NIKE’s (NKE) “Market Perform” Rating Reaffirmed at Telsey Advisory Group

Telsey Advisory Group reaffirmed their market perform rating on shares of NIKE (NYSE:NKE) in a research report report published on Wednesday morning,Benzinga reports. The firm currently has a $75.00 price objective on the footwear maker’s stock.

Other equities research analysts have also recently issued research reports about the stock. Barclays set a $70.00 price target on shares of NIKE and gave the stock a “positive” rating in a research report on Wednesday, October 1st. Royal Bank Of Canada reissued an “outperform” rating on shares of NIKE in a research note on Friday, October 10th. Cowen upgraded NIKE from a “hold” rating to a “buy” rating in a report on Wednesday, September 10th. TD Cowen raised NIKE from a “hold” rating to a “buy” rating and increased their target price for the company from $62.00 to $85.00 in a research report on Wednesday, September 10th. Finally, Piper Sandler set a $84.00 price target on NIKE and gave the stock an “overweight” rating in a research report on Wednesday, October 1st. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $81.10.

NIKE Stock Performance

Shares of NIKE stock opened at $65.79 on Wednesday. The company has a current ratio of 2.19, a quick ratio of 1.45 and a debt-to-equity ratio of 0.59. The stock’s fifty day moving average price is $65.63 and its 200-day moving average price is $69.23. The firm has a market cap of $97.26 billion, a P/E ratio of 33.74, a P/E/G ratio of 2.23 and a beta of 1.29. NIKE has a 12 month low of $52.28 and a 12 month high of $82.44.

NIKE (NYSE:NKE) last issued its earnings results on Tuesday, September 30th. The footwear maker reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.22. The company had revenue of $11.72 billion for the quarter, compared to analysts’ expectations of $10.96 billion. NIKE had a net margin of 6.23% and a return on equity of 21.16%. The firm’s quarterly revenue was up 1.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.70 EPS. On average, equities research analysts expect that NIKE will post 2.05 earnings per share for the current fiscal year.

NIKE Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 1st will be given a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Monday, December 1st. This is a positive change from NIKE’s previous quarterly dividend of $0.40. NIKE’s payout ratio is 84.10%.

Insider Activity at NIKE

In related news, EVP Treasure Heinle sold 4,300 shares of the company’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 transaction, the executive vice president directly owned 29,396 shares of the company’s stock, valued at $2,095,052.92. This represents a 12.76% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Mark G. Parker sold 86,078 shares of the firm’s stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $64.80, for a total value of $5,577,854.40. Following the completion of the sale, the chairman directly owned 647,615 shares of the company’s stock, valued at approximately $41,965,452. This represents a 11.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank acquired a new position in shares of NIKE in the 2nd quarter valued at $835,063,000. Wellington Management Group LLP lifted its position in NIKE by 24.9% during the 1st quarter. Wellington Management Group LLP now owns 45,383,916 shares of the footwear maker’s stock worth $2,880,971,000 after acquiring an additional 9,043,180 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in NIKE by 3,129.9% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 9,091,426 shares of the footwear maker’s stock valued at $645,855,000 after purchasing an additional 8,809,950 shares during the last quarter. Harris Associates L P acquired a new position in shares of NIKE in the second quarter valued at about $621,525,000. Finally, Invesco Ltd. increased its holdings in shares of NIKE by 66.1% in the second quarter. Invesco Ltd. now owns 12,157,198 shares of the footwear maker’s stock valued at $863,647,000 after purchasing an additional 4,840,114 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.