Wells Fargo & Company Raises NIKE (NYSE:NKE) Price Target to $95.00

23 Sep 2024, 08:10 by Kim Johansen · The Markets Daily

NIKE (NYSE:NKE – Free Report) had its price objective raised by Wells Fargo & Company from $86.00 to $95.00 in a research report released on Friday, Benzinga reports. The brokerage currently has an overweight rating on the footwear maker’s stock.

A number of other brokerages have also recently issued reports on NKE. Stifel Nicolaus cut their price objective on shares of NIKE from $88.00 to $79.00 and set a hold rating for the company in a research note on Monday, August 26th. Deutsche Bank Aktiengesellschaft reissued a buy rating and issued a $92.00 price target on shares of NIKE in a research note on Friday. Piper Sandler reaffirmed a neutral rating and set a $80.00 price objective on shares of NIKE in a research note on Friday, August 23rd. Jefferies Financial Group lowered their target price on NIKE from $90.00 to $80.00 in a research note on Friday, July 12th. Finally, Sanford C. Bernstein dropped their target price on NIKE from $112.00 to $109.00 and set an outperform rating for the company in a report on Thursday. Fifteen equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $96.15.

View Our Latest Stock Analysis on NIKE

NIKE Stock Performance

NIKE stock opened at $86.52 on Friday. NIKE has a 1-year low of $70.75 and a 1-year high of $123.39. The company has a current ratio of 2.40, a quick ratio of 1.69 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $130.59 billion, a PE ratio of 23.20, a price-to-earnings-growth ratio of 2.08 and a beta of 1.02. The firm’s 50 day simple moving average is $78.11 and its 200 day simple moving average is $86.99.

NIKE (NYSE:NKE – Get Free Report) last issued its quarterly earnings data on Thursday, June 27th. The footwear maker reported $1.01 EPS for the quarter, topping the consensus estimate of $0.85 by $0.16. NIKE had a return on equity of 42.63% and a net margin of 11.10%. The company had revenue of $12.60 billion during the quarter, compared to analyst estimates of $12.86 billion. During the same quarter in the previous year, the firm earned $0.66 earnings per share. NIKE’s revenue was down 1.6% on a year-over-year basis. As a group, analysts expect that NIKE will post 3.06 earnings per share for the current fiscal year.

NIKE Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 3rd will be given a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 1.71%. The ex-dividend date is Tuesday, September 3rd. NIKE’s payout ratio is 39.68%.

Insider Activity

In other news, Director Robert Holmes Swan bought 2,941 shares of the firm’s stock in a transaction on Friday, June 28th. The shares were bought at an average cost of $77.02 per share, for a total transaction of $226,515.82. Following the completion of the transaction, the director now owns 20,946 shares in the company, valued at $1,613,260.92. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other NIKE news, Director Robert Holmes Swan acquired 2,941 shares of the company’s stock in a transaction dated Friday, June 28th. The stock was acquired at an average cost of $77.02 per share, with a total value of $226,515.82. Following the purchase, the director now directly owns 20,946 shares in the company, valued at approximately $1,613,260.92. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Mark G. Parker sold 52,487 shares of the company’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total value of $4,093,986.00. Following the completion of the sale, the chairman now owns 1,031,226 shares in the company, valued at $80,435,628. The disclosure for this sale can be found here. Insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of NKE. Vanguard Group Inc. raised its holdings in shares of NIKE by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 110,044,821 shares of the footwear maker’s stock valued at $10,342,012,000 after buying an additional 501,792 shares during the period. Capital International Investors grew its position in NIKE by 34.9% in the fourth quarter. Capital International Investors now owns 27,609,613 shares of the footwear maker’s stock valued at $2,997,628,000 after acquiring an additional 7,143,775 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of NIKE by 87.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 17,135,431 shares of the footwear maker’s stock valued at $1,860,395,000 after purchasing an additional 7,996,434 shares during the period. Legal & General Group Plc lifted its position in shares of NIKE by 5.5% during the second quarter. Legal & General Group Plc now owns 11,049,294 shares of the footwear maker’s stock worth $832,785,000 after purchasing an additional 571,544 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its stake in shares of NIKE by 2.2% in the fourth quarter. Fisher Asset Management LLC now owns 9,880,038 shares of the footwear maker’s stock valued at $1,072,676,000 after purchasing an additional 211,360 shares during the period. 64.25% of the stock is owned by institutional investors and hedge funds.

NIKE Company Profile

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