Morgan Stanley Issues Positive Forecast for NIKE (NYSE:NKE) Stock Price

NIKE (NYSE:NKE) had its price target increased by Morgan Stanley from $64.00 to $70.00 in a research report released on Tuesday,Benzinga reports. They currently have an equal weight rating on the footwear maker’s stock.

Other research analysts also recently issued research reports about the stock. Wall Street Zen upgraded shares of NIKE from a “sell” rating to a “hold” rating in a research report on Saturday, September 6th. Cowen upgraded shares of NIKE from a “hold” rating to a “buy” rating in a report on Wednesday, September 10th. Argus raised shares of NIKE to a “buy” rating in a research report on Sunday, July 6th. Royal Bank Of Canada raised NIKE from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $76.00 to $90.00 in a research report on Thursday, September 18th. Finally, Piper Sandler boosted their price objective on NIKE from $70.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, June 27th. Three investment analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $79.46.

NIKE Stock Down 0.5%

Shares of NKE opened at $70.92 on Tuesday. The company has a market capitalization of $104.73 billion, a PE ratio of 32.83, a PEG ratio of 2.58 and a beta of 1.24. The stock’s 50-day moving average price is $75.14 and its two-hundred day moving average price is $67.40. The company has a current ratio of 2.21, a quick ratio of 1.50 and a debt-to-equity ratio of 0.60. NIKE has a 12 month low of $52.28 and a 12 month high of $90.62.

NIKE (NYSE:NKE) last issued its quarterly earnings data on Thursday, June 26th. The footwear maker reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.02. The company had revenue of $11.10 billion during the quarter, compared to the consensus estimate of $10.69 billion. NIKE had a return on equity of 23.33% and a net margin of 6.95%.The firm’s revenue was down 11.9% compared to the same quarter last year. During the same period last year, the company earned $0.99 earnings per share. On average, analysts anticipate that NIKE will post 2.05 EPS for the current year.

NIKE Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be paid a $0.40 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $1.60 annualized dividend and a yield of 2.3%. NIKE’s dividend payout ratio (DPR) is 74.07%.

Insider Buying and Selling at NIKE

In other news, Chairman Mark G. Parker sold 110,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $72.29, for a total value of $7,951,900.00. Following the transaction, the chairman owned 842,361 shares in the company, valued at $60,894,276.69. The trade was a 11.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.80% of the stock is owned by insiders.

Institutional Trading of NIKE

A number of hedge funds have recently bought and sold shares of the business. Spire Wealth Management increased its position in shares of NIKE by 4.4% during the 1st quarter. Spire Wealth Management now owns 9,872 shares of the footwear maker’s stock valued at $627,000 after purchasing an additional 416 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich grew its position in NIKE by 0.6% during the first quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,008,340 shares of the footwear maker’s stock valued at $69,932,000 after buying an additional 5,601 shares during the period. Clal Insurance Enterprises Holdings Ltd purchased a new stake in NIKE during the first quarter worth about $25,963,000. BROOKFIELD Corp ON raised its position in NIKE by 36.2% in the first quarter. BROOKFIELD Corp ON now owns 658,598 shares of the footwear maker’s stock worth $41,808,000 after acquiring an additional 175,000 shares during the period. Finally, Olstein Capital Management L.P. raised its position in NIKE by 42.2% in the first quarter. Olstein Capital Management L.P. now owns 91,000 shares of the footwear maker’s stock worth $5,777,000 after acquiring an additional 27,000 shares during the period. 64.25% of the stock is currently owned by institutional investors.

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.