NIKE (NYSE:NKE) Price Target Raised to $64.00 at Morgan Stanley

NIKE (NYSE:NKE) had its target price increased by Morgan Stanley from $61.00 to $64.00 in a research note published on Friday morning,Benzinga reports. The firm currently has an equal weight rating on the footwear maker’s stock.

A number of other brokerages have also issued reports on NKE. Deutsche Bank Aktiengesellschaft cut their price objective on shares of NIKE from $77.00 to $71.00 and set a “buy” rating for the company in a report on Friday, June 20th. Cfra Research raised shares of NIKE to a “moderate buy” rating in a report on Friday, March 21st. HSBC raised shares of NIKE from a “hold” rating to a “buy” rating and set a $80.00 target price for the company in a report on Friday. Jefferies Financial Group reissued a “buy” rating on shares of NIKE in a report on Friday, May 23rd. Finally, Berenberg Bank initiated coverage on shares of NIKE in a report on Tuesday, April 15th. They issued a “hold” rating and a $58.00 target price for the company. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, NIKE currently has a consensus rating of “Moderate Buy” and an average price target of $79.33.

NIKE Price Performance

Shares of NYSE:NKE opened at $72.09 on Friday. The firm’s 50 day moving average price is $60.63 and its 200-day moving average price is $67.60. NIKE has a twelve month low of $52.28 and a twelve month high of $90.62. 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 capitalization of $106.63 billion, a PE ratio of 33.38, a price-to-earnings-growth ratio of 2.29 and a beta of 1.21.

NIKE (NYSE:NKE) last released its earnings results on Thursday, June 26th. The footwear maker reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.02. The company had revenue of $11.10 billion during the quarter, compared to analyst estimates of $10.69 billion. NIKE had a net margin of 6.95% and a return on equity of 23.00%. The firm’s quarterly revenue was down 11.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.99 EPS. Equities research analysts expect that NIKE will post 2.05 EPS for the current year.

NIKE Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.22%. NIKE’s payout ratio is 53.16%.

Insider Transactions at NIKE

In other NIKE news, Director Robert Holmes Swan purchased 8,600 shares of the company’s stock in a transaction dated Friday, April 4th. The shares were acquired at an average price of $58.46 per share, for a total transaction of $502,756.00. Following the completion of the purchase, the director now owns 31,983 shares of the company’s stock, valued at approximately $1,869,726.18. The trade was a 36.78% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On NIKE

A number of large investors have recently modified their holdings of the business. Elgethun Capital Management boosted its position in shares of NIKE by 13.7% in the fourth quarter. Elgethun Capital Management now owns 1,236 shares of the footwear maker’s stock worth $94,000 after buying an additional 149 shares during the period. AlTi Global Inc. boosted its position in shares of NIKE by 0.4% in the fourth quarter. AlTi Global Inc. now owns 36,996 shares of the footwear maker’s stock worth $2,813,000 after buying an additional 150 shares during the period. Staley Capital Advisers Inc. boosted its position in shares of NIKE by 4.4% in the fourth quarter. Staley Capital Advisers Inc. now owns 3,773 shares of the footwear maker’s stock worth $286,000 after buying an additional 160 shares during the period. Cohen & Steers Inc. boosted its position in shares of NIKE by 5.3% in the fourth quarter. Cohen & Steers Inc. now owns 3,171 shares of the footwear maker’s stock worth $240,000 after buying an additional 160 shares during the period. Finally, Nwam LLC boosted its position in shares of NIKE by 2.9% in the fourth quarter. Nwam LLC now owns 6,318 shares of the footwear maker’s stock worth $478,000 after buying an additional 176 shares during the period. 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.