NIKE’s (NKE) Buy Rating Reaffirmed at Bank of America

Bank of America restated their buy rating on shares of NIKE (NYSE:NKE) in a research report sent to investors on Monday, Benzinga reports. They currently have a $104.00 price target on the footwear maker’s stock.

Several other research firms have also recently issued reports on NKE. Telsey Advisory Group reaffirmed an outperform rating and set a $100.00 price target on shares of NIKE in a research note on Friday. Truist Financial lifted their target price on shares of NIKE from $81.00 to $85.00 and gave the stock a hold rating in a research note on Friday. Morgan Stanley reissued an equal weight rating and set a $79.00 price target on shares of NIKE in a research note on Friday. KeyCorp reaffirmed a sector weight rating on shares of NIKE in a research report on Friday, June 28th. Finally, Guggenheim reduced 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, June 28th. Fifteen equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $96.04.

NIKE Trading Down 0.4 %

Shares of NKE opened at $86.19 on Monday. NIKE has a 1-year low of $70.75 and a 1-year high of $123.39. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.40 and a quick ratio of 1.69. The firm has a 50 day simple moving average of $78.40 and a 200-day simple moving average of $86.90. The stock has a market cap of $130.08 billion, a price-to-earnings ratio of 23.11, a price-to-earnings-growth ratio of 2.08 and a beta of 1.02.

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

NIKE Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 3rd will be paid a $0.37 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.72%. NIKE’s dividend payout ratio (DPR) is currently 39.68%.

Insider Buying and Selling

In other NIKE news, Chairman Mark G. Parker sold 52,487 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total value of $4,093,986.00. Following the completion of the sale, the chairman now owns 1,031,226 shares of the company’s stock, valued at $80,435,628. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Chairman Mark G. Parker sold 52,487 shares of the company’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total value of $4,093,986.00. Following the completion of the transaction, the chairman now directly owns 1,031,226 shares in the company, valued at $80,435,628. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Mark G. Parker sold 110,000 shares of NIKE stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $72.97, for a total transaction of $8,026,700.00. Following the sale, the chairman now directly owns 1,102,090 shares in the company, valued at approximately $80,419,507.30. The disclosure for this sale can be found here. 0.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake 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 valued at $10,342,012,000 after buying an additional 501,792 shares during the last quarter. Capital International Investors boosted 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 valued at $2,997,628,000 after acquiring an additional 7,143,775 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in NIKE by 87.5% during the 4th 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 acquiring an additional 7,996,434 shares in the last quarter. Legal & General Group Plc increased its position in shares of NIKE by 5.5% in the 2nd quarter. Legal & General Group Plc now owns 11,049,294 shares of the footwear maker’s stock worth $832,785,000 after purchasing an additional 571,544 shares during the last quarter. Finally, Fisher Asset Management LLC raised its stake in shares of NIKE by 2.2% in the 4th quarter. Fisher Asset Management LLC now owns 9,880,038 shares of the footwear maker’s stock valued at $1,072,676,000 after purchasing an additional 211,360 shares in the last quarter. Hedge funds and other institutional investors 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.