NIKE (NYSE:NKE) Price Target Cut to $95.00 by Analysts at Bank of America

NIKE (NYSE:NKE) had its price target cut by Bank of America from $100.00 to $95.00 in a report issued on Thursday morning,Benzinga reports. They currently have a buy rating on the footwear maker’s stock.

A number of other brokerages also recently issued reports on NKE. UBS Group boosted their price objective on NIKE from $78.00 to $82.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Barclays dropped their price target on NIKE from $84.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 2nd. Guggenheim reduced their price objective on shares of NIKE from $115.00 to $110.00 and set a “buy” rating for the company in a research report on Wednesday, October 2nd. Telsey Advisory Group dropped their target price on shares of NIKE from $100.00 to $96.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 2nd. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $80.00 price target on shares of NIKE in a research note on Friday, September 20th. Fourteen analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat.com, NIKE currently has a consensus rating of “Moderate Buy” and an average target price of $95.54.

NIKE Stock Up 0.3 %

NYSE:NKE opened at $78.58 on Thursday. NIKE has a one year low of $70.75 and a one year high of $123.39. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.36 and a quick ratio of 1.58. The company has a market cap of $117.82 billion, a PE ratio of 22.52, a P/E/G ratio of 1.92 and a beta of 1.02. The firm’s 50 day simple moving average is $79.46 and its 200 day simple moving average is $81.80.

NIKE (NYSE:NKE) last issued its quarterly earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.18. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The firm had revenue of $11.59 billion for the quarter, compared to the consensus estimate of $11.64 billion. During the same quarter in the previous year, the company earned $0.94 EPS. The company’s revenue for the quarter was down 10.4% on a year-over-year basis. On average, research analysts anticipate that NIKE will post 2.74 earnings per share for the current year.

NIKE Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd will be given a $0.40 dividend. This is an increase from NIKE’s previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date is Monday, December 2nd. NIKE’s dividend payout ratio (DPR) is currently 45.85%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in NKE. Csenge Advisory Group boosted its position in NIKE by 5.6% during the second quarter. Csenge Advisory Group now owns 3,352 shares of the footwear maker’s stock worth $253,000 after purchasing an additional 177 shares during the period. OLD National Bancorp IN raised its holdings in NIKE by 8.1% during the 2nd quarter. OLD National Bancorp IN now owns 27,668 shares of the footwear maker’s stock valued at $2,085,000 after acquiring an additional 2,074 shares during the period. QRG Capital Management Inc. lifted its position in shares of NIKE by 5.6% during the second quarter. QRG Capital Management Inc. now owns 75,200 shares of the footwear maker’s stock worth $5,668,000 after acquiring an additional 4,006 shares in the last quarter. Opal Wealth Advisors LLC bought a new position in shares of NIKE in the second quarter worth $80,000. Finally, Wolff Wiese Magana LLC boosted its holdings in shares of NIKE by 6,169.2% in the second quarter. Wolff Wiese Magana LLC now owns 815 shares of the footwear maker’s stock worth $61,000 after acquiring an additional 802 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.