The Goldman Sachs Group Cuts NIKE (NYSE:NKE) Price Target to $72.00

NIKE (NYSE:NKE) had its target price trimmed by The Goldman Sachs Group from $88.00 to $72.00 in a report released on Tuesday,Benzinga reports. The firm currently has a buy rating on the footwear maker’s stock.

A number of other brokerages have also issued reports on NKE. Truist Financial cut their price target on NIKE from $90.00 to $82.00 and set a “buy” rating for the company in a research note on Friday, March 21st. DA Davidson upgraded NIKE to a “strong-buy” rating in a research report on Monday, December 23rd. Berenberg Bank assumed coverage on NIKE in a report on Tuesday, April 15th. They issued a “hold” rating and a $58.00 price target on the stock. China Renaissance began coverage on shares of NIKE in a report on Wednesday, March 19th. They set a “hold” rating for the company. Finally, Dbs Bank raised shares of NIKE from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 5th. Sixteen equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $83.19.

NIKE Stock Performance

NYSE:NKE opened at $58.53 on Tuesday. The stock has a 50-day simple moving average of $67.15 and a two-hundred day simple moving average of $73.17. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.51 and a current ratio of 2.22. NIKE has a 52-week low of $52.28 and a 52-week high of $98.04. The firm has a market capitalization of $86.57 billion, a PE ratio of 18.06, a P/E/G ratio of 2.52 and a beta of 1.15.

NIKE (NYSE:NKE) last released its earnings results on Thursday, March 20th. The footwear maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.26. The company had revenue of $11.27 billion during the quarter, compared to analyst estimates of $11.02 billion. NIKE had a net margin of 9.98% and a return on equity of 36.99%. The firm’s quarterly revenue was down 9.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.98 EPS. Analysts forecast that NIKE will post 2.05 EPS for the current year.

NIKE Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Monday, March 3rd were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date of this dividend was Monday, March 3rd. NIKE’s dividend payout ratio (DPR) is presently 53.16%.

Insider Activity

In related news, Chairman Mark G. Parker sold 169,732 shares of the company’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $72.83, for a total transaction of $12,361,581.56. Following the completion of the sale, the chairman now directly owns 896,632 shares in the company, valued at $65,301,708.56. This represents a 15.92 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Robert Holmes Swan bought 8,600 shares of NIKE stock in a transaction on Friday, April 4th. The stock was purchased at an average price of $58.46 per share, with a total value of $502,756.00. Following the completion of the acquisition, the director now directly owns 31,983 shares of the company’s stock, valued at $1,869,726.18. This represents a 36.78 % increase in their position. The disclosure for this purchase can be found here. Insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of NKE. Range Financial Group LLC purchased a new stake in NIKE in the fourth quarter valued at approximately $642,000. Cacti Asset Management LLC purchased a new stake in shares of NIKE in the 4th quarter valued at $9,987,000. Capricorn Fund Managers Ltd acquired a new stake in NIKE during the 4th quarter worth about $5,384,000. Klein Pavlis & Peasley Financial Inc. raised its position in NIKE by 31.1% during the fourth quarter. Klein Pavlis & Peasley Financial Inc. now owns 25,835 shares of the footwear maker’s stock valued at $1,955,000 after acquiring an additional 6,124 shares in the last quarter. Finally, FNY Investment Advisers LLC boosted its holdings in NIKE by 5,745.9% during the fourth quarter. FNY Investment Advisers LLC now owns 8,652 shares of the footwear maker’s stock worth $654,000 after buying an additional 8,504 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.