NIKE (NYSE:NKE) Price Target Lowered to $70.00 at Citigroup

NIKE (NYSE:NKE) had its price objective lowered by Citigroup from $74.00 to $70.00 in a report published on Tuesday,Benzinga reports. The brokerage currently has a neutral rating on the footwear maker’s stock.

NKE has been the subject of several other reports. Telsey Advisory Group restated a “market perform” rating and set a $75.00 price objective on shares of NIKE in a research report on Wednesday, October 1st. Weiss Ratings reissued a “sell (d+)” rating on shares of NIKE in a report on Monday, December 1st. Wall Street Zen upgraded NIKE from a “sell” rating to a “hold” rating in a research report on Saturday, September 6th. Piper Sandler set a $84.00 price objective on NIKE and gave the company an “overweight” rating in a research note on Wednesday, October 1st. Finally, Zacks Research raised NIKE from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 26th. Three analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, NIKE currently has a consensus rating of “Moderate Buy” and a consensus target price of $80.97.

NIKE Price Performance

Shares of NYSE NKE opened at $63.44 on Tuesday. The business has a fifty day moving average price of $65.79 and a two-hundred day moving average price of $69.26. The stock has a market capitalization of $93.77 billion, a PE ratio of 32.53, a P/E/G ratio of 2.23 and a beta of 1.29. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.19 and a quick ratio of 1.45. NIKE has a fifty-two week low of $52.28 and a fifty-two week high of $82.44.

NIKE (NYSE:NKE) last posted its quarterly earnings results on Tuesday, September 30th. The footwear maker reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.22. NIKE had a return on equity of 21.16% and a net margin of 6.23%.The business had revenue of $11.72 billion during the quarter, compared to the consensus estimate of $10.96 billion. During the same quarter in the previous year, the firm earned $0.70 earnings per share. NIKE’s revenue for the quarter was up 1.0% compared to the same quarter last year. As a group, equities analysts predict that NIKE will post 2.05 earnings per share for the current fiscal year.

NIKE Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 1st will be given a $0.41 dividend. This is a boost from NIKE’s previous quarterly dividend of $0.40. This represents a $1.64 annualized dividend and a yield of 2.6%. The ex-dividend date is Monday, December 1st. NIKE’s dividend payout ratio is 84.10%.

Insider Activity

In other news, EVP Treasure Heinle sold 4,300 shares of the business’s stock in a transaction dated Monday, October 6th. The stock was sold at an average price of $71.27, for a total transaction of $306,461.00. Following the sale, the executive vice president directly owned 29,396 shares in the company, valued at approximately $2,095,052.92. The trade was a 12.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Mark G. Parker sold 86,078 shares of the firm’s stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $64.80, for a total transaction of $5,577,854.40. Following the completion of the transaction, the chairman owned 647,615 shares of the company’s stock, valued at approximately $41,965,452. This trade represents a 11.73% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.80% of the company’s stock.

Hedge Funds Weigh In On NIKE

A number of hedge funds have recently modified their holdings of the business. Mascoma Wealth Management LLC acquired a new stake in NIKE in the second quarter valued at $26,000. Stone House Investment Management LLC acquired a new stake in shares of NIKE in the first quarter valued at about $25,000. Halbert Hargrove Global Advisors LLC increased its stake in shares of NIKE by 952.6% in the second quarter. Halbert Hargrove Global Advisors LLC now owns 400 shares of the footwear maker’s stock valued at $28,000 after buying an additional 362 shares during the period. Twin Peaks Wealth Advisors LLC bought a new position in shares of NIKE during the second quarter worth about $31,000. Finally, Matrix Trust Co lifted its stake in shares of NIKE by 53.1% in the second quarter. Matrix Trust Co now owns 441 shares of the footwear maker’s stock worth $31,000 after acquiring an additional 153 shares during the period. Institutional investors and hedge funds own 64.25% of the company’s stock.

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.