwear maker’s stock worth $2,997,628,000 after buying an additional 7,143,775 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in NIKE by 87.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 17,135,431 shares of the footwear maker’s stock worth $1,860,395,000 after buying an additional 7,996,434 shares during the period. Norges Bank bought a new stake in NIKE in the fourth quarter valued at $1,315,097,000. Finally, Fisher Asset Management LLC increased its holdings in shares of 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 acquiring an additional 219,091 shares during the period. Institutional investors own 64.25% of the company’s stock.

NIKE Stock Performance

The company has a current ratio of 2.40, a quick ratio of 1.69 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $115.96 billion, a P/E ratio of 20.60, a P/E/G ratio of 1.43 and a beta of 1.01. The company’s 50-day moving average is $93.28 and its two-hundred day moving average is $98.85.

NIKE (NYSE:NKE) last announced its 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 return on equity of 42.63% and a net margin of 11.10%. The firm had revenue of $12.60 billion for the quarter, compared to the consensus estimate of $12.86 billion. During the same quarter in the previous year, the business earned $0.66 EPS. The firm’s revenue for the quarter was down 1.6% on a year-over-year basis. As a group, sell-side analysts anticipate that NIKE, Inc. will post 3.9 EPS for the current fiscal year.

NIKE Announces Dividend

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