Barclays Lowers NIKE (NYSE:NKE) Price Target to $53.00

NIKE (NYSE:NKE) had its price target cut by Barclays from $60.00 to $53.00 in a research note published on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the footwear maker’s stock.

Several other equities analysts have also issued reports on NKE. Williams Trading cut their price target on NIKE from $93.00 to $73.00 and set a “buy” rating on the stock in a research note on Monday, April 21st. The Goldman Sachs Group cut their price target on NIKE from $88.00 to $72.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. Cfra Research raised NIKE to a “moderate buy” rating in a research note on Friday, March 21st. Royal Bank Of Canada cut their price target on NIKE from $66.00 to $65.00 and set a “sector perform” rating on the stock in a research note on Tuesday, May 20th. Finally, Morgan Stanley cut their price target on NIKE from $70.00 to $61.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Seventeen investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $79.15.

NIKE Price Performance

NIKE stock opened at $59.47 on Wednesday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.52 and a current ratio of 2.19. The firm has a market cap of $87.96 billion, a P/E ratio of 19.76, a P/E/G ratio of 2.11 and a beta of 1.21. The business’s fifty day moving average is $59.57 and its two-hundred day moving average is $68.36. NIKE has a 52 week low of $52.28 and a 52 week high of $98.04.

NIKE (NYSE:NKE) last issued its quarterly earnings results on Thursday, March 20th. The footwear maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.26. NIKE had a return on equity of 32.18% and a net margin of 9.43%. The business had revenue of $11.27 billion for the quarter, compared to analyst estimates of $11.02 billion. During the same quarter in the prior year, the firm posted $0.98 earnings per share. The firm’s revenue for the quarter was down 9.1% compared to the same quarter last year. Equities research analysts forecast that NIKE will post 2.05 earnings per share for the current fiscal year.

NIKE Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 2nd will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.69%. NIKE’s payout ratio is presently 53.16%.

Insider Activity at NIKE

In related news, Director Robert Holmes Swan purchased 8,600 shares of NIKE stock in a transaction that occurred on Friday, April 4th. The stock was purchased at an average cost of $58.46 per share, with a total value of $502,756.00. Following the completion of the transaction, the director now owns 31,983 shares of the company’s stock, valued at approximately $1,869,726.18. This trade represents a 36.78% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of NKE. Brighton Jones LLC lifted its position in shares of NIKE by 388.5% in the fourth quarter. Brighton Jones LLC now owns 202,411 shares of the footwear maker’s stock valued at $15,316,000 after buying an additional 160,980 shares during the last quarter. Bank Pictet & Cie Europe AG lifted its position in shares of NIKE by 10.3% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 190,915 shares of the footwear maker’s stock valued at $14,447,000 after buying an additional 17,888 shares during the last quarter. Allworth Financial LP lifted its position in shares of NIKE by 96.8% in the fourth quarter. Allworth Financial LP now owns 24,458 shares of the footwear maker’s stock valued at $1,811,000 after buying an additional 12,027 shares during the last quarter. Venturi Wealth Management LLC lifted its position in shares of NIKE by 355.6% in the fourth quarter. Venturi Wealth Management LLC now owns 7,263 shares of the footwear maker’s stock valued at $550,000 after buying an additional 5,669 shares during the last quarter. Finally, Bank of Jackson Hole Trust acquired a new stake in shares of NIKE in the fourth quarter valued at approximately $43,000. 64.25% of the stock is 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.