Guggenheim Lowers NIKE (NYSE:NKE) Price Target to $110.00

NIKE (NYSE:NKE) had its price objective decreased by Guggenheim from $115.00 to $110.00 in a research note issued to investors on Wednesday morning, Benzinga reports. Guggenheim currently has a buy rating on the footwear maker’s stock.

NKE has been the topic of several other research reports. StockNews.com lowered NIKE from a buy rating to a hold rating in a report on Friday, June 21st. Evercore ISI dropped their price target on shares of NIKE from $110.00 to $105.00 and set an outperform rating for the company in a research note on Wednesday. Jefferies Financial Group lifted their price target on shares of NIKE from $80.00 to $85.00 and gave the company a hold rating in a research report on Monday, September 30th. Raymond James reiterated a market perform rating on shares of NIKE in a report on Friday, June 28th. Finally, Robert W. Baird lifted their target price on NIKE from $100.00 to $110.00 and gave the company an outperform rating in a research report on Friday, September 20th. Fifteen analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $96.04.

NIKE Price Performance

NIKE stock opened at $82.25 on Wednesday. The company has a fifty day simple moving average of $80.90 and a 200-day simple moving average of $86.15. The firm has a market capitalization of $124.14 billion, a price-to-earnings ratio of 22.05, a PEG ratio of 2.30 and a beta of 1.02. The company has a quick ratio of 1.69, a current ratio of 2.40 and a debt-to-equity ratio of 0.55. NIKE has a 52-week low of $70.75 and a 52-week high of $123.39.

NIKE (NYSE:NKE) last released its earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.18. The business had revenue of $11.59 billion for the quarter, compared to analyst estimates of $11.64 billion. NIKE had a net margin of 11.10% and a return on equity of 42.63%. The business’s revenue was down 10.4% on a year-over-year basis. During the same period last year, the company posted $0.94 EPS. On average, equities analysts anticipate that NIKE will post 3.04 EPS for the current fiscal year.

NIKE Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 3rd were given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date was Tuesday, September 3rd. NIKE’s dividend payout ratio is currently 39.68%.

Insider Buying and Selling

In other NIKE news, Chairman Mark G. Parker sold 110,000 shares of NIKE stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $72.97, for a total transaction of $8,026,700.00. Following the completion of the transaction, the chairman now owns 1,102,090 shares in the company, valued at approximately $80,419,507.30. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Chairman Mark G. Parker sold 52,487 shares of NIKE stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $78.00, for a total transaction of $4,093,986.00. Following the completion of the sale, the chairman now owns 1,031,226 shares in the company, valued at approximately $80,435,628. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Mark G. Parker sold 110,000 shares of the company’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $72.97, for a total transaction of $8,026,700.00. Following the completion of the transaction, the chairman now owns 1,102,090 shares in the company, valued at approximately $80,419,507.30. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On NIKE

Institutional investors have recently modified their holdings of the company. Handelsbanken Fonder AB grew its stake in NIKE by 2.3% in the 3rd quarter. Handelsbanken Fonder AB now owns 524,145 shares of the footwear maker’s stock worth $46,334,000 after acquiring an additional 12,020 shares during the period. Mirador Capital Partners LP increased its stake in NIKE by 18.1% in the third quarter. Mirador Capital Partners LP now owns 42,975 shares of the footwear maker’s stock valued at $3,799,000 after purchasing an additional 6,595 shares during the last quarter. Peoples Bank KS lifted its position in NIKE by 43.6% during the third quarter. Peoples Bank KS now owns 7,020 shares of the footwear maker’s stock worth $621,000 after buying an additional 2,130 shares during the period. LifePlan Financial LLC boosted its stake in NIKE by 33.7% in the 3rd quarter. LifePlan Financial LLC now owns 7,431 shares of the footwear maker’s stock worth $657,000 after buying an additional 1,872 shares during the last quarter. Finally, Rockland Trust Co. grew its holdings in NIKE by 7.3% in the 3rd quarter. Rockland Trust Co. now owns 202,970 shares of the footwear maker’s stock valued at $17,943,000 after buying an additional 13,721 shares during the period. Institutional investors and hedge funds 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.