NIKE (NYSE:NKE) Price Target Raised to $60.00

NIKE (NYSE:NKE) had its target price upped by Wells Fargo & Company from $55.00 to $60.00 in a research report released on Wednesday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the footwear maker’s stock.

Several other analysts have also issued reports on NKE. Morgan Stanley reduced their target price on shares of NIKE from $72.00 to $70.00 and set an “equal weight” rating for the company in a research note on Friday, March 21st. Bank of America reduced their price objective on shares of NIKE from $90.00 to $80.00 and set a “buy” rating for the company in a research report on Friday, April 25th. Robert W. Baird dropped their target price on shares of NIKE from $105.00 to $99.00 and set an “outperform” rating on the stock in a research note on Friday, March 21st. The Goldman Sachs Group reduced their target price on shares of NIKE from $88.00 to $72.00 and set a “buy” rating for the company in a research report on Tuesday, April 22nd. Finally, Cfra Research raised NIKE to a “moderate buy” rating in a report on Friday, March 21st. Seventeen analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $80.30.

NIKE Price Performance

Shares of NYSE NKE opened at $63.13 on Wednesday. The stock has a market cap of $93.38 billion, a price-to-earnings ratio of 19.48, a PEG ratio of 2.52 and a beta of 1.23. 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 fifty-two week low of $52.28 and a fifty-two week high of $98.04. The firm’s 50-day simple moving average is $61.07 and its 200 day simple moving average is $70.74.

NIKE (NYSE:NKE) last posted its earnings results on Thursday, March 20th. The footwear maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.26. NIKE had a return on equity of 36.99% and a net margin of 9.98%. The company had revenue of $11.27 billion for the quarter, compared to analyst estimates of $11.02 billion. During the same quarter last year, the company earned $0.98 earnings per share. The company’s revenue for the quarter was down 9.1% on a year-over-year basis. As a group, research analysts anticipate that NIKE will post 2.05 earnings per share for the current fiscal year.

NIKE Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 2nd will be paid a $0.40 dividend. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $1.60 annualized dividend and a dividend yield of 2.53%. NIKE’s payout ratio is 53.16%.

Insider Buying and Selling

In other news, Director Robert Holmes Swan purchased 8,600 shares of the company’s stock in a transaction that occurred on Friday, April 4th. The shares were bought at an average price of $58.46 per share, for a total transaction of $502,756.00. Following the purchase, the director now directly owns 31,983 shares in the company, valued at approximately $1,869,726.18. This trade represents a 36.78% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Caitlin John LLC boosted its position in shares of 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 buying an additional 200 shares during the last quarter. Heck Capital Advisors LLC bought a new stake in shares of NIKE during the 4th quarter valued at about $28,000. Roxbury Financial LLC bought a new position in NIKE in the fourth quarter worth approximately $30,000. Stone House Investment Management LLC bought a new position in shares of NIKE in the first quarter worth about $25,000. Finally, LFA Lugano Financial Advisors SA lifted 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 valued at $30,000 after buying an additional 210 shares in the last quarter. 64.25% of the stock is 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.