JPMorgan Chase & Co. Lowers NIKE (NYSE:NKE) Price Target to $80.00

NIKE (NYSE:NKE) had its price target trimmed by JPMorgan Chase & Co. from $83.00 to $80.00 in a research note published on Monday, Benzinga reports. The firm currently has a neutral rating on the footwear maker’s stock.

Other equities analysts also recently issued research reports about the stock. Morgan Stanley reiterated an equal weight rating and issued a $79.00 price target on shares of NIKE in a report on Friday, September 20th. KeyCorp reiterated a sector weight rating on shares of NIKE in a report on Friday, June 28th. Raymond James reiterated a market perform rating on shares of NIKE in a report on Friday, June 28th. Evercore ISI increased their price objective on shares of NIKE from $105.00 to $110.00 and gave the company an outperform rating in a research note on Friday, September 20th. Finally, Piper Sandler reissued a neutral rating and issued a $80.00 price objective on shares of NIKE in a research note on Friday, September 20th. Fifteen analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $96.52.

NIKE Stock Up 1.6 %

Shares of NIKE stock opened at $89.39 on Monday. The company has a market cap of $134.92 billion, a P/E ratio of 24.08, a PEG ratio of 2.30 and a beta of 1.02. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.69 and a current ratio of 2.40. NIKE has a one year low of $70.75 and a one year high of $123.39. The firm has a fifty day moving average of $79.00 and a two-hundred day moving average of $86.83.

NIKE (NYSE:NKE) last announced its quarterly earnings results on Thursday, June 27th. The footwear maker reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.16. The business had revenue of $12.60 billion during the quarter, compared to the consensus estimate of $12.86 billion. NIKE had a net margin of 11.10% and a return on equity of 42.63%. The business’s revenue was down 1.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.66 EPS. On average, analysts forecast that NIKE will post 3.04 earnings per share for the current year.

NIKE Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Tuesday, September 3rd will be given a $0.37 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.48 annualized dividend and a dividend yield of 1.66%. NIKE’s dividend payout ratio is presently 39.68%.

Insider Buying and Selling

In related news, Chairman Mark G. Parker sold 52,487 shares of the firm’s stock in a transaction that occurred 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 sale, the chairman now directly owns 1,031,226 shares of the company’s stock, valued at $80,435,628. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Chairman Mark G. Parker sold 110,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $72.97, for a total value of $8,026,700.00. Following the transaction, the chairman now owns 1,102,090 shares in the company, valued at $80,419,507.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Mark G. Parker sold 52,487 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total transaction of $4,093,986.00. Following the completion of the transaction, the chairman now owns 1,031,226 shares in the company, valued at approximately $80,435,628. The disclosure for this sale can be found here. Corporate insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of NKE. Price T Rowe Associates Inc. MD raised its holdings in NIKE by 87.5% in 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 buying an additional 7,996,434 shares during the period. Capital International Investors raised its holdings 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 buying an additional 7,143,775 shares during the period. Longview Partners Guernsey LTD purchased a new position in NIKE in the first quarter valued at approximately $533,533,000. Capital World Investors raised its holdings in NIKE by 612.2% in the first quarter. Capital World Investors now owns 5,185,432 shares of the footwear maker’s stock valued at $487,327,000 after buying an additional 4,457,376 shares during the period. Finally, Jennison Associates LLC raised its holdings in NIKE by 45.6% in the first quarter. Jennison Associates LLC now owns 8,859,580 shares of the footwear maker’s stock valued at $832,623,000 after buying an additional 2,775,510 shares during the period. Hedge funds and other institutional investors 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.