NIKE (NYSE:NKE) Stock Price Up 1.5% Following Dividend Announcement

NIKE, Inc. (NYSE:NKE)’s stock price was up 1.5% during mid-day trading on Friday after the company announced a dividend. The company traded as high as $58.70 and last traded at $57.59. Approximately 4,700,575 shares traded hands during trading, a decline of 74% from the average daily volume of 17,896,148 shares. The stock had previously closed at $56.76.

The newly announced dividend which will be paid on Tuesday, July 1st. Investors of record on Monday, June 2nd will be paid a dividend of $0.40 per share. The ex-dividend date is Monday, June 2nd. This represents a $1.60 annualized dividend and a yield of 2.73%. NIKE’s dividend payout ratio (DPR) is 53.16%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Truist Financial lowered their target price on NIKE from $90.00 to $82.00 and set a “buy” rating for the company in a report on Friday, March 21st. Bank of America dropped their target price on NIKE from $90.00 to $80.00 and set a “buy” rating on the stock in a research report on Friday, April 25th. Robert W. Baird cut their target price on NIKE from $105.00 to $99.00 and set an “outperform” rating on the stock in a research note on Friday, March 21st. BMO Capital Markets lowered their price target on shares of NIKE from $95.00 to $92.00 and set an “outperform” rating for the company in a research report on Friday, March 21st. Finally, Citigroup cut their price objective on shares of NIKE from $72.00 to $57.00 and set a “neutral” rating on the stock in a research report on Monday, April 28th. Seventeen equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, NIKE has a consensus rating of “Moderate Buy” and a consensus price target of $81.15.

NIKE Trading Up 3.3 %

The company has a fifty day simple moving average of $64.63 and a 200-day simple moving average of $72.16. The stock has a market cap of $86.75 billion, a price-to-earnings ratio of 18.10, a P/E/G ratio of 2.52 and a beta of 1.15. The company has a current ratio of 2.22, a quick ratio of 1.51 and a debt-to-equity ratio of 0.57.

NIKE (NYSE:NKE) last released its quarterly earnings results on Thursday, March 20th. The footwear maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.26. NIKE had a net margin of 9.98% and a return on equity of 36.99%. 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 previous year, the business earned $0.98 earnings per share. The firm’s revenue was down 9.1% compared to the same quarter last year. On average, research analysts forecast that NIKE, Inc. will post 2.05 earnings per share for the current fiscal year.

Insider Transactions at NIKE

In related news, Director Robert Holmes Swan bought 8,600 shares of the business’s stock in a transaction on Friday, April 4th. The stock was bought at an average price of $58.46 per share, for a total transaction of $502,756.00. Following the transaction, the director now directly owns 31,983 shares in the company, valued at $1,869,726.18. This represents a 36.78 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Mark G. Parker sold 169,732 shares of the business’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $72.83, for a total transaction of $12,361,581.56. Following the transaction, the chairman now owns 896,632 shares in the company, valued at approximately $65,301,708.56. This represents a 15.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by insiders.

Institutional Trading of NIKE

Several hedge funds and other institutional investors have recently modified their holdings of NKE. Heck Capital Advisors LLC acquired a new stake in shares of NIKE during the 4th quarter valued at about $28,000. Caitlin John LLC raised its position in NIKE by 117.0% during the fourth quarter. Caitlin John LLC now owns 371 shares of the footwear maker’s stock valued at $28,000 after acquiring an additional 200 shares in the last quarter. Roxbury Financial LLC acquired a new stake in NIKE in the fourth quarter valued at approximately $30,000. LFA Lugano Financial Advisors SA increased its stake in shares of NIKE by 110.5% during the 4th quarter. LFA Lugano Financial Advisors SA now owns 400 shares of the footwear maker’s stock worth $30,000 after purchasing an additional 210 shares during the last quarter. Finally, Hopwood Financial Services Inc. acquired a new position in shares of NIKE during the 4th quarter worth $30,000. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

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.