Royal Bank of Canada Trims NIKE (NYSE:NKE) Target Price to $82.00

NIKE (NYSE:NKE) had its price target reduced by Royal Bank of Canada from $85.00 to $82.00 in a research note released on Wednesday, Benzinga reports. They currently have a sector perform rating on the footwear maker’s stock.

A number of other analysts have also commented on NKE. Sanford C. Bernstein cut their price target on NIKE from $112.00 to $109.00 and set an outperform rating on the stock in a report on Thursday, September 19th. Raymond James reiterated a market perform rating on shares of NIKE in a research note on Friday, June 28th. Telsey Advisory Group dropped their price target on NIKE from $100.00 to $96.00 and set an outperform rating on the stock in a research note on Wednesday. Morgan Stanley increased their price target on NIKE from $79.00 to $82.00 and gave the company an equal weight rating in a research note on Wednesday, September 25th. Finally, Barclays upped their price objective on NIKE from $80.00 to $84.00 and gave the company an equal weight rating in a report on Wednesday, September 18th. Fifteen research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $96.04.

NIKE Stock Up 0.2 %

Shares of NYSE:NKE opened at $82.25 on Wednesday. NIKE has a one year low of $70.75 and a one year high of $123.39. The company has a 50 day moving average of $80.90 and a 200-day moving average of $86.15. 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 stock has a market cap of $124.14 billion, a price-to-earnings ratio of 22.05, a P/E/G ratio of 2.30 and a beta of 1.02.

NIKE (NYSE:NKE) last issued its quarterly earnings data on Tuesday, October 1st. The footwear maker reported $0.70 EPS for the quarter, topping the consensus estimate of $0.52 by $0.18. NIKE had a return on equity of 42.63% and a net margin of 11.10%. The business had revenue of $11.59 billion for the quarter, compared to the consensus estimate of $11.64 billion. During the same quarter last year, the business posted $0.94 EPS. The firm’s revenue was down 10.4% compared to the same quarter last year. On average, sell-side analysts forecast that NIKE will post 3.04 earnings per share for the current year.

NIKE Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 3rd were given a $0.37 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $1.48 annualized dividend and a yield of 1.80%. NIKE’s dividend payout ratio is presently 39.68%.

Insider Transactions at NIKE

In other news, Chairman Mark G. Parker sold 52,487 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $78.00, for a total transaction 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. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other NIKE news, Chairman Mark G. Parker sold 52,487 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The stock was 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 approximately $80,435,628. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Mark G. Parker sold 110,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $72.97, for a total value of $8,026,700.00. Following the completion of the sale, the chairman now directly owns 1,102,090 shares of the company’s stock, valued at $80,419,507.30. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Handelsbanken Fonder AB boosted its stake in NIKE by 2.3% in the third quarter. Handelsbanken Fonder AB now owns 524,145 shares of the footwear maker’s stock valued at $46,334,000 after acquiring an additional 12,020 shares during the last quarter. Mirador Capital Partners LP grew its position in shares of NIKE by 18.1% during the 3rd quarter. Mirador Capital Partners LP now owns 42,975 shares of the footwear maker’s stock valued at $3,799,000 after purchasing an additional 6,595 shares in the last quarter. Peoples Bank KS increased its holdings in shares of NIKE by 43.6% in the third quarter. Peoples Bank KS now owns 7,020 shares of the footwear maker’s stock worth $621,000 after purchasing an additional 2,130 shares during the period. LifePlan Financial LLC grew its position in NIKE by 33.7% in the third quarter. LifePlan Financial LLC now owns 7,431 shares of the footwear maker’s stock worth $657,000 after acquiring an additional 1,872 shares in the last quarter. Finally, Rockland Trust Co. grew its position in NIKE by 7.3% in the third quarter. Rockland Trust Co. now owns 202,970 shares of the footwear maker’s stock worth $17,943,000 after acquiring an additional 13,721 shares in the last quarter. Hedge funds and other 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.