NIKE (NYSE:NKE) Trading Down 0.7%

NIKE, Inc. (NYSE:NKE) dropped 0.7% during trading on Wednesday . The stock traded as low as $71.85 and last traded at $71.94. Approximately 5,629,969 shares changed hands during trading, a decline of 49% from the average daily volume of 11,012,913 shares. The stock had previously closed at $72.46.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on NKE shares. Jefferies Financial Group cut their price target on NIKE from $110.00 to $100.00 and set a “hold” rating on the stock in a report on Friday, March 22nd. Wells Fargo & Company reduced their price target on shares of NIKE from $115.00 to $92.00 and set an “overweight” rating for the company in a report on Friday, June 28th. Evercore ISI reduced their target price on NIKE from $110.00 to $105.00 and set an “outperform” rating for the company in a research note on Friday, June 28th. Robert W. Baird cut their price target on NIKE from $125.00 to $100.00 and set an “outperform” rating on the stock in a report on Friday, June 28th. Finally, Piper Sandler lowered their target price on NIKE from $107.00 to $98.00 and set a “neutral” rating on the stock in a research report on Friday, March 22nd. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $97.19.

NIKE Stock Up 1.2 %

The stock has a 50-day simple moving average of $89.89 and a two-hundred day simple moving average of $96.31. 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 firm has a market cap of $110.77 billion, a PE ratio of 19.67, a P/E/G ratio of 1.86 and a beta of 1.01.

NIKE (NYSE:NKE) last issued its earnings results on Thursday, June 27th. The footwear maker reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.16. NIKE had a net margin of 11.10% and a return on equity of 42.63%. The company had revenue of $12.60 billion for the quarter, compared to analysts’ expectations of $12.86 billion. During the same quarter last year, the company earned $0.66 EPS. The firm’s revenue was down 1.6% compared to the same quarter last year. Analysts expect that NIKE, Inc. will post 3.17 earnings per share for the current year.

NIKE Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Monday, June 3rd were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 2.02%. The ex-dividend date was Monday, June 3rd. NIKE’s dividend payout ratio is 39.68%.

Insider Activity at NIKE

In other news, Director Robert Holmes Swan acquired 2,941 shares of the firm’s stock in a transaction on Friday, June 28th. The shares were purchased 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 of the company’s stock, valued at $1,613,260.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, EVP Monique S. Matheson sold 45,000 shares of NIKE stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $94.16, for a total transaction of $4,237,200.00. Following the sale, the executive vice president now owns 44,997 shares of the company’s stock, valued at approximately $4,236,917.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert Holmes Swan purchased 2,941 shares of NIKE stock in a transaction that occurred on Friday, June 28th. The shares were bought at an average price of $77.02 per share, for a total transaction of $226,515.82. Following the transaction, the director now directly owns 20,946 shares of the company’s stock, valued at $1,613,260.92. The disclosure for this purchase can be found here. Insiders sold 213,660 shares of company stock worth $19,946,333 in the last three months. 0.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Annapolis Financial Services LLC boosted its holdings in shares of NIKE by 440.0% during the 1st quarter. Annapolis Financial Services LLC now owns 270 shares of the footwear maker’s stock valued at $25,000 after buying an additional 220 shares in the last quarter. Iron Horse Wealth Management LLC raised its holdings in NIKE by 120.7% in the 4th quarter. Iron Horse Wealth Management LLC now owns 256 shares of the footwear maker’s stock worth $28,000 after acquiring an additional 140 shares during the last quarter. Planned Solutions Inc. bought a new position in shares of NIKE during the fourth quarter valued at $29,000. True Wealth Design LLC grew its stake in shares of NIKE by 106.4% in the fourth quarter. True Wealth Design LLC now owns 291 shares of the footwear maker’s stock worth $32,000 after acquiring an additional 150 shares during the period. Finally, Frank Rimerman Advisors LLC bought a new stake in NIKE in the 4th quarter worth approximately $33,000. Institutional investors own 64.25% of the company’s stock.

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.