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

by · The Cerbat Gem

NIKE (NYSE:NKE – Free Report) had its price objective reduced by Citigroup from $74.00 to $70.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have a neutral rating on the footwear maker’s stock.

NKE has been the topic of several other research reports. Wells Fargo & Company upgraded shares of NIKE from a “sector perform” rating to an “overweight” rating in a report on Tuesday, December 2nd. KeyCorp set a $90.00 price target on NIKE and gave the stock an “overweight” rating in a research note on Thursday, October 2nd. Zacks Research upgraded NIKE from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 26th. UBS Group set a $71.00 price objective on NIKE and gave the company a “neutral” rating in a report on Friday, September 19th. Finally, Morgan Stanley set a $72.00 target price on NIKE and gave the stock a “positive” rating in a report on Wednesday, October 1st. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $81.10.

Get Our Latest Stock Analysis on NKE

NIKE Stock Performance

Shares of NKE stock opened at $67.75 on Tuesday. The company has a market cap of $100.15 billion, a price-to-earnings ratio of 34.74, a price-to-earnings-growth ratio of 2.31 and a beta of 1.29. NIKE has a 52 week low of $52.28 and a 52 week high of $82.44. The company has a quick ratio of 1.45, a current ratio of 2.19 and a debt-to-equity ratio of 0.59. The firm has a 50 day moving average of $65.49 and a 200-day moving average of $69.22.

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

NIKE Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Investors 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 yield of 2.4%. The ex-dividend date of this dividend is Monday, December 1st. This is an increase from NIKE’s previous quarterly dividend of $0.40. NIKE’s payout ratio is currently 84.10%.

Insider Buying and Selling at NIKE

In other news, Director Jorgen Vig Knudstorp acquired 16,150 shares of the business’s stock in a transaction on Friday, November 7th. The shares were purchased at an average cost of $62.09 per share, with a total value of $1,002,753.50. Following the acquisition, the director directly owned 21,388 shares of the company’s stock, valued at $1,327,980.92. The trade was a 308.32% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Treasure Heinle sold 4,300 shares of the company’s stock in a transaction on Monday, October 6th. The stock was sold at an average price of $71.27, for a total transaction of $306,461.00. Following the completion of the sale, the executive vice president owned 29,396 shares of the company’s stock, valued at approximately $2,095,052.92. The trade was a 12.76% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.80% of the company’s stock.

Institutional Investors Weigh In On NIKE

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Stone House Investment Management LLC purchased a new stake in shares of NIKE during the first quarter valued at approximately $25,000. Mascoma Wealth Management LLC bought a new position in NIKE in the 2nd quarter valued at $26,000. Halbert Hargrove Global Advisors LLC increased its position in shares of NIKE by 952.6% during the 2nd quarter. Halbert Hargrove Global Advisors LLC now owns 400 shares of the footwear maker’s stock valued at $28,000 after purchasing an additional 362 shares during the last quarter. Saudi Central Bank purchased a new stake in shares of NIKE during the 1st quarter valued at $30,000. Finally, Matrix Trust Co raised its stake in shares of NIKE by 53.1% during the 2nd quarter. Matrix Trust Co now owns 441 shares of the footwear maker’s stock worth $31,000 after purchasing an additional 153 shares during the period. Hedge funds and other institutional investors own 64.25% of the company’s stock.

NIKE Company Profile

(Get Free Report)

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.

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