NIKE (NYSE:NKE) Price Target Cut to $66.00 by Analysts at Needham & Company LLC

NIKE (NYSE:NKE) had its price objective trimmed by Needham & Company LLC from $75.00 to $66.00 in a research report report published on Wednesday morning, Marketbeat reports. The brokerage currently has a buy rating on the footwear maker’s stock.

NKE has been the topic of a number of other research reports. The Goldman Sachs Group reduced their price target on NIKE from $88.00 to $72.00 and set a “buy” rating on the stock in a research report on Tuesday, April 22nd. Citigroup reduced their price target on NIKE from $72.00 to $57.00 and set a “neutral” rating on the stock in a research report on Monday, April 28th. Telsey Advisory Group reiterated a “market perform” rating and issued a $70.00 price target on shares of NIKE in a research report on Tuesday. Truist Financial reduced their price target on NIKE from $90.00 to $82.00 and set a “buy” rating on the stock in a research report on Friday, March 21st. Finally, Berenberg Bank initiated coverage on NIKE in a research report on Tuesday, April 15th. They issued a “hold” rating and a $58.00 price target on the stock. Seventeen research 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. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $79.15.

NIKE Price Performance

Shares of NKE opened at $59.47 on Wednesday. NIKE has a 12-month low of $52.28 and a 12-month high of $98.04. The business has a 50-day simple moving average of $59.57 and a two-hundred day simple moving average of $68.36. The company has a quick ratio of 1.52, a current ratio of 2.19 and a debt-to-equity ratio of 0.57. The stock has a market cap of $87.96 billion, a PE ratio of 19.76, a PEG ratio of 2.11 and a beta of 1.21.

NIKE (NYSE:NKE) last issued its earnings results on Thursday, March 20th. The footwear maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $11.02 billion. During the same quarter in the prior year, the firm earned $0.98 EPS. The business’s revenue for the quarter was down 9.1% compared to the same quarter last year. Analysts anticipate that NIKE will post 2.05 earnings per share for the current fiscal year.

NIKE Announces Dividend

The company 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 dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date of this dividend is Monday, June 2nd. NIKE’s dividend payout ratio (DPR) is currently 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 acquired at an average cost of $58.46 per share, with a total value of $502,756.00. Following the purchase, the director now 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 acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in NKE. Stone House Investment Management LLC acquired a new position in NIKE during the 1st quarter worth approximately $25,000. Heck Capital Advisors LLC bought a new stake in NIKE during the 4th quarter worth approximately $28,000. LFA Lugano Financial Advisors SA increased its holdings in 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 in the last quarter. Hopwood Financial Services Inc. bought a new stake in NIKE during the 4th quarter worth approximately $30,000. Finally, Saudi Central Bank bought a new stake in NIKE during the 1st quarter worth approximately $30,000. 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.